Question

Date Description 217 Indiana buys $3,000 of office supplies in cash. 2/15 Indiana pays off $30,000 of accounts payable. 2/18 Indiana collects the amount owed from Bellog, Inc from the 1/19 sale outside the discount period 2/27 Indiana provides the services owed to a client. The client paid $50,000 in advance last year. 3/4 Indiana pays off the 1/12 purchase. 3/8 Indiana writes of the Temple of Doom A/R balance as uncollectible (see instructions) 3/14 Indiana collects the AVR owed by Ark of the Covenant Inc. and Asp Co. (see instructions) 3/24 Indiana buys 350 units of inventory at a cost of $85/unit on credit, terms net/60. 4/1 Indiana sells 280 units to Elsa Schneider, Ltd. For $300 each on credit, terms 2/15, net/45 4/8 Indiana grants Elsa Schneider, Ltd. an allowance of $300 for damaged goods. 4/12 Indiana collects the AVR owed by Elsa Schneider, Ltd. within the discount period, 4/25 Indiana pays for online advertising in the amount of $4,000. 5/1 Indiana buys a short-term investment for $20,000. 5/8 Indiana pays off the 3/24 purchase. 5/15 Indiana buys 275 units of inventory at a cost of $87/unit on credit, terms net/60 5/27 Indiana pays the income taxes payable amount from the beginning of the year balance. 6/3 Indiana pays the dividends payable amount from the beginning of the year balance. 6/27 Indiana buys 150 units of inventory at a cost of $90/unit on credit, terms net/60 7/3 Indiana sells 220 units to Brody Curators, Inc. for $305 each on credit, terms 2/15, net/45 7/10 Indiana pays off the 5/15 purchase. 7/17 Indiana collects the AVR owed by Brody Curators, Inc. within the discount period. 7/27 Indiana pays $5,000 of the interest payable it owes. 8/9 Indiana pays for postage, shipping costs, and other miscellaneous items (total of $1,000). 8/24 Indiana sells 130 units to Katanga Shipping for $305 each for cash. 8/27 Indiana pays off the 6/27 purchase. 9/1 Indiana buys 300 units of inventory at a cost of $93/unit on credit, terms net/60. 9/12 Indiana buys $500 of office supplies on credit, terms net/60. 9/21 Indiana sells 250 units to Sallah Excavating, Inc. for $310 each on credit, terms 2/15, net/45. 10/4 Indiana sells 50 units to Ravenwood, LLC for $310 each for cash. 10/15 Indiana collects the A/R owed by Sallah Excavating, Inc. outside the discount period. 10/31 Indiana pays off the 9/1 purchase. 11/9 Indiana pays off the 9/12 purchase. 11/19 Indiana pays for online advertising in the amount of $8.000. 11/27 Indiana buys 175 units of inventory at a cost of $97/unit on credit, terms net/60. 12/4 Indiana sells 100 units to Jock Lindsay for $315 each on credit, terms 2/15, net/45. 12/12 Indiana pays Toht, Dietrich, and Gobler GmbH for miscellaneous expenses for $2,000. 12/16 Indiana collects the AVR owed by Jock Lindsay within the discount period 12/29 Indiana declares a dividend of $10,000 to be paid next year. 12/31 Indiana provides services to Mola Ram Co. for $50,000 on credit, terms 2/15, net/45 12/31 Indiana collection $8,000 from Brody Curators, Inc. for services to be provided next year.

need help making transactions.
terms for assets: cash, short term investments, A/R, allowance for doubtful Acc, interest receivable, merchandise inventory, office supplies, prepaid insurance, land, building, Accumulated building, intangible asset.
terms for liabilities: A/P, salaries payable, income tax payable, interest payable, unearned revenue, dividends payable, notes payable
terms for equity: common stock, additional paid in capital, retained earnings
terms for revenues: sales revenue, sales discount, sales allowance, service revenue, interest income
terms for expenses: COGS, salaries expense, advertising expense, office supplies exp.,utilities exp,bad debts exp, depreciation exp, amortization exp, miscellaneous exp, interest exp, income tax exp.

A/R balance at January 1,2005
needed info=
Lao Che industries...$15,000(current)
temple of doom co...$5,500(90 day past due)
Asp Co........................$10,000(current)
Ark of the covenant.....$11,500(current)

Answer 1

Date	Particulars	Debit Amt. ($)	Credit Amt. ($)
2/7	Office supplies expenses A/c	3000
	To Cash A/c		3000
	(Being office supplies purchased in cash)
2/15	Accounts Payable A/c	30000
	To Cash A/c		30000
	(Being A/P worth $ 30,000 paid in cash)
2/18	Cash A/c	Amount unknown in ques.
	To Accounts Receivable A/c		Amount unknown in ques.
	(Being a/r for 1/19 collected)
2/27	Unearned revenue A/c	50000
	To Revenue A/c		50000
	(Being revenue recognised for the year)
3/4	Accounts Payable A/c	Amount unknown in question
	To Cash A/c		Amount unknown in question
	(Being A/P for 1/12 paid in cash)
3/8	Bad Debts A/c	5500
	To Accounts Receivable A/c		5500
	(Being $5500 due from Temple of Doom Co written off )
3/14	Cash A/c	21500
	To Accounts Receivable A/c		21500
	(Being $11500 and $10000 collected from Ark of the covenant and Asp Co. respectively)
3/24	Merchandise Inventory A/c	28000
	To Accounts Payable A/c		28000
	(Being 350 units goods bought @$85 each on credit)
4/1	Accounts Receivable A/c	84000
	To Sales A/c		84000
	(Being 280 units sold @ $300each on credit)
4/8	Sales allowance A/c	300
	To Accounts Receivable A/c		300
	(Being allowance for damaged goods)
4/12	Cash A/c	82026
	Sales Discount A/c	1674
	To Accounts Receivable A/c		83700
	(Being A/R received $82026 and 2% discount allowed for receipt within 15 days)
4/25	Advertising expense A/c	4000
	To Cash A/c		4000
	(Being advertising expenses incurred)
5/1	Short-term investments A/c	20000
	To Cash A/c		20000
	(Being short-term investments purchased)
5/8	Accounts Payable A/c	28000
	To Cash A/c                         Cr.		28000
	(Being A/P for 3/24 paid in cash)
5/15	Merchandise Inventory A/c	23925
	To Accounts Payable A/c		23925
	(Being 275 units goods @$87each bought on credit)
5/27	Income tax payable A/c	Amount unknown in question
	To Cash A/c		Amount unknown in question
	(Being income tax payable balance in the beginning of the year paid)
6/3	Dividend payable A/c	Amount unknown in question
	To Cash A/c		Amount unknown in question
	(Being dividend payable balance in the beginning of the year paid)
6/27	Merchandise Inventory A/c	13500
	To Accounts Payable A/c		13500
	(Being 150 units goods @$90each bought on credit)
7/3	Accounts Receivable A/c	67100
	To Sales A/c		67100
	(Being 220 units sold @ $305/unit on credit)
7/10	Accounts Payable A/c	23925
	To Cash A/c		23925
	(Being A/P for 5/15 paid off)
7/17	Cash A/c	65758
	Sales discount A/c                                              Dr.	1342
	To Accounts Receivable A/c          Cr.		67100
	(Being A/R for 7/3 collected and discount allowed)
7/27	Interest payable A/c	5000
	To Cash A/c		5000
	(Being interest payable paid)
8/9	Miscellaneous expenses A/c	1000
	To Cash A/c		1000
	(Being misc. expenses paid)
8/24	Cash A/c	39650
	To Sales A/c		39650
	(Being 130 units@ $305each sold for cash)
8/27	Accounts Payable A/c	13500
	To Cash A/c		13500
	(Being A/P for 6/27 paid off)
9/1	Merchandise Inventory A/c	27900
	To Accounts Payable A/c		27900
	(Being 300 units goods @$93each bought on credit)
9/12	Office Supplies A/c	500
	To Accounts Payable A/c		500
	(Being office supplies purchased on credit)
9/21	Accounts Receivable A/c	77500
	To Sales A/c		77500
	(Being 250 units sold @ $310/unit on credit)
10/4	Cash A/c	15500
	To Sales A/c		15500
	(Being 50 units sold @ $310 each on cash)
10/15	Cash A/c	77500
	To Accounts Receivable A/c		77500
	(Being A/R for 9/21 collected)
10/31	Accounts Payable A/c	27900
	To Cash A/c		27900
	(Being A/P for 9/1 paid off)
11/9	Accounts Payable A/c	500
	To Cash A/c		500
	(Being A/P for 9/12 paid off)
11/19	Advertising expense A/c	8000
	To Cash A/c		8000
	(Being advertising expenses paid)
11/27	Merchandise Inventory A/c	16975
	To Accounts Payable A/c		16975
	(Being 175 units goods @$97/unit bought on credit)
12/4	Accounts Receivable A/c	31500
	To Sales A/c		31500
	(Being 100 units sold @ $315/unit on credit)
12/12	Miscellaneous expenses A/c	2000
	To Cash A/c		2000
	(Being misc. expenses paid)
12/16	Cash A/c	30870
	Sales discount A/c	630
	To Accounts Receivable A/c		31500
	(Being A/R for 12/4 collected and discount allowed)
12/29	Dividend A/c	10000
	To Dividend payable A/c		10000
	(Being dividend declared)
12/31	Accounts Receivable A/c	50000
	To Service revenues A/c		50000
	(Being services rendered on credit)
12/31	Cash A/c	8000
	To Unearned service revenue A/c		8000
	(Being unearned revenue for services to be provided next year)