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Journalizing Business Transactions Prepare journal entries for each of the following transactions (a) through () If transaction requires no entry, select No entry as the drop-down answer option a. Receive merchandise inventory costing $9,000, purchased with cash. General Journal Description Debit Credit b. Sell half of inventory in (a) for $7,500 on credit. Description Credit To record cost of inventory sold Fo 4 5 8 9
lackboard.chapman.edu/webapps/blackboard/content/contentWrapper jsp?course jde 46700 1ådisplay amesmyB Menu To record sale of merohandise c. Place order for $5,000 of additional merchandise inventory to be delivered next month. Description Debit Credit d. Pay employee $4,000 for compensation earned during the month. Description Debit Credit 889a 5 6 7
E Menu d. Pay employee $4,000 for compensation earned during the month. Description Debit Credit e. Pay $7,000 rent for use of premises during the month. Description Debit Credit f. Receive full payment from customer in part (b). Description m/platform/course/view.php?id-8206 3 4 5 6 7
Inventory Cash Cost of goods sold Sales revenue Accounts receivable No entry y in (a, Wage expense Rent expense
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Solution: Ignore the Explanation in blue for input ournal Entries Account title and explaination Inventory Cash To record the purchase of inventory) Cost of goods sold Inventory To record the cost of goods sold) Accounts Receivable Sales Revenue To record the sales revenue) No Entry No Entry (No entry is required on placing order) Wages Expense Cash To record the payment of wages) Rent Expense Cash To record the payment of rent expense) Cash Accounts Receivable To record the collection on account) Trans Debit Credit a) $9,000 $9,000 b) (9000*5096) $ 4,500 4,500 $7,500 $7,500 d) 4,000 4,000 e) 7,000 7,000 $7,500 $7,500

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