Question

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Saved Question 1 (10 points) Winslow Corporation opened in August 2018 and completed the following transactions during August: a. Cash of $25,000 and equipment of $36,000 was invested in the company in exchange for common shares. b. Paid office rent for $1,500 for the month. c. Purchased supplies, on account, for $11,400 from Browns Corp. that will be used over the next couple of months. d. Purchased $15,000 of merchandise inventory on credit. e. Paid salaries of $3,800 for the month. f. Performed a sale for $12,000 on credit. g. The merchandise inventory for transaction f above cost $4,800. h. Paid $12,000 on merchandise inventory previously purchased. i. Received $5,540 from customers on account. j. Declared and paid a $2,500 dividend. Analyze the transactions above and prepare the journal entries in the general journal provided below. Note: Once you click in the table below, you can drag the dotted triangle at the bottom right corner of the text editor window to make it bigger. If you accidentally delete the below table, you can add a new one using the rich-text editor, or try to make your answer as clear as possible using paragraphs and spaces.

Answer 1

Transaction	General Journal	Debit	Credit
a.	Cash	25000
	Equipment	36000
	Common stock		61000
	(To record investment)
b.	Rent expense	1500
	Cash		1500
	(To record payment of office rent)
c.	Supplies	11400
	Accounts payable		11400
	(To record supplies purchased on account)
d.	Merchandise inventory	15000
	Accounts payable		15000
	(To record merchandise inventory purchased on account)
e.	Salaries expense	3800
	Cash		3800
	(To record salaries paid)
f.	Accounts receivable	12000
	Sales revenue		12000
	(To record credit sales)
g.	Cost of goods sold	4800
	Merchandise inventory		4800
	(To record the cost of goods sold)
h.	Accounts payable	12000
	Cash		12000
	(To record payment on account)
i.	Cash	5540
	Accounts receivable		5540
	(To record collections on account)
j.	Dividends	2500
	Cash		2500
	(To record dividend declared and paid)

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