Solution:
Journal Entries |
|||
Date |
Particulars |
Debit |
Credit |
08-Jan |
Bank A/c Dr. |
35,000 |
|
To Accounts Receivable |
35,000 |
||
15-Jan |
Accounts Payable A/c Dr. |
1,25,000 |
|
To Cash A/c |
1,25,000 |
||
18-Jan |
Bank A/c Dr. |
35,000 |
|
To Notes Receivables A/c |
34,590 |
||
To interest Received A/c |
410 |
||
25-Jan |
Utilities Payable A/c Dr. |
12,000 |
|
Income Tax Payable A/c Dr. |
13,000 |
||
Salaries and Wages Payable A/c Dr. |
6,500 |
||
To Cash A/c |
31,500 |
||
26-Jan |
Purchases A/c Dr. |
2,10,000 |
|
To Accounts Payable A/c (Charles) |
90,000 |
||
To Accounts Payable A/c (Georgia) |
1,20,000 |
||
04-Feb |
Accounts Payable A/c (Charles) |
90,000 |
|
Accounts Payable A/c (Georgia) |
1,20,000 |
||
To Cash A/c |
2,04,600 |
||
To Purchase Discount A/c |
5,400 |
||
13-Feb |
Accounts Receivable A/c (Franklin) Dr. |
1,10,000 |
|
Accounts Receivable A/c (Thompson) Dr. |
1,50,000 |
||
To Sales A/c |
2,60,000 |
||
15-Feb |
Sales Return A/c Dr. |
6,000 |
|
To Accounts Receivable (Franklin) |
6,000 |
||
20-Feb |
Cash A/c Dr. |
2,48,920 |
|
Sales Discount A/c Dr. |
5,080 |
||
To Accounts Receivable (Franklin) |
1,04,000 |
||
To Accounts Receivable A/c (Thompson) |
1,50,000 |
||
28-Feb |
Rent A/c Dr. |
4,800 |
|
To Prepaid Rent A/c |
4,800 |
||
01-Mar |
Notes Payables A/c Dr. |
1,50,000 |
|
Interest Expenses A/c Dr. |
4,000 |
||
Interest Payable A/c Dr. |
3,500 |
||
To Cash A/c |
1,57,500 |
||
01-Mar |
Rent A/c Dr. |
25,000 |
|
Prepaid Rent A/c Dr. |
5,000 |
||
To Cash A/c |
30,000 |
||
15-Apr |
Office Supplies A/c Dr. |
8,000 |
|
To Cash A/c |
8,000 |
||
15-Apr |
Supplies Expense A/c Dr. |
8,000 |
|
To Office Supplies A/c |
8,000 |
||
05-Jun |
Retained Earnings A/c Dr. |
30,000 |
|
To Dividend Payable A/c |
30,000 |
||
30-Jun |
Dividend Payable A/c Dr. |
30,000 |
|
To cash A/c |
30,000 |
||
01-Jul |
Cash A/c Dr. |
2,50,000 |
|
To Notes Payable A/c |
2,50,000 |
||
15-Jul |
No Enrty |
||
01-Aug |
Land A/c Dr. |
30,000 |
|
To Common Stock A/c |
30,000 |
||
08-Sep |
Utilities Expense A/c Dr. |
12,000 |
|
To Cash A/c |
12,000 |
||
07-Oct |
Accounts Receivable A/c (Utah) Dr. |
2,20,000 |
|
To Sales A/c |
2,20,000 |
||
16-Oct |
Cash A/c Dr. |
2,17,800 |
|
Sales Discount A/c Dr. |
2,200 |
||
To Accounts Receivable (Utah) |
2,20,000 |
||
09-Nov |
Purchases A/c Dr. |
60,000 |
|
To Accounts Payable (Pensacola) |
60,000 |
||
12-Nov |
Accounts Payable (Pensacola) Dr. |
3,000 |
|
To Purchase Return A/c |
3,000 |
||
18-Nov |
Accounts Payable (Pensacola) Dr. |
57,000 |
|
To Cash A/c |
55,290 |
||
To Purchase Discount A/c |
1,710 |
||
27-Dec |
Income Tax A/c Dr. |
12,500 |
|
Property Tax A/c Dr. |
6,600 |
||
To Cash A/c |
19,100 |
||
28-Dec |
Accounts Receivable (Kent) Dr. |
90,000 |
|
To Sales A/c |
90,000 |
||
29-Dec |
Purchases A/c Dr. |
1,60,000 |
|
To Accounts Payable (Harmann) |
1,60,000 |
||
31-Dec |
Cash A/c Dr. |
3,66,000 |
|
To Sales A/c |
3,66,000 |
||
31-Dec |
Salary A/c Dr. |
1,20,000 |
|
To Salaries Payable A/c |
15,000 |
||
To Cash A/c |
1,05,000 |
||
31-Dec |
Depreciation A/c Dr. |
80,000 |
|
To Accumulated Depreciation A/c |
80,000 |
||
31-Dec |
Prepaid Utilities A/c Dr. |
18,000 |
|
To Cash A/c |
18,000 |
||
31-Dec |
Revenue A/c Dr. |
12,000 |
|
To Unearned Revenue A/c |
12,000 |
||
31-Dec |
Interest Expense A/c Dr. |
6,250 |
|
To Interest Payable A/c |
6,250 |
||
31-Dec |
Unearned Revenue A/c Dr. |
1,000 |
|
To Revenue A/c |
1,000 |
||
31-Dec |
Insurance A/c Dr. |
4,800 |
|
To Prepaid Insurance A/c |
4,800 |
||
31-Dec |
Bad Debt A/c Dr. |
11,134 |
|
To Accounts Receivable |
11,134 |
||
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