Question

I need help making journal entries for the month of January 2020

During January of 2020, the following transactions occurred: January 2 Make any necessary reversing entries. Issued check in full payment of salaries payable January 3 January 3 Cash sales for the week totaled $15,000. The cost of the merchandise to Emporia Corporation was $8,000. January 6 Purchased merchandise on account from Dale & Clark $80,000, terms 2/10, net 30. January 7 Sold merchandise on account to McBryan Company for $20,000. The cost of the merchandise to Emporia Corporation was $12,000. January 8 Received a check from Chase Company for a payment on account, $25,000 January 8 Sold merchandise on account to Imports Company for $40,000. The cost of the merchandise to Emporia Corporation was $27.000. January 9 Purchased merchandise on account from Silver Ranch for $30,000, terms 1/10, net 20. January 9 Sold merchandise on account to Glamour, Inc. for $60,000. The cost of the merchandise to Emporia Corporation was $40,000. January 10 Imports Company returned $5,000 of merchandise because it did not meet specifications. The cost of the merchandise to Emporia Corporation was $2,000. January 10 Received a check from McBryan Company for full payment of January 7 transaction January 10 Cash sales for the week totaled $85,000. The cost of the merchandise to Emporia Corporation was $47.000 January 10 Declared a S.50 per share dividend. January 13 Retumed defective merchandise costing $4,000 to Silver Ranch. January 14 January 15 Im 17.000 CA ealth 4,590 3,000 January 16 Issued check payable to Dale & Clark for the January 6 transaction. St Eve ial Securty Total payroll for the first half of January is $60,000. Payroll deductions include 7.65% for FICA; 20% federal income tax, 5% health insurance. Employer also records 6.2% federal and state unemployment tax as well as a matching amount for FICA. Issued a check for the net pay. 71459A Cash to Emplares - 40,410 - 19 540 =6000, Received a check from Imports Company for full payment of January 8 transaction. January 17 Issued check payable to Silver Ranch for full payment of January 9 transaction. January 17 Cash Sales for the week were $75,000. The cost of the merchandise was $41,000. January 21 January 21 Issued check payable to Kansas Retail in full payment of our account. Sold merchandise on account to M&M for $12,000. The cost of the merchandise to Emporia Corporation was $5,000.

Answer 1

Ans.Journal Entries-

1.On 3rd Jan

• Salaries Payable A/c Debit &
• Bank A/c Credit

2.On 3rd Jan

• Cash A/c Debit $15,000&
• Sales A/c Credit $15,000

3.On 6th Jan

• Purchase A/c Debit $80,000
• Dale & Clark A/c Credit $80,000

4.On 7th Jan

• Mc Bryan Company  A/c Debit $20,000 &
• Sales A/c Credit $20,000