Question

Please help me answer those Questions

Answer 1

1. Journal entries for the transactions of 3 months are given below.

Date Ledger no General Journal Amount Dr Amount Cr 04-Jan 623 Wages payable Alc 780 780 Wages A/C 195 101 To cash a/c 975 (being wages payable for 4 days and wages expenses for 1 day paid) 05-Jan 101 Cash a/c 24800 307 To common stock a/c 24800 ( being santana rey invested in common stock) 07-Jan 119 Merchandise inventory a/c dr 7400 201 To accounts payable a/c 7400 (being merchandise inventory purchased form kansas corp) 09-Jan 101 Cash a/c 2828 106.6 Gomez co a/c 2828 ( being cash received in full settlement) 11-Jan 236 Uneraned computer service revenue a/c 1490 106.1 Alex engineering co. a/c 3910 403 To computer service revenue a/c 5400 ( being invoiced raised for the project ands advance adjusted with revenue) 13-Jan 502 Cost of goods sold a/c 3530 119 To merchandise inventory a/c 3530 (being inventoiry transferred fo ocst of goods sold a/c) 13-Jan 106.5 Liu corp a/c 4500 413 To sales a/c 4500 (being goods sold to liu corp ) 15-Jan 677 Miscellaneous exp a/c 700 101 To cash a/c 700 (being freight charges paid ) 16-Jan 101 Cash a/c 4200 403 To computer service revenue a/c 4200 (being computer service provided to delta co. and cash received) 17-Jan 201 Accounts payable a/c 7400 119 To merchandise inventory a/c 74 101 To cash a/c 7326 (being cash paid within 10 days and adjusted discount with inventory value) 20-Jan 414 Sales returns and allowances a/c 700 106.5 To liu co. a/c 700 (being defective inventory received back) 22-Jan 101 Cash a/c 3762 415 Sales discounts a/c 38 106.6 To liu co. a/c 3800 (being cahs received net of discpunt on remaining balance) 24-Jan 201 Accounts payable a/c 486 119 To merchandise inventory a/c 486 (being defective goods returned to the vendor) 26-Jan 119 Merchandise inventory a/c dr 9700 201 To accounts payable a/c 9700 (being merchandise inventory purchased form kansas corp) 26-Jan 502 Cost of goods sold a/c 4440 119 To merchandise inventory a/c 4440 (being inventoiry transferred fo ocst of goods sold a/c) 26-Jan 106.8 KC corp a/c 5850 413 To sales a/c 5850 (being goods sold to KC corp ) 31-Jan 780 Wages A/C 1950 101 To cash a/c 1950 (being wages expenses for 10 day paid) 01-Feb 131 Prepaid rent a/c 2745 101 To cash a/c 2745 (being rent paid in advance for 3 months) 03-Feb 201 Accounts payable a/c 9214 119 To merchandise inventory a/c 97 101 To cash a/c 9117 (being cash paid within 10 days and adjusted discount with inventory value and previous balance) 05-Feb 655 Advertisement exp a/c 440 101 To cash a/c 440 (being advertisemnt exp paid to local newspaper) 11-Feb 101 Cash a/c 3910 106.1 To alex engineering co a/c 3910 (being balance received from alex engineering) 15-Feb 319 Dividends 4670 101 To cash a/c 4670 (being dividend paid) 318 Retained Earning a/c 4670 319 To dividend a/c 4670 (being dividen adjusted with retained earning) 23-Feb 502 Cost of goods sold a/c 2590 119 To merchandise inventory a/c 2590 (being inventoiry transferred fo ocst of goods sold a/c) 106.7 Delta co a/c 3340 413 To sales a/c 3340 (being goods sold to Delta co ) 26-Feb 780 Wages A/C 1560 101 To cash a/c 1560 (being wages expenses for 8 day paid) 676 Mileage exp 224 101 To cash a/c 224 (being mileage exp reimbursed to santana rey @0.32 for 700 miles) 08-Mar 126 Computer supplies a/C 2790 201 To accounts payable a/c 2790 (being computer supplies purchased form Harrisoffice product) 101 Cash a/c 3340 09-Mar 106.7 To delta co. a/c 3340 (being cash received in full as paid after credit period) 11-Mar 684 Repairs expense computer a/c 930 101 To cash a/c 930 ( being computer repairs exp paid) 16-Mar 101 Cash a/c 5460 403 To computer service revenue a/c 5460 (being computer service provided to Dream co. and cash received) 19-Mar 201 Accounts payable a/c 3990 101 To cash a/c 3990 (being payment done to harris office) 24-Mar 101 Cash a/c 9047 403 To computer service revenue a/c 9047 (being computer service provided to Easy leasing and cash received) 25-Mar 502 Cost of goods sold a/c 2132 119 To merchandise inventory a/c 2132 (being inventoiry transferred fo ocst of goods sold a/c) 106.2 Wildcat services a/c 2850 413 To sales a/c (being goods sold to Wildcat services ) 30-Mar 502 Cost of goods sold a/c 1228 119 To merchandise inventory a/c 1228 (being inventoiry transferred fo ocst of goods sold a/c) 106.2 IFM co. a/c 2260 413 To sales a/c 2260 (being goods sold to Wildcat services) 31-Mar 676 Mileage exp 160 101 To cash a/c 160 (being mileage exp reimbursed to santana rey @0.32 for 500 miles) 31-Mar 652 Computer supplies expense a/c 1315 126 To computer supplies a/c 1315 (being computer supplies exp booked) 31-Mar 637 Insurance expense a/c 654 128 To prepaid insurance a/c 654 (being insurance exp booked) 31-Mar 780 Wages A/C 1365 623 TO Wages payable A/c 1365 ( being wages [ayable for 5 days to lyn) 31-Mar 640 Rent expenses a/c 2745 131 To prepaid rent A/c 2745 (being rent expenses booked) 613 Depreciation expense computer equipment 1100 612 Depreciation expense office equipment 210 To accumulated Depreciation computer 168 equipment 1100 164 To accumulatedDepreciation office equipment 210 (being depreciation exp booked) 502 Cost of goods sold a/c 1375 119 To merchandise inventory a/c 1375 (being inventoiry transferred fo ocst of goods sold a/c) 164973 164973 2850