Question

#24 Feb 22: The owners of the Bookstore contributed $44,000 into the company in exchange for common stock. #25 Feb 23: Purchased $230 of supplies on account. #26 Feb 25: Received a utility bill for $3,100. The bill is due on March 8, 2020. #27 Feb 28: During the last week of February the company reported book and gift sales as follows: Books: Gifts: Cost: $2,920 Sales Price: $5,255 Cost: Sales Price: $619 $1,115 The company collected 20% of total sales in cash, the remainder of the sales were made on credit. #28 Feb 28: During the last week of February the company reported concession sales as follows: Concessions: Cost: $ 903 Sales Price: $1,895 4 All concession sales were cash sales. #29 Feb 28: Tutoring fees for the remainder of the month totaled $6,020. One half of this balance was paid in cash, the balance was charged to customer's accounts. #30 Feb 28: Paid $26,450 on accounts payable. #31 Feb 28: The Bookstore declared and paid dividends totaling $1,500 to its shareholders. STOP HERE! Don't proceed with the adiusting entries (additional information below) until you have entered the transactions above

Can you please Write the journal entries for the following transactions #24-#31

Answer 1

#24 Feb, 22

Description   Debit Credit

Bank account............................. Debit $44000

To Common Stock account $44000

(Being common stock purchased by the owners of the company)

#25 Feb, 23

Supplies account..........................Debit $230

To Accounts Payble account $230

(Being stock purchased on credit.)

#26 Feb, 25

Utility Expense account.................. Debit    $3100

To Accounts Payble account    $3100

(Being utility expense accrued but not paid.)

#27 Feb, 28

Bank account...............................Debit $1051

Accounts Receivable account.....Debit    $4204

To Sales account $5255

(Being books sold of which 20% received in cash and the rest amount is credit sales.)

Bank Account............................. Debit $223

Accounts Receivable account....Debit $892

To Sales account $ 1115

(Being gift sold out of which 20% amount received in cash and rest 80℅ on credit.)

#28 Feb, 28

Bank account.................... Debit $1895

To Concession Sales    $1895

(Being concession sales made during the month of February)

#29 Feb, 28

Cash account........................ Debit    $3010

Accounts Receivable account...Debit    $3010

To Tutoring Fees account   $6020

( Being tutoring income received of which 50% received in cash and rest is in credit.)

#30 Feb, 28

Accounts Payable account.......... Debit    $26450

To Cash account $26450

(Being amount paid to the creditors of the company)

#31 Feb, 28

Dividend Account................... Debit $1500

To Cash Account $1500

(Being divided declared and paid by the company.)

WorkingNotes:

1) Calculation of amount of cash sale and credit sale

On Feb, 27

Book = Cash sale (5255 x 20/100) = $ 1051

Credit sale (5255 x 80/100) = $4204

Gift = Cash sale (1115 x 20/100) = $223

Credit sale (1115 x 80/100) = $ 892