Question

1) On October 10, Nickle Company purchased supplies for $1,800 on account. On October 25, Nickle Company paid the invoice. Journalize the entries required for these transactions

2) On October 17, Nickle Company purchased a building and a plot of land for $750,000. The building was valued at $500,000, while the land carried a value of $250,000. Nickle paid $300,000 down in cash and signed a note payable for the balance. Journalize the entry required for this transaction.

3) On October 30, Damien Lawson withdraws $3,330 from JumpStart for personal use. Journalize this event.

4) Journalize the transaction for the purchase of a truck on April 4 for $85,700, paying $15,000 cash and the remainder on account. Omit explanation.

Answer 1

Credit Requirement (1) Date General Journal 10-Oct Supplies Accounts Payable Debit 1,800 $ $ 1,800 (To Record Purchae of supplies on account) $ 25-Oct Accounts Payable Cash 1,800 $ 1,800 (To Record payment) Credit Requirement (2) Date General Journal 17-Oct Building Land Notes Payable Cash A Debit 500,000 250,000 $ $ $ $ 450,000 300,000 (To Record purchase of land and building) Credit Requirement (3) Date General Journal 30-Oct Damien lawson, Drawings Cash Debit 3,330 $ $ 3,330 (To Record Drawings) Credit Requirement (4) Date General Journal 4-Apr Truck Cash Accounts Payable $ Debit 85,700 $ $ $ 15,000 70,700 (To Record purchase of truck) Note : Please comment down for any further clarifications.