Question

Part II (DAY)-60 Points month of April 2 Prepare the journal entries to record each transaction (omit explanations). (2 pts ea. -20 pts) April Sold merchandise for $9,800 to Yves Company with credit terms 3/10, n/30. 1. Established a Petty Cash Fund for $200. 2. Received merchandise and an invoice from Meister Inc. The purchase terms were 5/15, 4. n/45, F.O.B. destination. The invoice amount was $22,000 and freight charges were $1,300 Yves Co. returned $1,800 of defective items from its April 1st purchase. 6. Returned $2,000 of damaged merchandise to Meister Inc from the April 4th purchase. 9. 11. Yves Company paid its balance in full. 14. Paid Meister Inc the full amount owed. 20. Recorded the weekly payroll of $22,000 less the following deductions: $1,850 650 FICA Taxes Federal Withholding Tax New York State Withholding Tax 200 20 Union Dues 25. A check was issued to the petty cashier to replenish the petty cash fund. The cash on hand was $120, and there were receipts for: $40 Postage Travel 30 Delivery 10 Miscellaneous 30. Increased the amount of the petty cash fund to $325.

Answer 1

39 Account Titles and explanation Debit Date Credit 1-Apr Accounts Receivable 40 41 Sales Revenue 42 43 2-Apr Petty Cash Cash 45 4-Apr Merchandise Inventory Accounts Payable 47 48 49 6-Apr Sales Return and Allowances Accounts Receivable 50 51 9-Apr Accounts Payable 52 53 Merchandise Inventory 54 11-Apr Cash 8000 Accounts Receivable 56 8000 57 14-Apr Accounts Payable 58 Cash 59

61 20-Apr Payroll expense FICA Taxes 62 63 Federal Withholding Tax 650 New York State Withholding Tax Union Dues 20 Payroll Payable 19280 25-Apr Postage expenses Traval expense 69 Delivery expense 70 10 Miscellaneous expense 71 Cash Short or Over (200-40-30-10-5-120) 72 Cash 73 74 30-Apr Petty Cash 75 125 Cash 76