Prepare the journal entries for the transactions below:
Credit terms for all sales on account are 2/10, n/30. Huff Fitness uses a perpetual inventory system and therefore records the cost of merchandise sold as well as the sale.
Apr 27 Issued ch #2215 to Miami Water Supply for $340 in payment of the water bill for the month (charge Misc Admin Exp).
Apr 27 Issued ch #2216 for $5,419.40 to Fitness Network in payment of its invoice received April 20, less discount.
Apr 27 Issued ch #2217 for $2500 to Ralph Huff for personal use.
Apr 29 Issued check #2218 to ATT for $612 for the telephone bill for the month. (Misc Admin Exp, $204; Misc Selling Exp, $408).
Date | Account titles and explanation | Ref. | Debit(in $) | Credit(in $) | |
Apr-27 | Misc Admin expenses | 340 | |||
Bank | 2215 | 340 | |||
Apr-27 | Accounts Payable(Fitness Network) | 6,774.25 | |||
Bank | 2216 | 5,419.40 | |||
Merchandise Inventory | 1,354.85 | ||||
Apr-27 | Drawings | 2,500 | |||
Bank | 2217 | 2,500 | |||
Apr-29 | Misc Admin expenses | 204 | |||
Misc Selling expenses | 408 | ||||
Bank | 2218 | 6,413 | |||
Prepare the journal entries for the transactions below: Credit terms for all sales on account are...
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