DATE: |
ACCOUNT/DESCRIPTION |
DEBIT | CREDIT | ||||
1 | Invetory | 980 | |||||
Accounts Payable |
980 | ||||||
(Zheng CO.) | |||||||
(Purchased $1000 of merchandise |
|||||||
On Account.2/10 n/30 | n/30) | ||||||
1 | Pre-Paid Rent | 1000 | |||||
Cash | 1000 | ||||||
(Paid Rent for month of April) |
|||||||
2 | Account Recievable |
ble (Mark Barron Co.) |
350 | ||||
Sales | 350 | ||||||
Costs of goods sold |
250 | ||||||
Invetory | 250 | ||||||
(Sold Goods to Mark Barron Co) |
|||||||
3 | Invetory | 500 | |||||
Cash | 500 | ||||||
(Purchase of Invetory |
|||||||
from United LLC.) |
|||||||
6 | Accounts Payable | (Zheng Co.) | 490 | ||||
Invetory | 490 | ||||||
(Return of 500$ to Zheng Co.) |
|||||||
7 |
Accounts Recievable(maria inc.) |
950 | |||||
Sales | 950 | ||||||
(Sold 100$ of goods to maria inc |
|||||||
terms 5/10,n/30) | |||||||
Costs of goods sold |
400 | ||||||
Invetory | 400 | ||||||
8 | Sales Return | 50 | |||||
Accounts Recievable |
50 | ||||||
(mark Barron co.) |
|||||||
Merchandise invetory |
35 | ||||||
Cost of goods sold |
35 | ||||||
(Mark Barron Co Returns $50 |
|||||||
of goods) | |||||||
9 |
Accounts Payable |
490 | |||||
Cash | 490 | ||||||
(Paid Off Zheng Co. Account) |
|||||||
10 | Invetory | 2000 | |||||
Accounts Payable |
2000 | ||||||
(Warren LLC.) | |||||||
(Purchased $2000 of goods from warrren llc terms n/30 |
|||||||
11 | Sales returns | 285 | |||||
Accounts Receivable (maria in.) |
285 | ||||||
invetory | 170 | ||||||
cost of good sold | 170 | ||||||
(Maria Inc. returns $300 of goods less discount.) |
|||||||
11 | Cash | 150 | |||||
sales | 150 | ||||||
Cost of goods sold |
50 | ||||||
invetory | 50 | ||||||
16 | Office supplies | 1500 | |||||
Cash | 1500 | ||||||
(bought chairs for the office) |
|||||||
22 | Cash | 2000 | |||||
Accounts recievable(mark barron) |
2000 | ||||||
(mark barron co pays invoice) |
|||||||
25 | Cash | 1250 | |||||
sales | 1250 | ||||||
cost of goods sold |
600 | ||||||
invetory | 600 | ||||||
(sold 1250 of goods) |
|||||||
25 | Cash | 700 | |||||
Accounts Recievable(maria inc) |
700 | ||||||
(maria inc pays invoice) |
|||||||
27 | ulility expense | 500 | |||||
cash | 500 | ||||||
(paid utilities | |||||||
28 | credit card fees | 350 | |||||
cash | 350 | ||||||
(paid credit card company) |
|||||||
29 | wages expense | 1500 | |||||
cash | 1500 | ||||||
(paid employees) |
|||||||
As per the given journal entries, the only adjustment required is for the adjustment of Prepaid Rent as no other adjustments are required based on the given journal entries.
Note: The payment of cash to suppliers or collection of cash from customers on credit purchases and credit sales based on the credit terms, the adjusting entries are not made as such payments or collections purely depends upon the actual payments and actual receipts. Hence, no other adjusting entries are required based on the given journal entries.
Create and journalize adjustments DATE: ACCOUNT/DESCRIPTION DEBIT CREDIT 1 Invetory 980 Accounts Payable 980 (Zheng CO.) (Purchased $1000 of merchandise...
Bartowski Enterprises, Inc. Account balances as of the year ended 12/31/17 Accounts payable 22000 Accounts receivable 35000 Accumulated depreciation 45000 Advertising expense 6100 Cash 30000 Common stock 20000 Cost of goods sold 120000 Depreciation expense 2000 Dividends 40000 Equipment 100000 Insurance expense 4800 Interest expense 4000 Inventory 14600 Miscellaneous expense 1500 Note payable 50000 Payroll tax expense 5000 Payroll taxes payable 800 Prepaid insurance 2000 Rent expense 12000 Retained earnings, January 1 39500 Salaries expense 50000 Salaries payable 4000...
No. Date Account Titles and Explanation Debit Credit (1) Dec 500000 3 Accounts Receivable 500000 Sales Revenue (To record credt sale) Cost of Goods Sold 320000 Inventory 320000 (To record cost of good sold) Dec. (2) E Sales Returns and Allowances 20000 Accounts Receivable 20000 Dec. (3) 043 Cash 475200 Sales Discounts 4800 Accounts Receivable 480000 ▼ (b) Assume that Kale Company received the balance due from Thomson Co. on January 2 of the following year instead of December 13....
30 31 General Journal 32 Date Description(Account Name) Debit Credit 33 1-Jul Cash 60,000 34 Common Stock 60,000 35 3-Jul Rent Expense 3,500 36 Cash 3,500 37 5-Jul Prepaid Insurance 4,200 38 Cash 4,200 39 7-Jul Supplies 1,000 40 Accounts Payable 1,000 41 10-Jul Salaries Expense 3,500 42 Cash 3,500 43 14-Jul Equipment 10,000 44 Cash 2,500 45 Accounts Payable 7,500 46 15-Jul Cash 8,000 47 Tax Preparation Revenue 8,000 48 19-Jul Accounts Payable 500 49 Cash 500 50 31-Jul...
1. Javelina Unlimited's account balances on December 1, 2019 are as follows: Cash Account Recelvable Allowance for Doubtful Accounts Notes receivable Invesntory Prepaid insurance Office Supplies Iland Buildings Accumulated Depr-Building Equipment Accumulated Dept. Equip Patents Debit Credit S 7,800 S 12530 $ 740 S6,000 S 25.121 S 840 S 465 $ 74,350 S 66.580 S 21.400 $ 37,620 $ 11.480 S 25.000 Accounts Payable Uneamed Revenue Notes Payable Common Stock, No par Retained Earnings, Jan 1 Sales Revenue Cost of...
May Date May-01 Collected $1900cash from customer accounts receivable May-02 Purchased supplies on account that cost $360 May-07 Recorded services of catering to customers and cash receipts were $610 and invoices for services on account were $1800 May-08 The catering job was completed that was paid for in advance on April 9 May-10 Paid the utility company for the monthly utility bills that had been received in the previous month, $340 May-15 Paid $1800 cash for employee salaries May-15 Purchased...
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4.600 Accounts Payable Inventory 12.000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 Credit $ 2,200 4,500 1.000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, 1/60. Appropriate party paid freight on purchases $50....
Question: 1 On December 1, 2020, Company had the following account balances. Debit Cash $ 7,200 Accumulated Depreciation- Equipment Accounts receivable 4.600 Accounts Payable Inventory 12.000 Salaries and Wages Payable Supplies 1,200 Owner's Capital Equipment 22.000 $47.000 Credit $ 2,200 4,500 1.000 39,300 $47.000 During December, the company completed the following summary transactions. December 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, 1/60. Appropriate party paid freight on purchases $50....
On January 1, 2022, the ledger of Carla Vista Co. contained these liability accounts. Accounts Payable Sales Taxes Payable Unearned Service Revenue $43,400 7,500 19,900 During January, the following selected transactions occurred. Jan. 1 Borrowed $18,000 in cash from Apex Bank on a 4-month, 5%, $18,000 note. 5 Sold merchandise for cash totaling $6,360, which includes 6% sales taxes. Performed services for customers who had made advance payments of $11,200. (Credit Service Revenue.) 14 Paid state treasurer's department for sales...
On November 1, 2022, the following were the account balances of Sandhill Equipment Repair. Debit Credit Cash $ 500 $3,540 3.010 Accumulated Depreciation-Equipment Accounts Payable Accounts Receivable 3,050 400 Supplies 1,870 Unearned Service Revenue Equipment 10,750 Salaries and Wages Payable 720 Common Stock 10,750 Retained Earnings 3,750 $19,170 $19,170 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $500 is for November and $720 is for October sal 10 Received $1,880...
Journalizing purchase and sale transactions, making closing entries, preparing financial statements, and computing the gross profit percentageCrystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Hudson Cleaning uses the perpetual inventory system. During December 2017,Crystal Clear Cleaning completed the following transactions:Dec 2. Purchased 475 units of inventory for $2850 on account from Sparkle, Co. on terms,3/10, n/20Purchased 600 units of inventory from Borax on account with terms 2/10, n/30. The total invoice...