Required:
- Journalize all entries
Homework Answers
Answer :-
journal entries :-
| Particulars | Debit | Credit | |
| 1. | Investment | $20,000 | |
| Cash | $20,000 | ||
| 2. | Purchased amount | $4,000 | |
| Cash | $4,000 | ||
| 3. | Inventory |
= 3,000 * $50 = $150,000 |
|
| Cash | $150,000 | ||
| 4. | Inventory |
= 2,000 * $60 = $120,000 |
|
| Cash | $120,000 | ||
| 5. | Cash | $5,000 | |
| Unrealized sales revenue | $5,000 | ||
| 6. | Equipment | $50,000 | |
| Cash | $15,000 | ||
| Notes payable | $35,000 | ||
| 7. | Cash |
= 1,500 * $100 = $150,000 |
|
| Sales revenue | $150,000 |
Add Answer to:
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