For each of the following transactions, prepare journal entries:
a. |
The company issued common shares for $157,000. |
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b. |
The company borrowed $67,000 from a bank. (Use Bank Loan Payable) |
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c. |
Inventory costing $46,400 was purchased on account. |
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d. |
Rented a retail space and paid a damage deposit of $9,000. |
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e. |
Received a bill for advertising costs of $3,600 related to the grand opening. |
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f. |
Paid employees wages of $15,300. |
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g. |
Inventory costing $42,200 was sold for $70,000, half for cash and half on account. (Hint: Two journal entries are required.) |
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h. |
A payment of $43,500 was made on accounts payable. |
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i. |
Accounts receivable totalling $20,900 were collected. |
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j. |
New equipment costing $108,000 was purchased for cash. |
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k. |
The company paid $17,200 on its bank loan, which included $10,000 of interest. |
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l. |
The company paid $8,600 for the monthly rent on its retail location. |
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m. |
The company’s board declared and paid dividends of $13,300. |
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n. |
Paid the advertising bill related to the grand opening (see transaction (e)). |
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For each of the following transactions, prepare journal entries: a. The company issued common shares for...
For each of the following transactions, prepare journal entries: a. The company issued common shares for $157,000. b. The company borrowed $67,000 from a bank. (Use Bank Loan Payable) c. Inventory costing $46,400 was purchased on account. d. Rented a retail space and paid a damage deposit of $9,000. e. Received a bill for advertising costs of $3,600 related to the grand opening. f. Paid employees wages of $15,300. g. Inventory costing $42,200 was sold for $70,000, half for cash...
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prepare journal entries to record the following transactions for a retail store. the company uses perpetual inventory system and the gross method Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $350 cash for shipping charges on the April 2 purchase....
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