Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Prepare Journal Entries for 10 transactions: 1.) Jan 12 - Purchased supplies for $500 cash 2.) Jan 13 - Sold an additional 100 shares

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
1. Prepare Journal Entries for 10 transactions: 1.) Jan 12 - Purchased supplies for $500 cash 2.) Jan 13 - Sold an additional 100 shares of $1 par value stock for $2,000 cash. 3.) Jan 14- Sold gift cards for $500 cash 4.) Jan 15-Paid all wages owed 5.) Jan 20 Purchased $2,000 of Equipment on account due in 60 days. 6.) Jan 21 Recd $500 cash on account from customers 7.) Jan 23 - $300 in gift cards used for sales 8) Jan 25 - Paid utilities owed 9.) Jan 31 - Recorded $45,000 in total Revenue for the month of January; $2,000 on account and the rest in cash 10.) Jan 31- Recorded $37,000 in Expenses for the month of January; $5,000 on account and the rest in cash

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions