Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

12/1 Taj Ramaj invested $100,000 cash, a $20,000 computer system and $5,000 of office equipment into the Company. 12/1 The Company paid $2,000 cash for

12/1 Taj Ramaj invested $100,000 cash, a $20,000 computer system and $5,000 of office equipment

into the Company.

12/1 The Company paid $2,000 cash for rent for the retail store space for the month of December.

12/1 The Company purchased $50,000 of inventory from Organic Juices Unlimited. The credit terms

are 3/10, n/30.

12/2 The Company purchased office supplies for $2,780 cash.

12/2 The Company purchased a delivery vehicle for $15,000 cash.

12/2 The Company purchased a 12-month insurance policy for $4,800 cash.

12/3 The Company purchased $15,000 of inventory from Juice Power. The credit terms are 2/15,

n/30.

12/5 The Company sold merchandise to Delaware Technical Community College on credit for

$43,750, terms 2/15, net 30. The merchandise sold had a cost of $25,000.

12/7 The Company purchased inventory from JC Juice for $30,000 cash.

12/8 The Company returned $5,000 of inventory to Juice Power and received full credit.

12/10 The Company sold merchandise to Good Life Eats for $70,000 cash. The merchandise sold had a

cost of $40,000.

12/10 Paid the amount due on the 12/1 purchase from Organic Juices Unlimited.

12/12 Good Life Eats discovered they received the wrong flavor, but they decided to keep the

merchandise anyway. The Company issued a credit memorandum and returned $10,000 cash to

Good Life Eats for the error.

12/15 Delaware Technical Community College paid for the merchandise sold on 12/5.

12/18 The Company paid the amount due, less the return on the 12/3 purchase from Juice Power.

12/20 The owner withdrew $5,000 cash for personal use.

Could you write them in journal entry form along with the t- accounts for them. Make sure I can see the answer as well. Thank you!

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

Recommended Textbook for

Accounting What The Numbers Mean

Authors: David Marshall, Wayne McManus, Daniel Viele

10th Edition

77729870, 9780077729875

More Books

Students also viewed these Accounting questions