2 1 (-) ON PART 3-JOURNAL ENTRIES (Worth 46 points) Use the accounts and related account numbers listed on the chart of accounts shown on page I of this exam packet to record the following unrelated transactions, There should be at least one debit and one credit entry for each transaction. Eor full credit. ist debits first and credits last for each transaction. Follow the format of the example presented below. This company uses the perpetual inventory system. Credit Debit Account 531 1,000 1,000 101 Example: Pald $1,000 cash for this month's office rent 8/1/2019 Sold $45,000 of accounts receivable to First Bank and incurred a 4% factoring fee. Sold merchandise for $19,400 to customers for cash and collected 8% sales tax from the customers. (Do not record the related cost of g0ods sold), 8/17/2019 8/252019 Record the assets acquired in the bulk purchase described in problem # 16 on page 4 of this exam packet 8/31/2019 Refer to #20b on page 7, Record the company's payroll tax expense. Assume the taxes will be paid in September 2019. 8/31/2019 Refer to # 20c on page 7. Record the company's gross salary, related withholding and salaries payable for the August 31st payroll. (Note: the paycheck will be written on September 5, 2019) 9/5/2019 Record the payment of Grumpy's payroll check for his August salary Paid the sales tax collected from customers on August 17, 2019 9/15/2019 (above) to the California Department of Tax and Fee Administration. mow Decembe wwn on page v o pue 1 moyer JUSTI V-p SBed Student name: CHART OF ACCOUNTS Assets: 101 Cash 106 Accounts Receivable 107 Allowance for Doubtful Accounts 111 Interest Receivable 124 Office Supplies 128 Prepaid Ins urance 131 Merchandise Inventory 163 Equipment 165 Land Improvements 167 Building 169 Land 171 Accumulated Depreciation- Equiment 175 Accumulated Depletion 177 Accumulated Amortization 181 Notes Receivable Equity 301 Common Stock 302 Retained Eamings 303 Dividends Revenue: 401 Sales 402 Sales Discounts 403 Sales Returns and Alowances 411 Interest Income 421 Gain on Sale of Equipment Expenses: 501 Cost of Goods Sold 511 Bad Debt Expense 515 Depreciation Expense- Equipment 517 Depletion Expense 519 Amortization Expense Liabilities: 201 Accounts Payable 207 Salaries Payable 210 FITW Payable 211 SITW Payable 212 FICA - SS Payable 213 FICA- ME Payable 214 FUTA Tax Payable 215 SUTA Tax Payable 220 Interest Payable 225 Sales Tax Payable 281 Notes Payable 521 Factoring Fee Expense 523 Interest Expense 531 Rent Expense 561 Payroll Tax Expense 581 Salaries Expense 591 Loss on Sale of Equipment NUMBER OF DAYS IN EACH MONTH January-31 February -28 March-31 April-30 May-31 June-30 October -31 November -30 December -31 July-31 August-31 September -30 2 1 (-) ON PART 3-JOURNAL ENTRIES (Worth 46 points) Use the accounts and related account numbers listed on the chart of accounts shown on page I of this exam packet to record the following unrelated transactions, There should be at least one debit and one credit entry for each transaction. Eor full credit. ist debits first and credits last for each transaction. Follow the format of the example presented below. This company uses the perpetual inventory system. Credit Debit Account 531 1,000 1,000 101 Example: Pald $1,000 cash for this month's office rent 8/1/2019 Sold $45,000 of accounts receivable to First Bank and incurred a 4% factoring fee. Sold merchandise for $19,400 to customers for cash and collected 8% sales tax from the customers. (Do not record the related cost of g0ods sold), 8/17/2019 8/252019 Record the assets acquired in the bulk purchase described in problem # 16 on page 4 of this exam packet 8/31/2019 Refer to #20b on page 7, Record the company's payroll tax expense. Assume the taxes will be paid in September 2019. 8/31/2019 Refer to # 20c on page 7. Record the company's gross salary, related withholding and salaries payable for the August 31st payroll. (Note: the paycheck will be written on September 5, 2019) 9/5/2019 Record the payment of Grumpy's payroll check for his August salary Paid the sales tax collected from customers on August 17, 2019 9/15/2019 (above) to the California Department of Tax and Fee Administration. mow Decembe wwn on page v o pue 1 moyer JUSTI V-p SBed Student name: CHART OF ACCOUNTS Assets: 101 Cash 106 Accounts Receivable 107 Allowance for Doubtful Accounts 111 Interest Receivable 124 Office Supplies 128 Prepaid Ins urance 131 Merchandise Inventory 163 Equipment 165 Land Improvements 167 Building 169 Land 171 Accumulated Depreciation- Equiment 175 Accumulated Depletion 177 Accumulated Amortization 181 Notes Receivable Equity 301 Common Stock 302 Retained Eamings 303 Dividends Revenue: 401 Sales 402 Sales Discounts 403 Sales Returns and Alowances 411 Interest Income 421 Gain on Sale of Equipment Expenses: 501 Cost of Goods Sold 511 Bad Debt Expense 515 Depreciation Expense- Equipment 517 Depletion Expense 519 Amortization Expense Liabilities: 201 Accounts Payable 207 Salaries Payable 210 FITW Payable 211 SITW Payable 212 FICA - SS Payable 213 FICA- ME Payable 214 FUTA Tax Payable 215 SUTA Tax Payable 220 Interest Payable 225 Sales Tax Payable 281 Notes Payable 521 Factoring Fee Expense 523 Interest Expense 531 Rent Expense 561 Payroll Tax Expense 581 Salaries Expense 591 Loss on Sale of Equipment NUMBER OF DAYS IN EACH MONTH January-31 February -28 March-31 April-30 May-31 June-30 October -31 November -30 December -31 July-31 August-31 September -30