Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. The following are selected transactions of A. Garcia Company during the month of May 2019 Prepare the journal entries to record each transaction (omit

image text in transcribed
4. The following are selected transactions of A. Garcia Company during the month of May 2019 Prepare the journal entries to record each transaction (omit explanations). (2 pts ea.-20 pts) May 1. Sold merchandise for $11,300 to Laurent Company with credit terms 2/10, n/30. 2. Established a Petty Cash Fund for $100 4. Received merchandise and an invoice from Lowes Inc. The purchase terms were 4/10, n/30, F.O.B. shipping point. The invoice amount was $17,800, of which freight charge was $1,300. 6. Laurent Co. returned $1,300 of defective items from its May 1st purchase. 9. Returned $1,500 of damaged merchandise to Lowes Inc from the May 4h purchase. 11. Laurent Company paid its balance in full. 14. Paid Lowes Inc the full amount owed 20. Recorded the weekly payroll of $24,500 less the following deductions: $2,370 FICA Taxes 400 630 New York State Withholding Tax Federal Withholding Tax 100 Union Dues 25. A check was issued to the petty cashier to replenish the petty cash fund. The cash on hand was $10, and there were receipts for $20 Postage Travel 40 10 Delivery Miscellaneous 15 30. Increased the amount of the petty cash fund to $225

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

Foreign Corrupt Practices Act Compliance Guidebook Protecting Your Organization From Bribery And Corruption

Authors: Martin T. Biegelman, Daniel R. Biegelman

1st Edition

0470527935, 978-0470527931

More Books

Students also viewed these Accounting questions

Question

3. What should a contract of employment contain?

Answered: 1 week ago

Question

1. What does the term employment relationship mean?

Answered: 1 week ago