95. Unifying Concepts: Journal Entries, T-Accounts, Trial Balance Jethro Company, a retailer, had the following account balances as of April 30, 2012: Debits $ 5,050 2,450 8,000 13,000 12,000 2,000 Cash... Accounts Receivable. Inventory. Land .... Building Furniture Notes Payable.. Accounts Payable.. Capital Stock... Retained Earnings Totals.. During May, the company completed the following transactions. May 3 Paid one-half of 4/30/12 accounts payable. Purchased inventory on account, $5,000. 4 6 Collected all of 4/30/12 accounts receivable. $42,500 Credits $12,500 6,000 15,000 9,000 $42,500 7 Sold inventory costing $3,850 for $3,000 cash and $2,000 on account. 8 Sold one-half of the land for $6,500, receiving $4,000 cash plus a note for $2,500. 15 Paid installment of $2,500 on notes payable (entire amount reduces the liability account). 21 Issued additional capital stock for $1,000 cash. 23 Sold inventory costing $2,000 for $3,750 cash. 25 Paid salaries of $1,000. 26 Paid rent of $250. 29 Purchased desk for $250 cash. Required: Prepare the journal entry for each transaction. 2. Set up T-accounts with the proper account balances at April 30, 2012, and post the entries to the T-accounts. -optional 3. Prepare a trial balance as of May 31, 2012.

Unifying Concepts: Journal Entries, T-Accounts, Trial Balance Jethro Company, a tetailer, had the following account balances as of April 30. 2012: During May, the company completed the following transactions. Required: Prepare the journal entry for each transaction. 2. Set up T-accounts with the proper account balances at April 30, 2012, and post the entries to the T-accounts. - optroved 3. Prepare a trial balance as of May 31, 2012. A company had the following stock-related transactions: - On January 1, Year 1, issued 10,000 shares of $2.00 par common stock for $12.00 per share. - On January 1, Year 1, issued 3,000 shares of $50 par, 6% cumulative preferred stock for $70 per share. - On December 1, Year 1, purchased 1,000 shares of previously issued common stock for $15.00 per share. - No other shares of stock were issued or outstanding during Years 1-4. The company had the following dividend information available: Year 1 - No dividend paid Year 2 - Paid a $2,000 total dividend Year 3 - Paid a $20,000 total dividend Year 4-Paid a $25,000 total dividend Unifying Concepts: Journal Entries, T-Accounts, Trial Balance Jethro Company, a tetailer, had the following account balances as of April 30. 2012: During May, the company completed the following transactions. Required: Prepare the journal entry for each transaction. 2. Set up T-accounts with the proper account balances at April 30, 2012, and post the entries to the T-accounts. - optroved 3. Prepare a trial balance as of May 31, 2012. A company had the following stock-related transactions: - On January 1, Year 1, issued 10,000 shares of $2.00 par common stock for $12.00 per share. - On January 1, Year 1, issued 3,000 shares of $50 par, 6% cumulative preferred stock for $70 per share. - On December 1, Year 1, purchased 1,000 shares of previously issued common stock for $15.00 per share. - No other shares of stock were issued or outstanding during Years 1-4. The company had the following dividend information available: Year 1 - No dividend paid Year 2 - Paid a $2,000 total dividend Year 3 - Paid a $20,000 total dividend Year 4-Paid a $25,000 total dividend