Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a easy double entry system thx Recording the following transactions with double entry system. (5*6) 1. A kitchen appliances retailer purchases merchandise for their store

a easy double entry system
thx
image text in transcribed
image text in transcribed
Recording the following transactions with double entry system. (5*6) 1. A kitchen appliances retailer purchases merchandise for their store from a manufacturer on September 1 in the amount of $1,600. Credit terms are 2/10, n/30 from the invoice date of September 1. The retailer makes payment on September 5. Write the journal entry when the retailer makes payment. 2. A shoe store sells 150 pairs of athletic cleats to a local baseball league for $1,500 (cost of $900). The league may pay with cash. 3. A company pays $2,000 for equipment that is supposed to last four years. The company wants to depreciate the asset over those four years equally. This means the asset will lose $500 in value each year. 4. A company performs landscaping services in the amount of $1,500. However, they have not yet received payment. 5. Closes revenue accounts to the Income Summary account with the following adjusted trail balance. 6. Closes expense accounts to the Income Summary account with the following adjusted trail balance. PRINTING PLUS Adjusted Trial Balance For the Month Ended January 31, 2019 Account Title Debit Credit Cash $24,800 am - 2021-01-08.pdf 6. Closes expense accounts to the Income Summary account with the following adjusted trail balance. PRINTING PLUS Adjusted Trial Balance For the Month Ended January 31, 2019 Account Title Debite Credit $24,800 1,200 140 400 3,500 Cash Accounts Receivable Interest Receivable Supplies Equipment Accumulated Depreciation: Equipment Accounts Payable Salaries Payable Unearned Revenue Common Stock Dividends Interest Revenue Service Revenue Supplies Expense Depreciation Expense: Equipment Salaries Expense Utility Expense Total $ 75 500 1,500 3,400 20,000 100 140 10.100 100 75 5.100 300 535,715 $35,715

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

Financial accounting

Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom

9th edition

978-0132751216, 132751127, 132751216, 978-0132751124

More Books

Students also viewed these Accounting questions

Question

Understand how market research prepares you for success.

Answered: 1 week ago