AutoSave Off 0000-REVIEW-PROBLEM (1) Protected View O Search (Alt+Q) File Home Insert Draw Page Layout Formulas Data Review View Help i PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. vx fx =SUM(E6:E35) H2 A B C 2 REVIEW PROBLEM-MERCHANDISING D E EXERCISE (1-5) 1 F 3 INSTRUCTIONS: Journalize the transactions described below. Each correct journal line will receive a 1. 4 5 RAN ACCOUNTS 6 1 7 2 8 3 9 4 10 S 11 6 DEBIT CREDIT TRANSACTIONS 0 a. Johnson invested $40,000 cash 0 in the business. Enable Editing mikias berhane MB - 0 X Comments Share G H T J KLM N O P Q SCORE: CASH ACCOUNTS PAYABLE JOHNSON DRAWING JOHNSON CAPITAL 0 b. Johnson purchased inventory for 0 $24,000 on account. COST OF GOODS SOLD SALES NOTES PAYABLE 0 c. Johnson borrowed $50,000 from Bank ACCOUNTS RECEIVABLE 12 7 13 8 14 9 15 10 16 11 17 12 18 13 19 14 20 15 21 16 22 17 23 18 24 19 25 20 26 21 27 22 28 23 29 24 30 25 31 26 32 27 33 28 34 29 35 30 JOURNAL 0 of America on a 3-month 6% note. " 0 d. Johnson purchased equipment for 0 $30,000, paying cash. (Life = 5 years.) INVENTORY 0 e. Johnson paid the rent in cash, 0 $3,400. 0 f. Johnson sold inventory on account for 0 $20,000. Record the revenue here. 0 g. The cost of goods sold on the sale was 0 $12,000. 0 h. Johnson withdrew cash from the 0 business, $1,000. 0 i. Johnson paid off the note, $50,750 0 including face value of $50,000 O and interest of $750. (Put interest first.) 0j. Johnson recorded one month of 0 depreciation on the equipment, $500. EQUIPMENT ACCUM DEPR. EQUIP. Ready a DEPRECIATION EXP. RENT EXPENSE INTEREST EXPENSE 444 100% 2:11 PM 2/15/2022 AutoSave Off Search (Alt+Q) 0000-REVIEW-PROBLEM (1) Protected View Formulas Data Review View Help File Home Insert Draw Page Layout PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View, H2 CH v XV fx =SUM(E6:E35) A B C D E F 31 26 0 including face value of $50,000 32 27 O and interest of $750. (Put interest first.) 33 28 Oj. Johnson recorded one month of 34 29 35 30 36 37 TRIAL BALANCE DEBIT CREDIT 0 depreciation on the equipment, $500. MERCHANDISING INCOME STATEMENT 38 CASH SALES 39 ACCOUNTS RECEIVABLE COST OF GOODS SOLD 40 INVENTORY GROSS PROFIT 41 EQUIPMENT INTEREST EXPENSE 42 ACCUM DEPR. EQUIP. 43 ACCOUNTS PAYABLE 44 NOTES PAYABLE DEPRECIATION EXPENSE RENT EXPENSE NET INCOME 45 CAPITAL 46 DRAWING 47 SALES 48 49 50 COST OF GOODS SOLD INTEREST EXPENSE DEPRECIATION EXP. 51 RENT EXPENSE 52 TOTALS 0 53 54 55 56 57 58 59 60 61 62 Enable Editing G H #VALUE! 0 #VALUE! mik