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C-3 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select No Entry Required from the dropdown and leave

C-3

1. Journalize the selected transactions. Assume 360 days per year.

If no entry is required, select "No Entry Required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

Jan. 3: Issued a check to establish a petty cash fund of $4,500.

Date Description Debit Credit
Jan. 3 Accounts PayableAccounts ReceivableCashNo Entry RequiredPetty Cash fill in the blank 2 fill in the blank 3
Accounts PayableAccounts ReceivableCashNo Entry RequiredPetty Cash fill in the blank 5 fill in the blank 6

Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880.

Date Description Debit Credit
Feb. 26 Accounts PayableCashNo Entry RequiredOffice SuppliesPetty Cash fill in the blank 8 fill in the blank 9
CashCash Short and OverMiscellaneous Selling ExpenseNo Entry RequiredPetty Cash fill in the blank 11 fill in the blank 12
Accounts PayableCashMiscellaneous Administrative ExpenseNo Entry RequiredPetty Cash fill in the blank 14 fill in the blank 15
CashCash Short and OverNo Entry RequiredOffice SuppliesPetty Cash fill in the blank 17 fill in the blank 18

Apr. 14: Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used to account for inventory.

Date Description Debit Credit
Apr. 14 Accounts PayableCashInventoryNo Entry RequiredPurchases fill in the blank 20 fill in the blank 21
Accounts PayableCashInventoryNo Entry RequiredPurchases fill in the blank 23 fill in the blank 24

May 13: Paid the invoice of April 14.

Date Description Debit Credit
May 13 Accounts PayableCashNo Entry RequiredNotes ReceivableSales fill in the blank 26 fill in the blank 27
Accounts ReceivableCashInventoryNo Entry RequiredSales fill in the blank 29 fill in the blank 30

May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240.

Date Description Debit Credit
May 17 Accounts ReceivableCashNo Entry RequiredNotes ReceivableSales fill in the blank 32 fill in the blank 33
Accounts ReceivableCash Short and OverNo Entry RequiredSalesSales Discounts fill in the blank 35 fill in the blank 36
Accounts ReceivableCashCash Short and OverNo Entry RequiredSales fill in the blank 38 fill in the blank 39

June 2: Received a 60-day, 8% note for $180,000 on the Ryanair account.

Date Description Debit Credit
June 2 Accounts Receivable-RyanairCashInterest RevenueNo Entry RequiredNotes Receivable fill in the blank 41 fill in the blank 42
Accounts Receivable-RyanairCashInterest RevenueNo Entry RequiredNotes Receivable fill in the blank 44 fill in the blank 45

Aug. 1: Received amount owed on June 2 note, plus interest at the maturity date.

Date Description Debit Credit
Aug. 1 Accounts Receivable-RyanairCashInterest RevenueNo Entry RequiredNotes Receivable fill in the blank 47 fill in the blank 48
Accounts Receivable-RyanairCashInterest ReceivableNo Entry RequiredNotes Receivable fill in the blank 50 fill in the blank 51
Accounts Receivable-RyanairCashInterest RevenueNo Entry RequiredNotes Receivable fill in the blank 53 fill in the blank 54

Aug. 24: Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.)

Date Description Debit Credit
Aug. 24 Accounts Receivable-FinleyBad Debt ExpenseCashNo Entry RequiredSales fill in the blank 56 fill in the blank 57
Accounts Receivable-FinleyAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredSales fill in the blank 59 fill in the blank 60
Accounts Receivable-FinleyAllowance for Doubtful AccountsCashNo Entry RequiredSales fill in the blank 62 fill in the blank 63

Sept. 15: Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment.

Date Description Debit Credit
Sept. 15 Accounts Receivable-FinleyAllowance for Doubtful AccountsCash Short and OverNo Entry RequiredNotes Receivable fill in the blank 65 fill in the blank 66
Allowance for Doubtful AccountsCashNo Entry RequiredNotes ReceivableSales fill in the blank 68 fill in the blank 69
Allowance for Doubtful AccountsBad Debt ExpenseCashNo Entry RequiredNotes Receivable fill in the blank 71 fill in the blank 72
Accounts Receivable-FinleyBad Debt ExpenseCashNo Entry RequiredNotes Receivable fill in the blank 74 fill in the blank 75

Sept. 15: Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9%.

Date Description Debit Credit
Sept. 15 Accounts PayableCashLandNo Entry RequiredNotes Payable fill in the blank 77 fill in the blank 78
Accounts PayableCashInterest ExpenseNo Entry RequiredNotes Payable fill in the blank 80 fill in the blank 81
Accounts PayableInterest ExpenseLandNo Entry RequiredNotes Payable fill in the blank 83 fill in the blank 84

Oct. 17: Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17.

Date Description Debit Credit
Oct. 17 Accounts PayableCashNo Entry RequiredNotes PayableOffice Equipment fill in the blank 86 fill in the blank 87
Depreciation Expense-Office Equip.Gain on Sale of Office EquipmentNo Entry RequiredNotes ReceivableOffice Equipment fill in the blank 89 fill in the blank 90
Accumulated Depreciation-Office Equip.Depreciation Expense-Office Equip.Notes Payable No Entry RequiredOffice Equipment fill in the blank 92 fill in the blank 93
Depreciation Expense-Office Equip.Gain on Sale of Office EquipmentLoss on Sale of Office EquipmentNo Entry RequiredOffice Equipment fill in the blank 95 fill in the blank 96
Accumulated Depreciation-Office Equip.Gain on Sale of Office EquipmentNo Entry RequiredNotes ReceivableOffice Equipment fill in the blank 98 fill in the blank 99

Nov. 30: Journalize the monthly payroll for November, based on the following data:

Line Item Description Amount
Sales salaries $135,000
Office salaries 77,250
Total $212,250

Line Item Description Amount
Income tax withheld $39,266
Social security tax withheld 12,735
Medicare tax withheld 3,184
Line Item Description Numerical Data
Unemployment tax rates:
State unemployment 5.4%
Federal unemployment 0.8%
Amount subject to unemployment taxes:
State unemployment $5,000
Federal unemployment 5,000

Date Description Debit Credit
Nov. 30 CashMedicare Tax PayableNo Entry Required Sales Salaries ExpenseSales Salaries Payable fill in the blank 101 fill in the blank 102
Cash No Entry RequiredOffice Salaries ExpenseOffice Salaries PayableSocial Security Tax Payable fill in the blank 104 fill in the blank 105
CashEmployees Income Tax ExpenseEmployees Income Tax PayableNo Entry Required Sales Salaries Expense fill in the blank 107 fill in the blank 108
Accounts Payable CashNo Entry RequiredSocial Security Tax ExpenseSocial Security Tax Payable fill in the blank 110 fill in the blank 111
Accounts PayableCashMedicare Tax ExpenseMedicare Tax Payable No Entry Required fill in the blank 113 fill in the blank 114
Accounts Payable CashNo Entry RequiredSalaries Payable Sales Salaries Expense fill in the blank 116 fill in the blank 117

Nov. 30: Journalize the employer's payroll taxes on the payroll.

Date Description Debit Credit
Nov. 30 Cash No Entry RequiredPayroll Taxes ExpensePayroll Taxes PayableSocial Security Tax Payable fill in the blank 119 fill in the blank 120
Cash No Entry RequiredPayroll Taxes PayableSocial Security Tax ExpenseSocial Security Tax Payable fill in the blank 122 fill in the blank 123
CashMedicare Tax ExpenseMedicare Tax Payable No Entry RequiredPayroll Taxes Payable fill in the blank 125 fill in the blank 126
Cash No Entry RequiredState Unemployment Tax ExpenseState Unemployment Tax PayablePayroll Taxes Expense fill in the blank 128 fill in the blank 129
CashFederal Unemployment Tax ExpenseFederal Unemployment Tax Payable No Entry RequiredPayroll Taxes Payable fill in the blank 131 fill in the blank 132

Dec. 14: Journalize the payment of the September 15 note at maturity.

Date Description Debit Credit
Dec. 14 CashInterest ExpenseNo Entry RequiredNotes PayableNotes Receivable fill in the blank 134 fill in the blank 135
CashInterest ExpenseNo Entry RequiredNotes PayableNotes Receivable fill in the blank 137 fill in the blank 138

Dec. 31: The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee.

Date Description Debit Credit
Dec. 31 CashNo Entry RequiredOffice Salaries ExpensePension ExpenseUnfunded Pension Liability fill in the blank 140 fill in the blank 141
CashNo Entry RequiredNotes PayablePayroll Taxes ExpensePension Expense fill in the blank 143 fill in the blank 144
No Entry RequiredNotes PayableNotes ReceivablePension ExpenseUnfunded Pension Liability fill in the blank 146 fill in the blank 147

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