Question
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 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started