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Can someone answer Required number 2 using a general journal Question 1 The following information is given at the beginning of December Debit Credit $65,000
Can someone answer Required number 2 using a general journal
Question 1 The following information is given at the beginning of December Debit Credit $65,000 Cash Accounts receivables $16,000 Allowance for uncollectible accounts $4,500 Inventory (900 units at $6 $5,400 $23,900 Accounts payable Common stock $43,000 Retained earnings $15,000 $86,400 $86,400 Total Enter the beginning balance for each account in the T-accounts (General Ledger) tab in the excel template file Required: #1 Accounting Cycle Project 2 Excel Template.xlsx Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Project 2 Excel Template.xlsx". Use the following accounts as appropriate: Cash, Accounts Required: #2. receivable, Allowance for uncollectible accounts, Inventory, Notes receivables, Interest receivables, Equipment, Accumulated depreciation, Accounts payable, Common stock, Retained earnings, Sales revenue, Interest revenue, Cost of goods sold, Depreciation expense, Bad debt expense, Income tax expense. Dec. 1 Used cash to purchase equipment at a purchase price of $20,600, plus tax S300, plus shipping S700 Lend $11,000 to an employee by receiving a note for six months at annual interest rate of 12% due at the maturity Dec. 1 date Dec. 6. Purchase 3.300 units of inventory on account at$7.5 per unit for a total cost of $24.750 Assuming the perpetual method is used, the company sold 3,200 units at S15 each on account, terms 2/10, n/30 Dec 12 Calculate the cost of goods sold using the FIFO method and record the appropriate journal entries for the sale and the cost of the sale. (H Make sure to consider the beginning inventory balance from the beginning trial balance) Dec 20 Paid $23,000 to suppliers for purchases made on account in the prior month Dec 23 Received cash of $13,500 for sales of inventory made on account on December 12 Dec 28. Write-off $2,300 of accounts receivables using the allowance method. Dec 30 Paid $3.400 for income tax for the month of DecemberStep by Step Solution
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