(Can you please list dates!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!)

On December 1, 2016, Insto Photo Company purchased merchandise, invoice price $25,000, and issued a 12%, 120-day note to Ringo Chemicals Company. Insto uses the calendar year as its fiscal year and uses the perpetual inventory system.

	Required:
	Prepare journal entries on Instos books to record the preceding information, including the adjusting entry at the end of the year and payment of the note at maturity.

CHART OF ACCOUNTS

Insto Photo Company

General Ledger

	ASSETS
111	Cash
121	Accounts Receivable
141	Inventory
152	Prepaid Insurance
181	Equipment
189	Accumulated Depreciation

	LIABILITIES
211	Accounts Payable
221	Notes Payable
224	Interest Payable
231	Salaries Payable
250	Unearned Revenue
261	Income Taxes Payable

	EQUITY
311	Common Stock
331	Retained Earnings

	REVENUE
411	Sales Revenue

	EXPENSES
500	Cost of Goods Sold
511	Insurance Expense
512	Utilities Expense
521	Salaries Expense
532	Bad Debt Expense
540	Interest Expense
541	Depreciation Expense
559	Miscellaneous Expenses
910	Income Tax Expense

Prepare journal entries on Instos books to record the purchase information, including the adjusting entry at the end of the year and payment of the note at maturity. Additional Instructions

How does grading work?

PAGE 9

GENERAL JOURNAL

Score: 89/100

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
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