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Directions: Record the following selected transactions in a general journal Dec. 1 Issued Check No . 1 1 0 to Black Company for a 9

Directions:
Record the following selected transactions in a general journal
Dec. 1 Issued Check No.110 to Black Company for a 9%,120-day note due
today. The face value of the note is $1,500.
1 Received a 90-day, 8% note for $2,400 from Jed Kissell as partial payment
on account
4 Purchased office equipment on credit from Modem Equipment Company
For $1,800, plus freight charges of $95' and an installation charge of $180.
5 The equipment purchased on December 4 was damaged in ne process ouf
installation. Issued Check No.111 to Ms. Fixit Co. for the amount of the
repair, $t55.
7 A note from Pat Sterns for $3,000 that was due today was dishonored
When it was presented for payment. The 60-day note carried interest at 12%.
8 Wrote off the account of Peg Fuller for $2,600.
9 Purchased merchandise from Evans Company as follows: 1,200 units & $10;
terms, 2/10,n/30.
10 Issued Check No.112 to pay Livingston Company the December 1 balance
due, less a 1% discount.
11 Issued Check No.113 to increase the petty cash fund by $200.
12 Collected a 120-day, 11% note with a face value of $6,000 due today.
16 Soldan item of store equipment that cost $2,800 and had been depreciated
through the end of November at the rate of $40 a month for a total
depreciation of $1,920. Received cash of $790 for the sale.
16 Borrowed $8,000 by issuing a 30-day, 8% note.
17 Issued Check No.114 to pay Empire Company for the December 1 balance.
18 Issued Check No.115 to pay the purchase of December 9.
20 Carol Davis, whose account was written off last year, paid the $750 balance
due to us. Reinstated the account and recorded the collection.
24 Purchased merchandise from Evans Company as follows: 1,000 units @
$10.20; terms 210,n30.
26 Issued Check No.117 to the owner for a cash withdrawal of $500.
31 Recorded interest accrued on the note of December 1.
31 Adjusted for merchandise inventory. A total of 1,700 units are on hand.
There was no beginning inventory.
31 Recorded accrued salaries. Weekly salaries for a five-day week amount to
$45,000. The year 20x1 ended on a Monday, with salaries to be paid the
following Monday.
31 Recorded insurance expired, $300. Insurance is recorded initially as an asset.
31 Recorded interest accrued on the note issued on December 16.
31 Aged the accounts receivable and adjusted the Allowance for Doubtful
account to a balance of $3,900.
Journal general entries with the formula please
image text in transcribed

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