{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-21T22:06:59-04:00", "answer_date": "2024-05-21 22:06:59", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1476835", "url": "\/study-help\/questions\/exercise-49-algo-write-journal-entries-lo-46-the-transactions-1476835", "question_creation_date_js": "2024-05-21T22:06:59-04:00", "question_creation_date": "May 21, 2024 10:06 PM", "meta_title": "[Solved] Exercise 4-9 (Algo) Write journal entries | SolutionInn", "meta_description": "Answer of - Exercise 4-9 (Algo) Write journal entries LO 4-6 The transactions relating to the formation of Blue Company Stores Inc | SolutionInn", "meta_keywords": "exercise,4-9,algo,write,journal,entries,lo,4-6,transactions,relating,formation,blue", "question_title_h1": " Exercise 4-9 (Algo) Write journal entries LO 4-6 The transactions relating to the formation of Blue Company Stores Incorporated, and its first month of", "question_title": " Exercise 4-9 (Algo) Write journal entries LO 4-6 The transactions relating", "question_title_for_js_snippet": "Exercise 4 9 (Algo) Write journal entries LO 4 6 The transactions relating to the formation of Blue Company Stores Incorporated, and its first month of operations follow a The firm was organized and the stockholders invested cash of $7,100 b The firm borrowed $4,900 from the bank a short term note was signed c Display cases and other store equipment costing $1,600 were purchased for cash The original list price of the equipment was $1,920, but a discount was received because the seller was having a sale d A store location was rented, and $1,350 was paid for the first month's rent e Inventory of $14,700 was purchased $8,400 cash was paid to the suppliers, and the balance will be paid within 60 days f During the first week of operations, merchandise that had cost $3,700 was sold for $6,700 cash g A newspaper ad costing $140 was arranged for it ran during the second week of the store's operations The ad will be paid for in the next month h Additional inventory costing $4,400 was purchased cash of $1,350 was paid, and the balance is due in 30 days i In the last three weeks of the first month, sales totaled $13,750, of which $9,500 was sold on account The cost of the goods sold totaled $8,200 j Employee wages for the month totaled $1,800 these will be paid during the first week of the next month k The firm collected a total of $3,450 from the sales on account recorded in transaction i I The firm paid a total of $4,700 of the amount owed to suppliers from transaction e Required Prepare the journal entries for each of these transactions Note If no entry is required for a transaction event, select No journal entry required in the first account field Journal entry worksheet 1 2 3 4 5 6 7 8 14 Note Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal", "question_description": "\"image", "transcribed_text": "Exercise 4-9 (Algo) Write journal entries LO 4-6 The transactions relating to the formation of Blue Company Stores Incorporated, and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $7,100. b. The firm borrowed $4,900 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,600 were purchased for cash. The original list price of the equipment was $1,920, but a discount was received because the seller was having a sale. d. A store location was rented, and $1,350 was paid for the first month's rent. e. Inventory of $14,700 was purchased; $8,400 cash was paid to the suppliers, and the balance will be paid within 60 days. f. During the first week of operations, merchandise that had cost $3,700 was sold for $6,700 cash. g. A newspaper ad costing $140 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in the next month. h. Additional inventory costing $4,400 was purchased; cash of $1,350 was paid, and the balance is due in 30 days. i. In the last three weeks of the first month, sales totaled $13,750, of which $9,500 was sold on account. The cost of the goods sold totaled $8,200. j. Employee wages for the month totaled $1,800; these will be paid during the first week of the next month. k. The firm collected a total of $3,450 from the sales on account recorded in transaction i. I. The firm paid a total of $4,700 of the amount owed to suppliers from transaction e. Required: Prepare the journal entries for each of these transactions. Note: If no entry is required for a transaction\/event, select \"No journal entry required\" in the first account field. Journal entry worksheet < 1 2 3 4 5 6 7 8 14 > Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal", "related_book": { "title": "Accounting", "isbn": "324401841, 978-0-324-6250, 0-324-62509-X, 978-0324401844", "edition": "22nd Edition", "authors": "Carl S. Warren, James M. Reeve, Jonathan E. Duchac", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/142.jpg", "uri": "\/textbooks\/accounting-22nd-edition-142", "see_more_uri": "" }, "free_related_book": { "isbn": "1489937471", "uri": "\/textbooks\/species-species-concepts-and-primate-evolution-1st-edition-978-1489937476-240508", "name": "Species Species Concepts And Primate Evolution", "edition": "1st Edition" }, "question_posted": "2024-05-21 22:06:59", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/introduction-to-programming\/suppose-x-is-a-linkedlist-node-what-is-the-effect-1279242", "description": "Suppose \\(x\\) is a linked-list Node. 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