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Fill in the blanks with the correct Account Names and Debit/Credit Amounts for the following Journal Entries: For Account Names, use the Chart of Accounts
Fill in the blanks with the correct Account Names and Debit/Credit Amounts for the following Journal Entries: For Account Names, use the Chart of Accounts to choose the appropriate Account Name. Accounts must be spelled exactly how they appear in the Chart to get credit. For Debit/Credit Amounts, use the following numeric format: 12345 (no dollar signs, no commas). If no journal entry is required, write NO for all Debit/Credit Accounts and Debit/Credit Amounts. Chart of Accounts Assets Stockholders' Equity Cash Contributed Capital Accounts Receivable Dividends Inventory Supplies Sales Prepaid Rent Cost of Goods Sold Equipment Depreciation Expense Accumulated Depreciation Interest Expense Liabilities Rent Expense Accounts Payable Supplies Expense Interest Payable Wages Expense Notes Payable Utilities Expense Wages Payable Unearned Revenue 1. On January 1st, Justin decided to start his business. He invested $65,000 from his personal funds into the business. He decided to call the business: Justin's Game Store. Debit Account Name Credit Account Name Debit Amount Credit Amount $ 2. On January 1st, Justin's Game Store took out a bank loan for $40,000 in cash. Debit Account Name Credit Account Name Debit Amount Credit Amount $ $ 3. On January 1st, Justin's Game Store purchased a delivery truck for the store for $17,500 using cash. Debit Account Name Credit Account Name Debit Amount Credit Amount $ $ 4. On January 3rd, Justin's Game Store purchased 125 video games from a local supplier for $3,750 on account. Justin would have 45 days to pay his supplier. Debit Account Name Credit Account Name Debit Amount Credit Amount $ $ 5. On January 5th, Justin's Game Store sold 50 games for $4,000 to customers who paid on credit. Debit Account Name Credit Account Name Debit Amount Credit Amount $ $ 6. The 50 games sold on January 5th had cost $1,500. Debit Account Name Credit Account Name Debit Amount Credit Amount $ $ 7. On January 7th, Justin's Game Store sold 10 pre-orders for a game that had not yet been released. Customers paid $550 upfront to Justin. Justin would deliver the games to the customers within 30 days. Debit Account Name Credit Account Name Debit Amount Credit Amount $ $ 8. On January 31st, Justin owed his cashier $1,500 for work done during the month. He would not pay the cashier until February 2nd. Make the appropriate journal entry for January 31st. Debit Account Name Credit Account Name Debit Amount Credit Amount $ $ 9. On January 31st, Justin recorded the first month of depreciation on the truck he purchased in (3). The truck cost $17,500. He expected it to last 10 years and have a salvage value of $220. Debit Account Name Credit Account Name Debit Amount Credit Amount $ $ 10. On January 31st, Justin owed the bank $95 in interest. He would not pay the bank until February 5th Debit Account Name Credit Account Name Debit Amount Credit Amount $ 11. On January 31st, Justin paid his supplier $2,000 in cash for the video games purchased in (4). Debit Account Name Credit Account Name Debit Amount Credit Amount $ $ 12. On January 31st, Justin received $2,500 in cash from the customers who had purchased videogames on credit in transaction (5). Debit Account Name Credit Account Name Debit Amount Credit Amount $ $ Question 5 4 pts Using the journal entries above (in part IV), what is Justin's revenue for the month: [sales] Question 6 4 pts Using the journal entries above (in part IV), what is Justin's expense for the month: [expenses]
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