Question
hello i need help with this transaction please. Please write clean also please give me correct answers. I Dont know if we have to record
hello i need help with this transaction please. Please write clean also please give me correct answers. I Dont know if we have to record in general journal as well. But if we are recording in general ledger then i am assuming we have to record in general journal as well. So please also record it in general journal, General ledger , and also in subsidaily ledger as well. Thank you
Ian felt the need for a better air ventilation/dust collection system. He went over to Rocker Woodcraft to purchase a system, taking Check No. 2265 with him. He brought back the dust collection system and the invoice from Rocker Woodcraft (Form 15). He wrote the check in the amount of $750.00 as partial payment, with the remaining to be billed to Basswood Furniture on account. The dust collection system is an asset. Record the journal entry for the invoice in the correct G/L accounts and also record it in subsidiary ledger account
Subsidaily Ledger
General Ledger
General Journal
If you need the Chart of accounts i am sending you image. In case if you need it. Again Thank you!!
FORM 15 Rocker Woodcraft Sold To Basswood Furniture 124 River St. Hemlock, PA Date December 8, 20XX Our Order No. 21149 Invoice No. 96177 Terms 2/10, N30 Salesperson Ron Shipped By Customer Your Order No. 1225 641 Oak St. Hemlock, PA 18955 QUANTITY DESCRIPTION PRODUCT NO. UNIT PRICE TOTAL 1 $2299.00 $2299.00 Air Ventilation/Dust Collection System DC-632 Tax Total Check #2655 137.94 $2436.94 (750.00) Balance Due $1686.94 LCOUNT ACCOUNTNO DAJE ITEM POST. ROF DELIT DELT CREDIT LCOUNT ACCOUNTNO DAJE ITEM POST. ROF DELIT DELT CREDIT GENERAL JOURNAL FAGE MUS 7 20 10 2 13 13 14 10 1. 10 16 17 10 1. 19 1 29 Basswood Furniture Chart of Accounts Number Title 100 Cash-Business Checking 107 Petty Cash 2 00 00 110 Accounts Receivable 120 Merchandise Inventory 125 Office Supplies Inventory 140 Prepaid Rent 170 Vehicles 170.1 Accumulated Depreciation-Vehicles 180 Equipment 180.1 Accumulated Depreciation-Equipment 185 Office Furniture and Equipment 185.1 Accumulated Depreciation--Office Furniture and Equipment 200 Accounts Payable 210 Payroll Payable 211 Federal Income Tax Payable 212 Social Security Tax Payable 213 Medicare Tax Payable 214 State Income Tax Payable 215 City Income Tax Payable 221 FUTA Tax Payable 222 SUTA Tax Payable 230 Sales Tax Payable 300 Ian Smith, Capital 300.1 Ian Smith, Drawing 401 Sales Revenue 401.1 Sales Returns and Allowances 401.2 Sales Discounts 500 COGS-Cost of Goods Sold 505 Purchases 505.1 Purchase Returns and Allowances 505.2 Purchase Discounts 510 Payroll Expense 515 Payroll Tax Expense 520 Advertising Expense 525 Rent Expense 530 Office Supplies Expense 535 Telephone Expense 535 540 550 560 570 580 590 Telephone Expense Utilities Expense Supplies Expense Miscellaneous Expense Depreciation Expense Cash Short and Over Expense and Revenue SummaryStep by Step Solution
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