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how would i record this in the general jorunal? X= 1 Y = 1 Z = 8 5. Round all calculations to the nearest dollar.
how would i record this in the general jorunal?
5. Round all calculations to the nearest dollar. Transactions during the month: Jan. 1 Paid $2,400 for a one year premium on property and casualty insurance. The policy covers the period January 1, 20X1 to December 31, 20X2 Jan. 1 Sold 7X0 "Zips" to Jocy on account for $6X each, terms 2/10, net 30. Jan. 2 Zipparoo purchased additional equipment for cash for $2Y,000. The equipment has an expected life of 10 years and an estimated salvage value of $4.Z00 Jan. 5 Joey returned 6X pairs of "Zips" because of defections. The inventory could not be resold and was disposed of Jan. 8 Purchased 6X0 pairs of "Zips" from Bluey on account for $2X cach, terms 3/10, net 60. Jan. 9 Office supplies totaling $7,Y00 were purchased on account Jan. 9 Joey paid full amount owed. Round calculations to the nearest dollar Jan. 12 Sold 7X0 pairs of "Zips" to Pete on account for $8X each, terms 2/10, net 30. Jan. 14 Purchased 4Z0 pairs of "Zips" from Kanga on account for $1Z each., terms 2/10, net 30 Jan. 17 Paid full amount owed to Blucy from Jan. 8 purchase. Jan. 18 Paid $1X,000 for workers' salaries. This amount includes amounts owed from the previous month. Jan. 23 Delivered 3Y0 pairs of "Zips" to Flash who had purchased them in advance last month, $Iy,000 Jan. 24 Paid interest on Long-Term Debt, $5,Z00. Jan. 25 Paid dividends to stockholders, $3,7Z00. Jan. 26 Received cash from customers billed in the previous month, $1X,000. Jan. 27 Pete paid full amount owed. Jan. 27 Paid full amount owed to Kanga from Jan. 14 purchase. Jan. 28 One of Zipparoo's customers, Rooth, owes $2,Y00 but has informed Zipparoo that he will not pay because of bankruptcy. Zipparoo writes off Rooth's account as uncollectible. Jan. 30 Paid utilities for January of $475. Page 3 of 5 y 3 of next month. uen purchased in advance for $96,000. Page 4 of 5 COMMON MISTAKE Many students forget to indent the credit account names. For the account credited, be sure to indent both the account name and the amount. Think of recording a tran X= 1
Y = 1
Z = 8
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