Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am working on understanding how to do journal Entries for Merchandising Transactions. My opening balance is $100,000 and I need to make entries for

I am working on understanding how to do journal Entries for Merchandising Transactions.

My opening balance is $100,000 and I need to make entries for the following:

July 1, 2015: Construction in progress, (BI= 0, other assets, inventory) increase $3,200; corresponding accounts payable due in 10 days (DEF Company, vendor).

July 10, 2015: Furniture and equipment increase $6,000; corresponding account cash (DEF Company, vendor).

July 16, 2015: Sales increase $10,000; corresponding account accounts receivables (UVW, customer).

July 19, 2015: Loan from Bank $4,000; corresponding cash account

July 25, 2015: Make individual cash payment entries for payroll expense $1,000; rent expense $1,000; telephone expense $300; and utilities expense $500 (add new: expenses per their category).

Thanks

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Financial Accounting Concepts

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Mark Edmonds, Christopher Edmonds

10th Edition

126015940X, 978-1260159400

More Books

Students also viewed these Accounting questions

Question

6.64 Find zo such that P(z> zo) = 0.5.

Answered: 1 week ago

Question

10. What is meant by a feed rate?

Answered: 1 week ago