Question
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
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