Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help with my assignment URGENTLY!! Please and thank you! For each of the following transactions, prepare journal entries: (Credit account titles are automatically
I need help with my assignment URGENTLY!! Please and thank you!
For each of the following transactions, prepare journal entries: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) a. Inventory costing $3,100 was purchased on account. b. A payment of $3,000 was made on accounts payable. C. Inventory costing $1,700 was sold on account for $2,500. (Hint: Twojournal entries are required.) d. Accounts receivable of $1,900 were collected. e. Supplies costing $1,300 were purchased on account. f. Supplies costing $400 were consumed during the period. 8. New equipment costing $7,200 was purchased for cash. h. The company borrowed $11,000 from a bank. (Use Bank Loan Payable) i. The company issued common shares for $20,000. j. Wages totalling $5,900 were earned by employees and paid to them. k. The company paid $2,200 on its bank loan, which included $160 of interest. 1. The company paid $2,600 for the monthly rent on its leased premises. m. Land costing $21,000 was purchased. The company paid $4,000 in cash and the remainder was financed with a mortgage (a long-term loan). (Use Mortgage Payable) No. Account Titles and Explanation Debit Credit a. Inventory 3,100 Accounts Payable 3,100 b. Accounts Payable 3000 Cash 3000 Accounts Receivable 2,500 1,700 Inventory (To record sale of goods) Cost of Goods Sold (To record the cost)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started