Question
I need help with the following journal entries please :) Lent $30,000 to an employee by accepting 5% note due in six months. 2 Purchased
I need help with the following journal entries please :)
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Lent $30,000 to an employee by accepting 5% note due in six months.
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2
Purchased 4,800 units of inventory on account for $480,000 ($100 each) with terms 1/10, n/30.
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3
Returned 100 defective units of inventory purchased on January 5.
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4
Record the Sale of inventory on account.
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5
Record the cost of inventory sold.
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6
Record the reveasal of sale entry due to return.
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7
Record the reveasal of cost of goods sold entry due to return.
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8
Received cash from customers on accounts receivable. This amount includes $46,000 from 2017 plus amount receivable on sale of 4,000 units sold on January 15.
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9
Wrote off remaining accounts receivable from 2017.
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10
Paid on accounts payable. The amount includes the amount owed at the beginning of the period plus the amount owed from purchase of 4,400 units on January 5.
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11
Paid cash for salaries during January, $38,000.
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12
Paid cash for utilities during January, $20,000.
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13
Paid dividends, $6,000.
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14
Of the remaining accounts receivable, the company estimates that 10% will not be collected.
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15
Accrued interest income on notes receivable for January.
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16
Accrued interest expense on notes payable for January.
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17
Accrued income taxes at the end of January for $6,000.
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18
Depreciation on the building, $3,000.
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19
Record the Closing entry for temporary credit accounts.
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20
Record the Closing entry for temporary debit accounts.
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