INSTRUCTIONS : Prepare general journal entries to record the selected tra Davis Company. The chart of accounts is as follows. Do not use the Tab key for spacing. spacing. Correct general journal format is expected. s for the current month for the Miles Use the space bar ONLY for (30 points) 001 CASH 002 ACCOUNTS RECEIVABLE SE INVENTORY (Perpetual System) 003 M 004 PREPAID INSURANCE 005 OFFICE SUPPLIES 020 LAND 021 BUILDING 022 ACCUMULATED DEPRECIATION-BLDG. 023 TRUCK 024 ACCUMULATED DEPRECIATION-TRUCK 050 ACCOUNTS PAYABLE 051 NOTES PAYABLE 071 DAVIS, CAPITAL 072 DAVIS, WITHDRAWALS 101 SALES 201 COST OF GOODS SOLD 301 SUPPLIES EXPENSE 302 INSURANCE EXPENSE 303 WAGES AND SALARIES EXPENSE 304 DEPRECIATION EXPENSE 035 PROPERTY TAX EXPENSE CURRENT MONTH'S TRANSACTIONS> a. The owner, Miles Davis, deposited $920,000 into the business bank account b. Purchase $11,000 of office supplies from Flack Office Supply, on account. c. Paid cash for 24 months of insurance, $34,784. d. Sold merchandise to Nelson George Company, on account, $3 1,700. Merchandise cost, $21,300. e. Received cash from Jones Harris, a customer who purchased merchandise last month on account, $3,690. f. Purchased merchandise from the manufacturer on account, $55,600 g. Borrowed $86,000 from First Paine Bank, funding for scheduled remodeling in the retail store. h. For the current month, $4,200 of the prepaid insurance has expired and is now expenses. Hint: Prepare an adjusting entry). i. The depreciation expense for the month is: Building, $550; Truck, $925 Hint: j. Miles Davis, the owner, withdrew $22,500 for personal use. the adjusting entry) 20 points) INSTRUCTIONS #2: Prepare a trial balance based on the transactions you just oumalized (and will need to post to t-accounts). INSTRUCTIONS : Prepare general journal entries to record the selected tra Davis Company. The chart of accounts is as follows. Do not use the Tab key for spacing. spacing. Correct general journal format is expected. s for the current month for the Miles Use the space bar ONLY for (30 points) 001 CASH 002 ACCOUNTS RECEIVABLE SE INVENTORY (Perpetual System) 003 M 004 PREPAID INSURANCE 005 OFFICE SUPPLIES 020 LAND 021 BUILDING 022 ACCUMULATED DEPRECIATION-BLDG. 023 TRUCK 024 ACCUMULATED DEPRECIATION-TRUCK 050 ACCOUNTS PAYABLE 051 NOTES PAYABLE 071 DAVIS, CAPITAL 072 DAVIS, WITHDRAWALS 101 SALES 201 COST OF GOODS SOLD 301 SUPPLIES EXPENSE 302 INSURANCE EXPENSE 303 WAGES AND SALARIES EXPENSE 304 DEPRECIATION EXPENSE 035 PROPERTY TAX EXPENSE CURRENT MONTH'S TRANSACTIONS> a. The owner, Miles Davis, deposited $920,000 into the business bank account b. Purchase $11,000 of office supplies from Flack Office Supply, on account. c. Paid cash for 24 months of insurance, $34,784. d. Sold merchandise to Nelson George Company, on account, $3 1,700. Merchandise cost, $21,300. e. Received cash from Jones Harris, a customer who purchased merchandise last month on account, $3,690. f. Purchased merchandise from the manufacturer on account, $55,600 g. Borrowed $86,000 from First Paine Bank, funding for scheduled remodeling in the retail store. h. For the current month, $4,200 of the prepaid insurance has expired and is now expenses. Hint: Prepare an adjusting entry). i. The depreciation expense for the month is: Building, $550; Truck, $925 Hint: j. Miles Davis, the owner, withdrew $22,500 for personal use. the adjusting entry) 20 points) INSTRUCTIONS #2: Prepare a trial balance based on the transactions you just oumalized (and will need to post to t-accounts)
