JJournal Entrys

1. Record sale of gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase

2.Record purchase of additional inventory on account, $162,000

3. Record the company sales for the first half of the month totaling $150,000. All of these sales are on account.

4. Record the cost of the units sold is $81,300.

5. Record receipt of $126,900 from customers on accounts receivable.

6. Record payment of $105,000 to inventory suppliers on accounts payable.

7. Record write- off of accounts receivable as uncollectible, $6,300.

8. Record the company sales for the second half of the month totaling $158,000. Sales include $14,000 for cash and $144,000 on account.

9. Record the cost of the units sold of $87,000.

10. Record payment of cash for monthly salaries, $53,500.

Required information [The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Credit Debit $ 26,600 49,200 $ 5,700 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock Retained Earnings Totals 21,500 61,000 22,500 3,000 30,000 65,000 50,000 27,100 $180, 800 $180,800 During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $11,000. The cards are redeemable for merchandise within one year of the purchase date January 6 Purchase additional inventory on account, $162,000. January 15 The comapany sales for the first half of the month total $150,000. All of these sales are on account. The cost of the units sold is $81,300. January 23 Receive $126,900 from customers on accounts receivable. January 25 Pay $105,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $6,300. January 30 The comapany sales for the second half of the month total $158,000. Sales include $14,000 for cash and $144,000 on account. The cost of the units sold is $87,000. January 31 Pay cash for monthly salaries, $53,500