Journal Entries

1. On September 31, 20xx, Canadian Tire purchased $150,000 of inventory from a supplier on credit.

2. Canadian Tire returned $20,000 worth of damaged inventory to the supplier on Oct. 5, 20xx.

3. Alto Company owns Furniture and Fixtures valued at $300,000 on its Balance Sheet. At the end of the fiscal year on dec 31, 20xx Alto must do an adjusting journal entry to depreciate its Furniture and Fixtures by 10%.

4. At Aug 31, 20xx The Hamilton Spectator has $60,000 in Deferred/Unearned Revenue on their Balance Sheet for newspaper subscriptions. On Sept 30, 20xx they recognized $10,000 of revenue based on subscriptions delivered during the month.