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JOURNAL ENTRIES TRANSACTIONS Cost of goods sold is 50% of sales Sales, on account 2370 Paid phone bill 15 Paid insurance 1 year on equipment

JOURNAL ENTRIES

TRANSACTIONS

Cost of goods sold is 50% of sales
Sales, on account 2370
Paid phone bill 15
Paid insurance
1 year on equipment 24
3 years on building 180
Pay freight to customer 23
Pay sales commissions 200
Company purchased equipment 200
Received payment from customer, terms 1/10, n/30. Paid within 10 days. (this is the amount of cash received.) 1386
Company makes a payment on the mortgage note (round interest calculation to nearest even dollar) 79
Paid advertising 100
Received payment from customer, terms 1/10, n/30. Paid within 10 days 1188
Purchases inventory on account 3822
Paid freight on incoming inventory 68
Sales, on account 4464
Cash sale 100
Received payment from customer, terms 1/10, n/30. Paid after 10 days 288
paid vendor (accounts payable) for inventory. take a 2% discount for paying within 10 days 3200
Received payment from customer, terms 1/10, n/30. Paid within 10 days 3465
goods returned by customer 26
paid vendor, no discount allowed 747
Received payment from customer, terms 1/10, n/30. Paid within 10 days 792
Returned goods to vendor 38
Paid travel expense 64
Received payment from customer, terms 1/10, n/30. Paid after 10 days 580
Purchases inventory on account 1480
Paid freight on incoming inventory 24
Paid property taxes 600
Paid salary 1200
Sales, on account 3130
Received payment from customer, terms 1/10, n/30. Paid after 10 days 250
Received payment from customer, terms 1/10, n/30. Paid after 10 days 100
received an allowance from a vendor on inventory 25
customer returned merchandise 120
Received payment from customer, terms 1/10, n/30. Paid after 10 days 725
paid office expenses 50
paid for delivery to customer 98
Purchases inventory on account 2340
Paid freight on incoming inventory 50
Sales, on account 1010
Returned goods to vendor 60
write off customer as uncollectable 400
purchase office supplies on account 42
paid utility bill 90
customer returned merchandise 27
Purchases inventory on account 2630
Paid freight on incoming inventory 47
Sales, on account 3390
Cash sale 388
paid freight to ship goods to customer 36
paid employee travel expenses 368
pay salary 2200

company pays a dividend

400

First do the journal entries above then post to the ledger and t accounts.

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