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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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