Journal entry worksheet

1

Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any.

2

Reconstruct the journal entry for cash payments for inventory, incorporating the change in the related balance sheet account(s), if any.

3

Reconstruct the journal entry for depreciation expense, incorporating the change in the related balance sheet account(s), if any.

4

Reconstruct the journal entry for cash paid for operating expenses, incorporating the change in the related balance sheet account(s), if any.

5

Reconstruct the journal entry for the sale of equipment at a gain, incorporating the change in the related balance sheet account(s), if any.

6

Reconstruct the journal entry for income taxes expense, incorporating the change in the related balance sheet account(s), if any.

7

Reconstruct the entry to record the retirement of the $30,000 note payable at its $30,000 carrying (book) value in exchange for cash.

8

Reconstruct the entry for the purchase of new equipment.

9

Reconstruct the entry for the issuance of common stock.

10

Close all revenue and gain accounts to income summary.

11

Close all expense accounts to income summary.

12

Close Income Summary to Retained Earnings.

13

Reconstruct the journal entry for cash dividends paid.

Use the following financial statements and additional information. c. New equipment is acquired for $57,600 cash. d. Received cash for the sale of equipment that had cost $48,600, yielding a $2,000 gain. e. Prepaid Expenses and Wages Payable relate to Other Expenses on the income statement. f. All purchases and sales of inventory are on credit. Prepare the Statement of Cash flows for the year ended June 30, 2019 using the Direct Method. Hint U account on the General Ledger tab to identify the sources and uses of cash. List cash outflows as I values