Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journalize the selected transactions. Assume 360 days per year. If no entry is required, select No Entry Required from the dropdown and leave the amount

Journalize the selected transactions. Assume 360 days per year.

If no entry is required, select "No Entry Required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

Jan. 3: Issued a check to establish a petty cash fund of $4,500.

Description Debit Credit

Accounts PayableAccounts ReceivableCashNo Entry RequiredPetty Cash

fill in the blank 2 fill in the blank 3

Accounts PayableAccounts ReceivableCashNo Entry RequiredPetty Cash

fill in the blank 5 fill in the blank 6

Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880.

Description Debit Credit

Accounts PayableCashNo Entry RequiredOffice SuppliesPetty Cash

fill in the blank 8 fill in the blank 9

CashCash Short and OverMiscellaneous Selling ExpenseNo Entry RequiredPetty Cash

fill in the blank 11 fill in the blank 12

Accounts PayableCashMiscellaneous Administrative ExpenseNo Entry RequiredPetty Cash

fill in the blank 14 fill in the blank 15

CashCash Short and OverNo Entry RequiredOffice SuppliesPetty Cash

fill in the blank 17 fill in the blank 18

Apr. 14: Purchased $31,300 of merchandise on account, terms, n/30. The perpetual inventory system is used to account for inventory.

Description Debit Credit

Accounts PayableCashMerchandise InventoryNo Entry RequiredPurchases

fill in the blank 20 fill in the blank 21

Accounts PayableCashMerchandise InventoryNo Entry RequiredPurchases

fill in the blank 23 fill in the blank 24

May 13: Paid the invoice of April 14.

Description Debit Credit

Accounts PayableCashMerchandise InventoryNo Entry RequiredPurchases

fill in the blank 26 fill in the blank 27

Accounts PayableCashMerchandise InventoryNo Entry RequiredPurchases

fill in the blank 29 fill in the blank 30

May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240.

Description Debit Credit

Accounts ReceivableCashNo Entry RequiredNotes ReceivableSales

fill in the blank 32 fill in the blank 33

Accounts ReceivableCash Short and OverNo Entry RequiredSalesSales Discounts

fill in the blank 35 fill in the blank 36

Accounts ReceivableCashCash Short and OverNo Entry RequiredSales

fill in the blank 38 fill in the blank 39

June 2: Received a 60-day, 8% note for $180,000 on the Ryanair account.

Description Debit Credit

Accounts Receivable-RyanairCashInterest RevenueNo Entry RequiredNotes Receivable

fill in the blank 41 fill in the blank 42

Accounts Receivable-RyanairCashInterest RevenueNo Entry RequiredNotes Receivable

fill in the blank 44 fill in the blank 45

Aug. 1: Received amount owed on June 2 note plus interest at the maturity date.

Description Debit Credit

Accounts Receivable-RyanairCashInterest RevenueNo Entry RequiredNotes Receivable

fill in the blank 47 fill in the blank 48

Accounts Receivable-RyanairCashInterest ReceivableNo Entry RequiredNotes Receivable

fill in the blank 50 fill in the blank 51

Accounts Receivable-RyanairCashInterest RevenueNo Entry RequiredNotes Payable

fill in the blank 53 fill in the blank 54

Aug. 24: Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.)

Description Debit Credit

Accounts Receivable-FinleyBad Debt ExpenseCashNo Entry RequiredSales

fill in the blank 56 fill in the blank 57

Accounts Receivable-FinleyAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredSales

fill in the blank 59 fill in the blank 60

Accounts Receivable-FinleyAllowance for Doubtful AccountsCashNo Entry RequiredSales

fill in the blank 62 fill in the blank 63

Sept. 15: Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment.

Description Debit Credit

Accounts Receivable-FinleyAllowance for Doubtful AccountsCash Short and OverNo Entry RequiredNotes Receivable

fill in the blank 65 fill in the blank 66

Allowance for Doubtful AccountsCashNo Entry RequiredNotes ReceivableSales

fill in the blank 68 fill in the blank 69

Allowance for Doubtful AccountsBad Debt ExpenseCashNo Entry RequiredNotes Receivable

fill in the blank 71 fill in the blank 72

Accounts Receivable-FinleyBad Debt ExpenseCashNo Entry RequiredNotes Receivable

fill in the blank 74 fill in the blank 75

Sept. 15: Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9%.

Description Debit Credit

Accounts PayableCashLandNo Entry RequiredNotes Payable

fill in the blank 77 fill in the blank 78

Accounts PayableCashInterest ExpenseNo Entry RequiredNotes Payable

fill in the blank 80 fill in the blank 81

Accounts PayableInterest ExpenseLandNo Entry RequiredNotes Payable

fill in the blank 83 fill in the blank 84

Oct. 17: Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17.

Description Debit Credit

Accounts PayableCashNo Entry RequiredNotes PayableOffice Equipment

fill in the blank 86 fill in the blank 87

Depreciation Expense-Office Equip.Gain on Sale of Office EquipmentNo Entry RequiredNotes ReceivableOffice Equipment

fill in the blank 89 fill in the blank 90

Accumulated Depreciation-Office Equip.Depreciation Expense-Office Equip.No Entry RequiredNotes PayableOffice Equipment

fill in the blank 92 fill in the blank 93

Depreciation Expense-Office Equip.Gain on Sale of Office EquipmentLoss on Sale of Office EquipmentNo Entry RequiredOffice Equipment

fill in the blank 95 fill in the blank 96

Accumulated Depreciation-Office Equip.Gain on Sale of Office EquipmentNo Entry RequiredNotes ReceivableOffice Equipment

fill in the blank 98 fill in the blank 99

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools for business decision making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th Edition

978-1119191674, 047053477X, 111919167X, 978-0470534779

More Books

Students also viewed these Accounting questions

Question

The company openly shares plans and information with employees.

Answered: 1 week ago