Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

journalize transaction ? Salary Expense Total 344,400 344,400 During January 2017, Express Lane Company completed the following transactions: Jan 1: Paid 12 months insurance in

journalize transaction ? image text in transcribed
Salary Expense Total 344,400 344,400 During January 2017, Express Lane Company completed the following transactions: Jan 1: Paid 12 months insurance in advance for $10,800. Jan 2: Purchased 400 units of inventory for 34,000$ from Great Company, on terms, 3/10, n/eom. Jan 4: Purchased 150 units of inventory from Deluxe Company on account with terms 2/5, 1/30. Total invoice is $13,500 which includes also freight charges. o Jan 5: Paid accrued salary of the December 2016, 516,000. Jan 13: Paid to Great Company. Jan 15: Sold 600 units of goods to Shine Company for $90,000 ($150 each) on account with terms 2/10, 1/30, Jan 17: Received 50 units of goods back from Shine Company (Returned goods are from $80 of cost each). Jan 20: Received payment from Shine Company, settling the amount due in full, Jan 23: Sold 40 units on account, $6,000 ($150 each) for cash to Bridget Company, Jan 26: Owner withdrew cash of 18,000$ Jan 27: Purchased supplies for cash of $7,000

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

EBay Sales Tracker Quick And Easy Bookkeeping System

Authors: Queen Thrift

1st Edition

B08KJ5FJND, 979-8692592774

More Books

Students also viewed these Accounting questions

Question

What is the significance of meiosis?

Answered: 1 week ago

Question

4. Explain how to use fair disciplinary practices.

Answered: 1 week ago

Question

3. Give examples of four fair disciplinary practices.

Answered: 1 week ago