Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

just need help writing journal entries, have not gotten the previous ones correct and would like a good explanation please from January March 4th 3/4/2022

just need help writing journal entries, have not gotten the previous ones correct and would like a good explanation please image text in transcribed
image text in transcribed
from January
image text in transcribed
image text in transcribed
March 4th 3/4/2022 3/4/2022 3/4/2022 3/4/2022 Orca Company collects the receivable of $16.000 from services provided on February 23rd. No upd Orca Company receives payment for the inventory sold on 3/2. Note this payment comes within 10 Orca Company purchases 100 units of inventory at $50 per unit using cash A customer returns 20 units of inventory purchased on 2/28. The inventory is not defective, so Orc Orca Company sells 100 units of inventory at $80 per unit. The customer is able to pay for half now Orca Company is told its customer serviced on 2/25 has gone insolvent. This requires Orca Compan In addition, Orca Company is paid $11.000 of the Accounts Receivable of the insolvent customer fra 3/4/2022 3/4/2022 3/4/2022 March 21st. 23rd 3/21/2022 Orca Company purchased 500 units of inventory from its supplier, on account. The supplier offered inventory. Orca Company negotiated a Promissory Note with the customer which purchased Inventory on 3/4 Orca Company sold 100 units of inventory on account. Due to recent demand, Orca Company raise 3/21/2022 3/23/2022 March 34/2022 Orca Company collects the meivable of $16,000 from services provided on February 23rd. No update is made to the allowance 34/2022 Once Company receives payment for the inventory sold on 32. Note this payment cotes within 10 days of of purchase 3/4/2022 Orca Company purchases 100 units of inventory at 550 per unit using cash 34/2002 A customer returns 20 units of inventory purchased on 2/28 The laventory is not defective, we Once Company adds it back to its lovestory supply 31/2022 Onta Company wells 100 units of inventory at 580 per unit. The customer is able to pay for hall now and Orce Yompany wires the rest on account with time 1/10, 34/2022 Once Company is told its customer serviced on 2/25 hus gone inolvent. This requires Once Company to record a writer for the accounts receivable from the 342022 to brin. Orice Company in paid $1,000 of the Accounts Receivable of the insolvent customer fra 225. Once Company must record a recovery related to this $11.000 March 12132022 Once Company purchased 500 units of inventory from its supplier, en socount. The applier offered Owa Company a price of $65 per it. Once Company dopted the FIFO Method of try 121/2002 One Company operated Premiery Nate with the customer which purchased inventory en 34 (54.600 luce). Te note hus terms of art interest owed 3232022 Oca Company 100 of story on Due to recent man. Ora Company and to pri 100 per unit for 1 1/1/2022 Sells $15,000 of Common Stock to shareholders for cash 2 1/1/2022 Signs a 4-month lease. Rent is $500 due the first week of each month and pays the rent for the month of January 3 1/1/2022 Takes out a 5-year, $5,000 loan from MT Bank with 6% interest due monthly 4 1/1/2022 for cash Purchases supplies worth $250 5 1/1/2022 Purchases equipment worth $3,000 for cash with 4-month useful life 6 6 1/2/2022 Purchases 100 units of inventory, on account, for $5,000 ($50 per unit) 7 1/4/2022 Provides services for $1,500 8 1/6/2022 Sells $10,000 of Common Stock to shareholders for cash 9 1/9/2022 Purchases 100 units of inventory, on account, for $5,000 ($50 per unit) 10 1/10/2022 Provides services for $3,000 Accounting Cycle Project Transactions to hand record for Submission Part #1 THE REMAINING TRANSACTIONS NEED TO BE JOURNALIZED AND POSTED TO THE GENERAL LEDGERT ACCOUNTS Accounting Cycle Project Transactions (1-31) 1/31/2022 Company pays its supplier for inventory purchased on 1/2/2022 1/31/2022 Company provides services worth $5,000 and is paid in cash 1/31/2022 Company employees earn $20,000 salaries in the month of January to be paid in February (CORRECTED) 1/31/2022 Company purchases a building using a note payable for $480,000 at 5.00% annual interest and Orca Company puts $15,000 down Accounting Cycle Project January Month-end Adjusting Entries Transactions (1/31) (see adjusting Entry Power Point) 1/31/2022 Supplies had a zero balance at the end of January 1/31/2022 Recorded rent expense for the month of January that was paid for on January 1 1/31/2022 Adjust for Interest Accrued on 5-year, $5,000 loan from MT Bank with 6% interest due monthly made on January 1st

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

Auditing A Practical Approach

Authors: Robyn Moroney, Fiona Campbell, Jane Hamilton

3rd Edition

0730364577, 978-0730364573

More Books

Students also viewed these Accounting questions

Question

11. Name the seven types of data instructions and explain each.

Answered: 1 week ago