Question
On Dec. 31, 2017 merchandise was sold on account for $16,500 with a cost of $5,500 terms 3/10 net 30. Enter the sales journal entry
On Dec. 31, 2017 merchandise was sold on account for $16,500 with a cost of $5,500 terms 3/10 net 30. Enter the sales journal entry first and the cost of good sold journal entry second. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. In Blank [5] enter the account to be debited. In Blank [6] enter the amount to be debited. In Blank [7] enter the account to be credited. In Blank [8] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
Dr. [5]_______________ [6]$_____________
Cr. [7]________________ [8]$___________
Question 1 options:
On Dec. 31, 2017 merchandise was sold on account for $16,500 with a cost of $5,500 terms 3/10 net 30. Enter the sales journal entry first and the cost of good sold journal entry second. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. In Blank [5] enter the account to be debited. In Blank [6] enter the amount to be debited. In Blank [7] enter the account to be credited. In Blank [8] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
Dr. [5]_______________ [6]$_____________
Cr. [7]________________ [8]$____________
The company made a loan to Jackson Co. in the form of a short-term note receivable. Write the adjusting journal entry for the accrual of interest receivable from Oct. 1, 2017 to Dec. 31, 2017. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Question 1 options:
On Dec. 31, 2017 merchandise was sold on account for $16,500 with a cost of $5,500 terms 3/10 net 30. Enter the sales journal entry first and the cost of good sold journal entry second. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. In Blank [5] enter the account to be debited. In Blank [6] enter the amount to be debited. In Blank [7] enter the account to be credited. In Blank [8] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
Dr. [5]_______________ [6]$_____________
Cr. [7]________________ [8]$____________
The company made a loan to Jackson Co. in the form of a short-term note receivable. Write the adjusting journal entry for the accrual of interest receivable from Oct. 1, 2017 to Dec. 31, 2017. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
Uncollectible Accounts Receivable of $1,600 needs to be written off for the year ended 2017. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Question 1 options:
On Dec. 31, 2017 merchandise was sold on account for $16,500 with a cost of $5,500 terms 3/10 net 30. Enter the sales journal entry first and the cost of good sold journal entry second. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. In Blank [5] enter the account to be debited. In Blank [6] enter the amount to be debited. In Blank [7] enter the account to be credited. In Blank [8] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
Dr. [5]_______________ [6]$_____________
Cr. [7]________________ [8]$____________
The company made a loan to Jackson Co. in the form of a short-term note receivable. Write the adjusting journal entry for the accrual of interest receivable from Oct. 1, 2017 to Dec. 31, 2017. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
Uncollectible Accounts Receivable of $1,600 needs to be written off for the year ended 2017. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
Management estimates that of the remaining accounts receivable balance, $2,000 will be uncollectible. Record the adjusting journal entry based on this information. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Question 1 options:
On Dec. 31, 2017 merchandise was sold on account for $16,500 with a cost of $5,500 terms 3/10 net 30. Enter the sales journal entry first and the cost of good sold journal entry second. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited. In Blank [5] enter the account to be debited. In Blank [6] enter the amount to be debited. In Blank [7] enter the account to be credited. In Blank [8] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
Dr. [5]_______________ [6]$_____________
Cr. [7]________________ [8]$____________
The company made a loan to Jackson Co. in the form of a short-term note receivable. Write the adjusting journal entry for the accrual of interest receivable from Oct. 1, 2017 to Dec. 31, 2017. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
Uncollectible Accounts Receivable of $1,600 needs to be written off for the year ended 2017. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
Management estimates that of the remaining accounts receivable balance, $2,000 will be uncollectible. Record the adjusting journal entry based on this information. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
Dr. [1]_______________ [2]$_____________
Cr. [3]________________ [4]$____________
A piece of equipment was retired on Dec. 31, 2017. The equipment originally cost $34,000 and has related A/D of $24,000 as of Jan. 1, 2017. Additional depreciation of $3,000 needs to be recorded on this piece of equipment at Dec. 31, 2017. Update the depreciation below (#5). In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited. In Blank [4] enter the amount to be credited.
5) including the gain or loss. In Blank [1] enter the account to be debited. In Blank [2] enter the amount to be debited. In Blank [3] enter the account to be credited or debited for the gain or loss. In Blank [4] enter the amount to be credited or debited for the gain or loss. In Blank [5] enter the account to be credited. In Blank [6] enter the amount to be credited.
1000 Emmett Company, Inc. December 31, 2017 Unadjusted Trial balance Cash 45,000 Accounts Receivable 30,000 Allowance for Doubtful Accounts Short Term Note Receivable 80,000 Interest Receivable 0 Supplies 5,000 Prepaid Insurance 40,000 Inventory 12,000 Vehicle 16,000 Equipment 75,000 Accumulate Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2017) Dividends 3,000 Sales Sales Returns & Allowances 7,000 Sales Discounts 3,000 Cost of Goods Sold 45,500 Delivery Expense 2,000 Depreciation Expense 16,000 Bad Debt Expense 0 Rent Expense 98,000 Insurance Expense 40,000 Wages Expense 195,000 Supplies Expense 15,500 Interest Revenue Loss on Disposal 0 Interest Expense 6,500 Income Tax Expense 36,000 Total 770,500 42,000 18,000 18,000 7,000 65,000 106,000 2,500 511,000 0 770,500Step by Step Solution
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