Question
On December 1, 2022, Skysong, Inc. had the following account balances. Debit Credit Cash $17,300 Accumulated DepreciationEquipment $2,900 Notes Receivable 2,100 Accounts Payable 6,100 Accounts
On December 1, 2022, Skysong, Inc. had the following account balances.
Debit | Credit | |||||
---|---|---|---|---|---|---|
Cash | $17,300 | Accumulated DepreciationEquipment | $2,900 | |||
Notes Receivable | 2,100 | Accounts Payable | 6,100 | |||
Accounts Receivable | 7,000 | Common Stock | 52,100 | |||
Inventory | 16,500 | Retained Earnings | 11,900 | |||
Prepaid Insurance | 1,500 | $73,000 | ||||
Equipment | 28,600 | |||||
$73,000 |
During December, the company completed the following transactions.
Dec. 7 | Received $3,600 cash from customers in payment of account (no discount allowed). | |
12 | Purchased merchandise on account from Vance Co. $13,000, terms 1/10, n/30. | |
17 | Sold merchandise on account $15,500, terms 2/10, n/30. The cost of the merchandise sold was $9,000. | |
19 | Paid salaries $2,200. | |
22 | Paid Vance Co. in full, less discount. | |
26 | Received collections in full, less discounts, from customers billed on December 17. | |
31 | Received $2,600 cash from customers in payment of account (no discount allowed). |
Adjustment data:
1. | Depreciation was $200 per month. | |
2. | Insurance of $410 expired in December. |
(a)
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Your answer is partially correct.
Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Select the transaction date Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31 | Enter an account title | Enter a debit amount | Enter a credit amount |
Enter an account title | Enter a debit amount | Enter a credit amount | |
Select the transaction date Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31 | Enter an account title | Enter a debit amount | Enter a credit amount |
Enter an account title | Enter a debit amount | Enter a credit amount | |
Select the transaction date Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31 | Enter an account title to record sales | Enter a debit amount | Enter a credit amount |
Enter an account title to record sales | Enter a debit amount | Enter a credit amount | |
(To record sales) | |||
Select the transaction date Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31 | Enter an account title to record cost of goods sold | Enter a debit amount | Enter a credit amount |
Enter an account title to record cost of goods sold | Enter a debit amount | Enter a credit amount | |
(To record cost of goods sold) | |||
Select the transaction date Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31 | Enter an account title | Enter a debit amount | Enter a credit amount |
Enter an account title | Enter a debit amount | Enter a credit amount | |
Select the transaction date Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31 | Enter an account title | Enter a debit amount | Enter a credit amount |
Enter an account title | Enter a debit amount | Enter a credit amount | |
Enter an account title | Enter a debit amount | Enter a credit amount | |
Dec. 26 | Enter an account title | Enter a debit amount | Enter a credit amount |
Enter an account title | Enter a debit amount | Enter a credit amount | |
Enter an account title | Enter a debit amount | Enter a credit amount | |
Select the transaction date Dec. 7Dec. 12Dec. 17Dec. 19Dec. 22Dec. 26Dec. 31 | Enter an account title | Enter a debit amount | Enter a credit amount |
Enter an account title | Enter a debit amount |
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