Part 1

Journalize the following transactions for the month of June for Quixote Company

using the following list of Accounts and Account numbers.

Record all entries to the nearest cent.

(26 points)

Accounts

Cash

#110

Accounts Receivable

#112

Merchandise Inventory

#115

Estimated Returns Inventory

#116

Store Supplies

#117

Prepaid Insurance

#119

Store Equipment

#120

Accumulated Depreciation - Store Equipment

#121

Accounts Payable

#210

Salaries Payable

#211

Customer Refunds Payable

#212

Larkin, Capital

#310

Larkin, Drawing

#311

Sales

#410

Cost of Merchandise Sold

#510

Office Salaries Expense

#511

Sales Salaries Expense

#512

Rent Expense

#513

Depreciation Expense

#514

Insurance Expense

#515

Delivery Expense

#516

Misc. Selling Expense

#517

Misc. Administrative Expense

#518

1-Jun

Paid rent for June, $4000

1 pt.

3-Jun

Purchased merchandise on account from ABC Company for $10000

Terms 2/10, n/30, FOB shipping point.

We were billed $150 for shipping which was added to our invoice.

3 pts.

4-Jun

Returned $2000 of the merchandise purchased on June 3 from ABC Company.

2 pts

6-Jun

Sold $15000 of Merchandise on account to EFG Company, terms 1/20, n/30,

FOB shipping point.The cost of merchandise sold was $5000 and we

paid $250 for shipping which was billed and added to the customer's invoice.

3 pts.

7-Jun

EFG company returned $1500 of the merchandise purchased on June 6.

The cost of merchandise sold was $1000

2 pts.

8-Jun

Paid Misc. Selling Expense of $500 and Misc. Administrative Expense of $100

2 pts.

9-Jun

Purchased on account $350 of Store Supplies.

2 pts.

13-Jun

Paid ABC Company for the purchase made on June 3rd, less the return of June 4th

3 pts.

16-Jun

Purchased store supplies for $100 cash.

2 pts.

17-Jun

Received cash from EFG Company for the sale of June 6,

less the return of June 7th.

3 pts.

25-Jun

Paid Sales Salaries Expense of $650 and Office Salaries Expense of $750

2 pts.

30-Jun

Owner withdrew $500

1 pt.

Post

Page 1

Date

Journal Entries

Ref.

Debit

Credit

1-Jun

Rent Expense

4,000.00

Cash

4,000.00

3-Jun

Post your Journal entries to the ledgers. Be sure to balance the ledger after each entry.
Ledgers
Cash	#110
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance				40,000.00
					Check Answer
					Cash =	38,775.00
Accounts Receivable		#112
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance				3,500.00
Merchandise Inventory			#115
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance				6,000.00
Estimated Returns Inventory			#116
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance				4,300.00
Store Supplies		#117
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance				500.00
Prepaid Insurance		#119
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance				300.00
Store Equipment		#120
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance				2,000.00
Accumulated Depreciation - Store Equipment					#121
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance					200.00
Accounts Payable		#210
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance					1,700.00
Salaries Payable		#211
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
Customer Refunds Payable			#212
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
1-Jun	Balance					9,000.00
Larkin, Capital		#310
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance					40,400.00
Larkin, Drawing		#311
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance				2,000.00
Sales		#410
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance					15,700.00
Cost of Merchandise Sold			#510
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance				5,000.00
Office Salaries Expense			#511
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance				2,000.00
Sales Salaries Expense			#512
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance				1,000.00
Rent Expense		#513
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
Depreciation Expense			#514
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance				100.00
Insurance Expense		#515
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
Delivery Expense		#516
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
Misc. Selling Expense		#517
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance				200
Misc. Administrative Expense			#518
					Balance
Date	Item	Post Ref.	Dr.	Cr.	Dr.	Cr.
June 1	Balance				100