Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

PARTI JOURNAL ENTRIES (18 points) The following ledger accounts are used by Grant Girls Cookie Company in their ledger Instructions: Record the appropriate entries

image text in transcribed

PARTI JOURNAL ENTRIES (18 points) The following ledger accounts are used by Grant Girls Cookie Company in their ledger Instructions: Record the appropriate entries for the month of October using the chart of accounts and following transactions. 1000 Cash 2000 Salaries Payable 4000 1010 Accounts Receivable 2010 Accounts Payable 5000 Cookie Revenue Equipment Expense 1020 Supplies 2020 Unearned Cookie Revenue 5010 Advertising Expense 1030 Prepaid Salaries 2030 Notes Payable 5020 Supplies Expense 1040 Prepaid Advertising 3000 G. Grant, Capital 5030 Rent Expense 1050 Equipment 3010 G. Grant, Drawings 5040 Salaries Expense Transactions: 1. October 1, G. Grant invested $6,000 in cash and $6,000 in supplies into the business. 2. October 1, Rent for the month of October was paid in cash, totalling $1,500 3. Cookies worth $250 were sold to a customer on account on October 2. 4. Future advertisements for November were purchased for $1,000 cash on October 3. 5. October 10, G. Grant purchased more equipment totalling $4,500 but cash was needed for operational expenses, signed a note payable to ensure required equipment was received. 6. October 15, one of G. Grant's siblings worked for the weekend at the local farmers market, G. Grant agreed to pay $100 a day for the weekend in cash. 7. Additional ingredients were purchased on account from a local food distributer totalling $799, payment terms were net 30 from purchase date of October 17. 8. G. Grant was late in totaling receipts, additional sales up until October 20 totalled $3,500 half was received in cash and half is still receivable. 9. A customer purchased $300 worth cookies for the first weekend in November on October 21, payment was received in full on the day of the order. 10. On October 31, G. Grant withdrew $1,000 in cash.

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_2

Step: 3

blur-text-image_3

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

Accounting Information Systems

Authors: James A. Hall

8th edition

2901111972140, 1111972141, 978-1111972141

More Books

Students also viewed these Accounting questions

Question

Draw a Feynman diagram for the reaction n + v p + .

Answered: 1 week ago