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Please put these into T-accounts so I can check my work :) Journal Entries Account Name Credit Transactio n No. A Dr. Inventory Cr. Accounts
Please put these into T-accounts so I can check my work :)
Journal Entries Account Name Credit Transactio n No. A Dr. Inventory Cr. Accounts Payable Debit 95,400 $ $ 95,400 $ 6,000 B Dr. Cash Cr. Unearned Revenue $ 6,000 $ 34,000 Prepaid Insurance Cr. Cash $ 34,000 D $ 95,400 Accounts Payable Cash Cr. Inventory $ $ 93,500 1,900 E Dr. $ 500,000 Accounts Receivable Cr. Sales Revenue $ 500,000 $ 20,000 Cost of Goods Sold Cr. Inventory $ 20,000 or $ 12,000 Inventory Cr. Accounts Payable $ 12,000 G Dr. $ 12,000 Accounts Payable Cr. Cash $ 12,000 O Dr. Equipment $ 201,500 Cr. Cash $ 201,500 P Dr. $ 38,000 Cash Cr. Accounts Receivable $ 38,000 15,000 Dr. Q Dr. Cash Accumulated Depriciation Dr. Loss on Sale of Equipment Cr. Equipment 41,000 4,000 $ $ 60,000 $ 2,000 R Dr. Income Tax Expense Cr. Cash $ 2,000 8,000 S Dr. Dividends Cr. Cash $ 8,000 $ 384,000 T Dr. Salaries Expense Cr. Cash $ 384,000 Dr Allowance For Bad Debts $ 1,000 Cr. Accounts Receivable $ 1,000 H Dr $ 1,300 Sales Revenue Cr. Cash $ 1,300 $ 400 Inventory Cr. Cost of Good Sold 400 Dr. $ 25,000 Patent Cr. Cash $ 25,000 $ 10,000 Cash Common Stock Cr. Additional Paid in Capital $ 400 9,600 $ 9,870 K Dr. Cost of Goods Sold Cr. Inventory $ 9,870 Cash Account Receivable Sales Revenue $ $ 25,000 145,000 Dr. $ 170,000 Dr. $ 347,300 Land Cr. Cash $ 347,300 M 10,000 Dr. Note Receivable Cr. Cash $ 10,000 $ 6,350 Cost of Goods Sold Cr. Inventory $ 6,350 $ 75,000 Account Receivable Cr. Sales revenue $ 75,000 Adjusting Entries AJE 1 Dr. $ 6,000 Unearned Revenue Rent Revenue Cr. $ 6,000 AJE 5 Dr. $ 10,000 Depreciation expense Accumulated Depreciation Cr $ 10,000 AJE 2 $ 25,500 Insurance Expense Pre Paid Insurance $ 25,500 AJE 3 $ 350 Interest Receivable Interest Revenue Cr. $ 350 AJE 4 Dr. $ 14,620 Bad Debt Expense Allowances for Bad Debt Cr. $ 14,620 AJE 6 $ 3,000 Amortization Expense Accumulated Amortization $ 3,000 Check figures: Total debits should equal total credits. 2,183,990 2,183,990
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