Question
Prepare Journal Entries for the four entries following transactions: Some transactions require recorded entry while some require only maintenance. #1 Dec 16th 2013: Prepare a
Prepare Journal Entries for the four entries following transactions: Some transactions require recorded entry while some require only maintenance.
#1 Dec 16th 2013: Prepare a purchase order: Ordered the following inventory on account from Velocity Sporting Goods using purchase order No. 328. The goods will be received at the warehouse at a later date. The purchase order total is $19,750.
Units:
115 BB-019 Basketball Pole Pad
60 BB-538 Basketball bag
70 BB-688 Portable inflation pump
85 BB-926 Trainer's first aid kit
#2 December 16, 2013: Receive a miscellaneous csh receipt and make a bank deposit: Borrowed and deposited $80,000 from First American Bank & Trust by issuing a two-year note payable. Check No. 545 for $80,000 was received and deposited.
Hint: The credit portion of the transaction should be posted to account #21000, Notes payable
#3: December 19, 2013: Make a credit sale: Received customer purchase order No. ST3107 in the mail from Clayborn University, approved their credit, prepared invoice No. 731 totaling $15,025, and shipped the goods from the warehouse. All goods ordered were shipped as follows.
Units: Item# Description
25 BB-267 Goal and Rim set
20 BB-358 Backboard
45 FB-027 Shoulder pad set
40 FB-225 Football Helmet
#4 December 20th, 2013: Change an employee record (employee maintenance): Increased employee salary and wage rates, effective Dec 16. For hourly employees overtime is paid at 1.5 times the regular rate. There were no changes in filing status or witholding allowances.
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