Question
Prepare Journal Entries for the two following transactions: Some transactions require recorded entry while some require only maintenance. #1 Dec 16th 2013: Prepare a purchase
Prepare Journal Entries for the two 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
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