Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare journal entries in proper form for the following economic transactions: 1. Lee & Li Company maintains a $200 petty cash account at the front
Prepare journal entries in proper form for the following economic transactions: 1. Lee & Li Company maintains a $200 petty cash account at the front desk of their health clinic. At the end of the month the petty cash box contains $180 of miscellaneous receipts and $15 of cash. Record the JE to replenish the fund. 2. Goods are sold for $16,125 which includes 7.5% sales tax. The goods original cost 12,250. Write the JE for the seller. 3. Rent expense of Qasim & Pham Enterprises is $3,000 per month. The Company paid the current month's rent expense plus the next two month.s rent expense today. 4. Resuello, Reuser, & Rodriguez (3R, Inc.) previous sold $10,000 of goods to a customer, Fronko Corp. and that transaction has already been recorded in the general journal and general ledger. Today 3R, inc. received $2,000 of goods returned by Fronko Corp. Record the JE for 3R, Inc. 5. 3R, Inc. Sold supplies to Cooper & Burgess Consulting on sale terms of 2/10, n/45. On the 35 day Cooper & Burgess Consulting paid for the supplies. Write the JE for 3R, Inc on the day they receive the payment
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started