SUCM

Carter Kling

$07/02/246$:$07$ PM

Week $5$ Assignment $-$ Chapters $8$&$9$

Question $9,$ CompF$9-1($similar t

Part $1$ of $57$

Al Alton Appliance$-$Nantucket has just purchased a franchise from Al Alton Appliance $($AAA$).($Click the icon to view the additional information.$)$

Following is the chart of accounts for Al Alton Appliance$-$Nantucket. As a new business, all beginning balances are $$0.$

$($Click the icon to view the chart of accounts.$)$

Requirement $1.$ Record the transactions in the general journal. Omit explanations. $($Record de

a$.$ Received $$530,000$ cash and issued common stock. Opened a new checking account at $Ne$

$\backslash$table$[[$Date$,$Accounts,Debit,$],[($a$),,,],[,,,],[,,,],[,,,],[,,,]]$

More info

a$.$ Received $$530,000$ cash and issued common stock. Opened a new checking account at Nantucket National Bank and deposited the cash received from the stockholders.

b$.$ Paid $$46,000$ cash for a AAA franchise.

c$.$ Paid $$180,000$ cash and issued a $$300,000,10-$year, $6\%$ notes payable for land with an existing building. The assets had the following market values: Land, $$50,000$; Building, $$430,000.$

d$.$ Paid $$105,000$ for store fixtures.

e$.$ Paid $$50,000$ for office equipment.

f$.$ Paid $$900$ for office supplies.

g$.$ Paid $$2,800$ for a two$-$year insurance policy

h$.$ Purchased appliances from AAA $($merchandise inventory$)$ on account for $$400,000.$

i$.$ Established a petty cash fund for $$280.$

Sold appliances on account to EFG Contractors for $$200,000,$ terms $\frac{n}{30}($cost$,$ $$100,000).$

k$.$ Sold appliances to Curtis Contracting for $$160,000($cost$,$ $$85,000),$ receiving a $6-$month, $12\%$ note.

I. Recorded credit card sales of $$60,000($cost$,$ $$33,000),$ net of processor fee of $1\%.$

m$.$ Received payment in full from EFG Contractors.

n$.$ Purchased appliances from AAA on account for $$690,000.$

o$.$ Made payment on account to AAA, $$250,000.$

p$.$ Sold appliances for cash to DB Home Builders for $$330,000($cost$,$ $$200,000).$

a$.$ Received navment in full on the maturitu date from Curtis Contractina for the note.

Calculator

MacBook Air