Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sunny's Emporium had the following transactions in April, 2 0 2 4 , the final month in their fiscal year: TRANSACTIONS Score April 1 Sold

Sunny's Emporium had the following transactions in April, 2024, the final month in their fiscal year:
TRANSACTIONS Score
April 1 Sold a fully depreciated delivery truck for $15,000.4
April 1 A new delivery truck is delivered at a total cost of $126,000. The truck has an expected useful life 3
of 7 years, with no residual value and will be depreciated using the straight line method.
The company made a downpayment of $25,000 and issued a 4-year 6% note for the balance.
The note requires annual payments of $29,150, including interest and principal, be made on
March 31,2025,2026,2027 and 2028.
April 29 Petty cash on hand was $27. Replenished the petty cash fund for the following disbursements, 6
each evidenced by a petty cash receipt:
Store supplies, $56.
Express charges on merchandise sold, $165(Delivery Expense).
Office supplies, $123.
Repair to office file cabinet lock, $120(Miscellaneous Administrative Expense).
April 30 Sold a 200,00015-year bond, with semi-annual interest at 6% when market interest rate was 8%3
April 30 The cash sales for the month, according to the cash register records, totaled $27,525, including sales 6
tax of $2,525. The actual cash received from these cash sales was $27,537. Cost of goods sold related to
these sales was $17,450.
Required: What I am looking for: Possible Earned
1 Journalize the transactions. Entries are correctly analyzed and recorded in the journal using correct account names.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Cost Accounting

Authors: Michael W Maher, William N. Lanen, Madhav V. Rajan

1st Edition

0073018376, 978-0073018379

More Books

Students also viewed these Accounting questions

Question

What are the attributes of a technical decision?

Answered: 1 week ago