Question
Your task is to journalize each of the following events that occurred during the year for Tech Co in a 2009 General Journal. Use the
Your task is to journalize each of the following events that occurred during the year for Tech Co in a 2009 General Journal. Use the standard 4 column, date, account name (and note), debit, and credit, format.
1 | January 1, 2009 - Judy and Joe sold 600,000 more shares of the company to the general public in an initial public offering. The average price per share received by Judy and Joe is displayed to the right. | $ 15.40 |
2 | January 31, 2009 - Tech Co still focuses on a relatively small geography, but deliveries have increased, so the company decides to purchase a new delivery vehicle. The cost, in dollars, is listed to the right. Tech Co takes out a 5-year "note" to pay for the vehicle, with 4% interest due each year on January 31. | 104,500 |
3 | February 17, 2009 - Toward the end of 2008, Good Stuff Retail Center paid Tech Co for merchandise in advance (i.e., Tech Co had not yet delivered it as of the end of last year). Today, Tech Co delivered product in the amount to the right. Tech Co is on a periodic inventory system. | 1,372,694 |
4 | February 28, 2009 - Tech Co pays its employees on the last day of every two months. Today is payday for all employees. Salaries Expense is listed to the right. In addition, Tech Co withholds the following amounts for each employee, to be paid to the appropriate entity at a later date: | 412,500 |
Employee portion of payroll taxes due to taxing authority | 82,500 | |
Employee voluntary retirement savings to be sent to Investment Company | 24,750 | |
Tech Co's tax expense (employee-related, but employer tax), due to taxing authorities | 30,938 | |
5 | April 30, 2009 - Tech Co determines its regular sales figures 3 times per year. From January through April, the company sold and delivered product with the sales price listed to the right. All sales were on credit. | 72,425,408 |
6 | April 30, 2009 - On the same day, Tech Co determined that, between January and April, it collected on Accounts Receivable in the amount to the right. | 57,569,845 |
7 | May 1, 2009 - Tech Co purchased tablet computers and smartphones on credit for the total cost at the right. The payment terms are 5/10, n/30, and the invoice is dated May 1. These items are considered inventory, as they are to be sold to customers. | 4,422,000 |
8 | May 10, 2009 - The company paid off the entire May 1 purchase (tablet computers and smartphones) | |
9 | June 23, 2009 - In 2008, Tech Co wrote off an Account Receivable from Hanibal Corp in the amount to the right. However, today, Hanibal surprised BA by remitting payment in full. | 68,530 |
10 | August 21, 2009 - Tech Co made several large purchases of merchandise for future sale and forgot to record them until now. The merchandise, including taxes, cost the amount to the right. All purchases were made on account with no discount possible. | 137,968,600 |
11 | August 22, 2009 - Tech Co paid cash to a third party shipping company for delivery of the merchandise recorded yesterday. The cost of all such deliveries is listed to the right. | 620,859 |
12 | August 31, 2009 - Tech Co determines its regular sales figures 3 times per year. From May through August, the company sold and delivered product with the sales price listed to the right. All sales were on credit. | 75,684,551 |
13 | August 31, 2009 - On the same day, Tech Co determined that, between May and August, it collected cash for Accounts Receivable in the amount to the right. | 84,009,852 |
Date | Account Name (and note) | Debit | Credit |
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