Posted by Jan on Thursday, March 29, 2012 at 10:51am.
I need HELP in journalizing the following please:
February 1 Paid $3,750 accounts payable balance due to a supplier.
March 15 Received $2,500 partial payment on a $5,000 accounts receivable balance. Wrote off the rest of the account as uncollectible.
April 1
April 15 Purchased on account 2,500 units merchandise for resale at $21.50 per unit, with 2/10, n/30 terms.
Paid the invoice for April 1 purchase
October 10 Sold 700 units of merchandise for a cash price of $40/unit.
November 1 Borrowed $20,000 at 6% interest for 5 years with annual payments of principal and interest on October 31. Used the loan proceeds plus cash to purchase a $25,000 delivery truck.
December 1 Bought back 500 shares of outstanding stock, paying $15/share.
December 5 Sold 2,400 units of merchandise on account for $41/unit. Payment terms on the invoice were 1/10, n/30.
December 7 Of the merchandise sold on December 5, 50 units were returned.
December 15 Paid $3,000 for rent of a warehouse facility. The payment covers rent for December and January.
December 15 Declared a $1/share cash dividend, payable January 14 to shareholders of record on January 3.
December 18 Purchased office supplies of $1,600 on account.
December 31 Recorded depreciation for the year
Buildings have a 30-year life, a $6,000 residual value and use straight-line depreciation
Equipment has a 5-year life, no residual value and use double-declining balance depreciation
NOTE: Equipment was all purchased January 1, 2011
Vehicles have a 5-year life, no residual value and use straight-line depreciation
December 31 The allowance for doubtful accounts balance is estimated as follows:
2% of current balances are estimated as uncollectible
20% of past-due balances are estimated as uncollectible.
December 31 A count of office supplies shows $550 still on hand on December 31.
January 2, 2013 Paid salaries of $24,500 for the pay period December 31 through January 4. Salaries are earned evenly during the pay period.
No one has answered this question yet.
Answer this Question
Related Questions
accounting - Hannah Knox, an architect, opened an office on July 1, 2008. During...
accounting - Maria Gonzalez opened a veterinary business in Nashville, ...
Intro to Accounts - Hello, I really don't know where to begin Travis Fortney...
Accounting - I have the following items listed on a balance sheet and income ...
accounting - Indicate whether each of the followings accounts normally has a ...
financial management - Using the following information, prepare a balance sheet ...
accounting - Jack Shellenkamp owns and manages a computer repair service, which ...
accounting - List the following steps of the accounting cycle in their proper ...
financial accounting - The lake theater opened on april 1.all facilities were ...
accounting 201 - I am having trouble figuring out my accounts payable and ...
For Further Reading
