Journal entry For June 24 June 24 Issued the following checks as payment in full
ID: 2453228 • Letter: J
Question
Journal entry For June 24
June 24
Issued the following checks as payment in full for miscellaneous billings:
Student Analysis
Payee
Amount
Check Number
Invoice Number
Edwards Auto Repair
$363.70
31230
67676
Surfer Waves Magazine
$1,375.00
31231
W3200
Phillips Accountancy
$505.00
31232
PI764
San Juan Insurance
$1,800.00
31233
66633
June 24
Merchandise with an invoice list price of $2,150.00 was purchased on account from Kawasaki USA, who offers credit terms of 2/10, n/30. Remember that all purchases are recorded net. Invoice Number: K5050. Vendor Number: 24500.
Merchandise listed on the purchase invoice:
Stock Number
Item
Quantity
Net Cost Per Unit
KW001
JS BATTERY
30
$29.40
KW003
NOZZEL EXTENSION
10
Payee
Amount
Check Number
Invoice Number
Edwards Auto Repair
$363.70
31230
67676
Surfer Waves Magazine
$1,375.00
31231
W3200
Phillips Accountancy
$505.00
31232
PI764
San Juan Insurance
$1,800.00
31233
66633
Explanation / Answer
Journal Entries Date Particulars Debit $ Credit $ Jun-24 Repair and Maintenance Expense 363.70 Cash in Bank 363.70 (Paid to Edward Auto Repair) Jun-24 Advertising Expense 1,375.00 Cash in Bank 1,375.00 (Paid to Surfer Waves Magazine) Jun-24 Accountancy Fee Expenses 505.00 Cash in Bank 505.00 (Paid to Phillips Accountancy) Jun-24 Insurance Expense 1,800.00 Cash in Bank 1,800.00 (paid to San Juan for Insurance) Jun-24 Merchandize Inventory (30*$29.40) 882.00 Accounts Payable 882.00 (Merchandize purchased from Kawasaki, USA)
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