You are the controller at Star Wars, Inc. you must Create Journal Entries for th
ID: 2476079 • Letter: Y
Question
You are the controller at Star Wars, Inc. you must Create Journal Entries for the following transactions.
On Dec. 1 Paid off balance of $45,800 owed to Ewok Inc. No discount applies.
On Dec. 1 Sold 250 units to Storm Troopers Unlimited on account for $800 each.
On Dec. 2 Received a check in the amount of $23,569 from Jango Fett Inc. in full payment of an invoice dated November 27 in the amount of $24,050.
On Dec. 2 Paid bill of $2,010 to Star Destroyer Repairs in payment of fighter repairs.
On Dec. 3 Sold 200 units to Vader Enterprises on account for $805 each.
On Dec. 3 Paid Greedo Inc. $59,420 in full payment of an A/P balance
On Dec. 6 Purchased 500 units from Calrisian's Components on account for $360 each, terms net/45
On Dec. 6 Paid $65,471 to Wamp Rat, Co. in full payment of the invoice from Nov.
On Dec. 6 Received a notification that Bosk Co. has declared bankruptcy and collection of the amounts Bosk Co. owes is unlikely. The accounts receivable balance should be written off.
On Dec. 7 Received a check in the amount of $45,000 from R2D2 Computers in partial payment of the balance they owe (no discounts apply) from a Nov. 15 sale of $95,900
On Dec. 7 Received a check in the amount of $49,294 from C3PO Co. in full payment of a sales invoice dated Nov. 27 for $50,300.
On Dec. 7 Sold 185 units to Jango Fett, Inc. on account for the amount of $810 each.
On Dec. 10 Received payment of $72,863 from Jabba's Huts, Inc. in full payment of an invoice dated Nov. 30 for $74,350.
On Dec. 10 Sold 300 units to Wookie Inc. on account for $810 each.
On Dec. 10 Paid bill for $720 for special effects consulting. Use misc. expenses.
On Dec. 10 Purchased 400 units from Land Speeder, Inc. on account for $365 each, terms n/30
On Dec. 11
Paid bi-weekly wages via payroll checks. The payroll summary is below:
Employee wages (gross) $5,210
FICA taxes withheld 399
Federal income taxes withheld 980
State income taxes withheld 240
Net pay $3,591
Employer's payroll taxes:
FICA tax $399
(no FUTA or SUTA)
On Dec. 11 Received payment of $22,000 from C3PO Co. in full payment for an invoice dated Nov. 14th. No discount applies.
On Dec. 11 Sold 305 units to Princess Leia Co. for a total of $815 each on account.
On Dec. 12 Sold 165 units to R2D2 Computers on credit for $815 each.
On Dec. 12 Paid invoice dated Nov. 12 in the amount of $37,829 (no discounts apply). The supplier was Count Dooku Consulting.
On Dec. 12 Paid $75,250 to Ewok Inc. for an invoice dated Nov. 28.
On Dec. 13 Received payment from Endor Limited for an invoice dated November 15th in the amount of $27,120.
On Dec. 13 Sold 250 units to Vader Enterprises on account for $820 each.
On Dec. 14 Received payment from Jango Fett Inc. from the Dec. 7th sale. Fett Inc. qualifies for the discount.
On Dec. 14 R2D2 Computers receives an allowance for 50 units from the Dec. 13 sale for decrease in sales of $41,000 ($820 each).
On Dec. 15 Received payment from Wookie Inc. for the Dec. 10 sale, net of the discount.
Explanation / Answer
Answer:
Journal Entries Date Accounts Debit $ Credit $ Dec 01 Accounts Payable 45,800.00 Cash 45,800.00 Dec 01 Accounts Receivable 200,000.00 Sales/Revenue 200,000.00 Dec 02 Cash 23,569.00 Discount expenese 481.00 Accounts Receivable 24,050.00 Dec 02 Repair Expenses 2,010.00 Cash 2,010.00 Dec 03 Accounts Receivable 161,000.00 Sales/Revenue 161,000.00 Dec 03 Accounts Payable 59,420.00 Cash 59,420.00 Dec 06 Purchases 180,000.00 Accounts Payable 180,000.00 Dec 06 Accounts Payable 65,471.00 Cash 65,471.00 Dec 06 Bad Debts - Accounts Receivable - Dec 07 Cash 45,000.00 Accounts Receivable 45,000.00 Dec 07 Cash 49,294.00 Discount expenese 1,006.00 Accounts Receivable 50,300.00 Dec 07 Accounts Receivable 149,850.00 Sales/Revenue 149,850.00 Dec 10 Cash 72,863.00 Discount expenese 1,487.00 Accounts Receivable 74,350.00 Dec 10 Accounts Receivable 243,000.00 Sales/Revenue 243,000.00 Dec 10 Misc. Expenses 720.00 Cash 720.00 Dec 10 Purchases 146,000.00 Accounts Payable 146,000.00 Dec 11 Salary Expenses 5,210.00 FICA taxes 399.00 Federal income taxes 980.00 State income taxes 240.00 Cash 3,591.00 Dec 11 Payroll taxes expenses 399.00 FICA taxes 399.00 (Note: FICA, Federal and State taxes will be debited and cash will be credited once they are paid to Govt.) Dec 11 Cash 22,000.00 Accounts Receivable 22,000.00 Dec 11 Accounts Receivable 248,575.00 Sales/Revenue 248,575.00 Dec 12 Accounts Receivable 134,475.00 Sales/Revenue 134,475.00 Dec 12 Accounts Payable 37,829.00 Cash 37,829.00 Dec 12 Accounts Payable 75,250.00 Cash 75,250.00 Dec 13 Cash 27,120.00 Accounts Receivable 27,120.00 Dec 13 Accounts Receivable 205,000.00 Sales/Revenue 205,000.00 Dec 14 Cash 149,850.00 Discount expenese Accounts Receivable 149,850.00 (Discount allowed is missing in question) Dec 14 Sales/Revenue 41,000.00 Accounts Receivable 41,000.00 Dec 15 Cash 243,000.00 Discount expenese Accounts Receivable 243,000.00 (Discount allowed is missing in question)Related Questions
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