1- Journalize the following selected transactions for Magic Trixie Supply, a pro

Question

1- Journalize the following selected transactions for Magic Trixie Supply, a proprietorship owned by Trixie Fells:

a- Jan.10: Trixie Fells withdraws $10,000 cash from the company:

b- Jan.15: Issued a check for $350 to establish a petty cash fund:

c- Jan.15: Recorded sales on account of $1,000 to pick a card company with terms of 2/15, net 30. The cost of merchandise sold was $725:

d- Jan.20: Money is borrowed by Issuing a $50,000, 12 %, 120-day note to First Un-local Bank to receive cash for operations.

e- Jan 27: Received payment on account fro5 m Pick a Card Company for $980:

f- Jan.31: The company uses the allowance method of recording uncollectible accounts. An analysis of receivables reveals an estimated $ 5,400 of receivables is uncollectible. The current credit balance in the allowance for uncollectible account is $1,560. Record the adjusting entry:

g- Feb.15: Abra, a customer of the company, files for bankruptcy and the customer account balance of $169 is written off:

h- Feb.22 : Received a payment of $855 from Now You see Me Co., a customer account which had previously been written off.

Explanation / Answer

date Account Name Debit Credit 10-Jan Withdrawl Acc $ 10,000.00 Cash 10000 15-Jan Cash Fund $       350.00 Cash acc 250 15-Jan Acc Recievable $    1,000.00 Sales 1000 Cost of gooda sold 750 Inventory 750 20-Jan Cash 50000 Loan Acc 50000 27-Jan Cash 980 Sales Discount 20 Accounts recievable 1000 31-Jan Bad Debt 3840 Alloance for bad debts 3840 15-Feb Allowance for doubtful debts 169 Accounts recievable 169 22-Feb Accounts recievable 855 Allowance for doubtful debts 855 Cash 855 Accounts recievable 855

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