ez https://www.mo Exam 2 supplemental assignment Assignments: ACTG 2010 WSU Spr.
ID: 2554763 • Letter: E
Question
ez https://www.mo Exam 2 supplemental assignment Assignments: ACTG 2010 WSU Spr... Prepare all January journal entries and adjusting entries for items 1-19. Review the ' Balance' Tabs to see the effect of the transactions on the account balances. If no ent transaction/event, select "No journal entry required" in the first account field View transaction list -| 1 Included in OTP's January 1 Accounts Receivable balance24 is a $1,500 balance due from Jeff Letrotski. Jeff is having cash flow problems and cannot pay the $1,500 balance at this time. On 01/01, OTP arranges with Jeff to convert the $1,500 balance to a 6-month note, at 12% annual interest. Jeff signs the promissory note, which indicates the principal and all interest will be due and payable to OTP on July 1 of this year. Record the transaction balance pay the ert the the Credit OTP paid a $500 insurance premium on 01/02, covering the month of January; the payment is recorded directly as an expense. Record the transaction. 2 OTP purchased an additional 150 units of inventory from a supplier on account on 01/05 at a total cost of $9,000, with terms 2/15, n/30. Record the transaction. 3 Note : journal entry has been entered Record entry Clear entry View general journa Requirement General Ledger
Explanation / Answer
journal entries
date
explanation
debit
credit
1-
1-Jan
notes receivables
1500
accounts receivables
1500
2-
2-Jan
insurance expense
500
cash
500
3-
5-Jan
purchase
9000
accounts payable
9000
4-
5-Jan
freight in expense
500
cash
500
5-
6-Jan
unearned revenue
amount is not specified
sales revenue
6-
6-Jan
cost of goods sold
amount is not specified
inventory
7-
7-Jan
accounts payable
9000
discount
180
cash
8820
8 & 9
10-Jan
accounts receivables
amount is not specified
sales revenue
8 & 9
10-Jan
cost of goods sold
amount is not specified
inventory
10-
14-Jan
cash
5684
discount
116
accounts receivables
5800
11-
16-Jan
wage expense
2200
cash
2200
12-
18-Jan
allowance for doubtful debts
1000
accounts receivables
1000
13-
19-Jan
rent expense
amount is not specified
rent payable
amount is not specified
cash
2600
14- 15
26-Jan
accounts receivables
1000
allowance for doubtful debts
1000
14- 15
26-Jan
cash
1000
accounts receivables
1000
16-
27-Jan
utility expense
400
utility bill payable
400
17 & 18
28-Jan
accounts receivables
amount is not specified
sales revenue
17 & 18
28-Jan
cost of goods sold
amount is not specified
inventory
19 & 20
30-Jan
sales return
amount is not specified
accounts receivables
19 & 20
30-Jan
inventory
amount is not specified
cost of goods sold
21-
31-Jan
salary expense
2200
salary payable
2200
22-
31-Jan
bad debts
amount is not specified
allowance for doubtful debts
23-
31-Jan
interest expense
amount is not specified
interest payable
24-
31-Jan
interest receivable
15
interest revenue
15
journal entries
date
explanation
debit
credit
1-
1-Jan
notes receivables
1500
accounts receivables
1500
2-
2-Jan
insurance expense
500
cash
500
3-
5-Jan
purchase
9000
accounts payable
9000
4-
5-Jan
freight in expense
500
cash
500
5-
6-Jan
unearned revenue
amount is not specified
sales revenue
6-
6-Jan
cost of goods sold
amount is not specified
inventory
7-
7-Jan
accounts payable
9000
discount
180
cash
8820
8 & 9
10-Jan
accounts receivables
amount is not specified
sales revenue
8 & 9
10-Jan
cost of goods sold
amount is not specified
inventory
10-
14-Jan
cash
5684
discount
116
accounts receivables
5800
11-
16-Jan
wage expense
2200
cash
2200
12-
18-Jan
allowance for doubtful debts
1000
accounts receivables
1000
13-
19-Jan
rent expense
amount is not specified
rent payable
amount is not specified
cash
2600
14- 15
26-Jan
accounts receivables
1000
allowance for doubtful debts
1000
14- 15
26-Jan
cash
1000
accounts receivables
1000
16-
27-Jan
utility expense
400
utility bill payable
400
17 & 18
28-Jan
accounts receivables
amount is not specified
sales revenue
17 & 18
28-Jan
cost of goods sold
amount is not specified
inventory
19 & 20
30-Jan
sales return
amount is not specified
accounts receivables
19 & 20
30-Jan
inventory
amount is not specified
cost of goods sold
21-
31-Jan
salary expense
2200
salary payable
2200
22-
31-Jan
bad debts
amount is not specified
allowance for doubtful debts
23-
31-Jan
interest expense
amount is not specified
interest payable
24-
31-Jan
interest receivable
15
interest revenue
15
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