Can you put all these transactions in a general journal format? Dec. 1 Received
ID: 2588567 • Letter: C
Question
Can you put all these transactions in a general journal format?
Dec. 1 Received a check for $2,352.00 from Northeast Realtors, Inc. in payment of our invoice of Nov. 22 for $2,400.00 less discount. (Reminder: All invoices bear terms of 2/10, net 30.)
1 Sold merchandise on account to Southeast Dental Group, Invoice # 708; computers, $561.75; peripherals, $506.25; total $1,068. Cost of goods $449.40 & $405.00 respectively.
1 Issued check # 1102 to SF Computers in payment of its Nov. invoice of $1,522.50 for computers, less discount.
2 Purchased store supplies on account from Zack Store Supplies & Equipment Company for $296.25.
2 Issued check # 1103 for $2,270.00 to Central Insurance Company for the premium on a $30,000 policy for one year beginning December 1.
2 Issued check # 1104 for $1,047.75 to Complete Advertising for store advertising materials.
2 Issued check # 1105 for $2,456.25 to the Fresno Bee for advertising for the month of December.
3 Sold computers on account to Blue Sky Enterprises, Invoice # 708, for $4,106.25. Cost of goods. Cost of goods $3285.00.
3 Issued check # 1106 for $7,011.75 to Sam’s Furniture for the purchase of new office equipment for the office.
3 Received an invoice for $560.25 from Lopez & Ortega, Attorneys for legal services. (Debit Professional Fees Expense.)
3 Purchased computers on account for $5,586.75 from SF Computers.
3 Cash sales for December 1-2 were as follows:
peripherals, $7,824.00
computers, 5517.75
Cost of goods $6,259.20 & $4,414.20 respectively.
6 Received a check for $1,543.50 from Valley Builders in payment of our invoice of Nov. 25 for $1,575.00, less discount.
6 Sold computers on account to Northeast Realtors, Inc. Invoice # 207 for $734.25. Cost of goods $587.00.
Dec. 1 Received a check for $2,352.00 from Northeast Realtors, Inc. in payment of our invoice of Nov. 22 for $2,400.00 less discount. (Reminder: All invoices bear terms of 2/10, net 30.)
1 Sold merchandise on account to Southeast Dental Group, Invoice # 708; computers, $561.75; peripherals, $506.25; total $1,068. Cost of goods $449.40 & $405.00 respectively.
1 Issued check # 1102 to SF Computers in payment of its Nov. invoice of $1,522.50 for computers, less discount.
2 Purchased store supplies on account from Zack Store Supplies & Equipment Company for $296.25.
2 Issued check # 1103 for $2,270.00 to Central Insurance Company for the premium on a $30,000 policy for one year beginning December 1.
2 Issued check # 1104 for $1,047.75 to Complete Advertising for store advertising materials.
2 Issued check # 1105 for $2,456.25 to the Fresno Bee for advertising for the month of December.
3 Sold computers on account to Blue Sky Enterprises, Invoice # 708, for $4,106.25. Cost of goods. Cost of goods $3285.00.
3 Issued check # 1106 for $7,011.75 to Sam’s Furniture for the purchase of new office equipment for the office.
3 Received an invoice for $560.25 from Lopez & Ortega, Attorneys for legal services. (Debit Professional Fees Expense.)
3 Purchased computers on account for $5,586.75 from SF Computers.
3 Cash sales for December 1-2 were as follows:
peripherals, $7,824.00
computers, 5517.75
Cost of goods $6,259.20 & $4,414.20 respectively.
6 Received a check for $1,543.50 from Valley Builders in payment of our invoice of Nov. 25 for $1,575.00, less discount.
6 Sold computers on account to Northeast Realtors, Inc. Invoice # 207 for $734.25. Cost of goods $587.00.
Explanation / Answer
Please Note:
1. Purchase discount is also computed at 2% of invoice value of SF Computers in absence of specific information regarding same.
2. Store advertising materials are considered as stock items and hence debited to Advertising supplies and not advertising expense.
3. Combined entry recorded for sale of computers and peripherals and cost of goods sold of computers and peripherals as separate entries not specifically asked for.
Date General Journal Debit Credit Dec. 1 Cash 2352 Sales discount 48 Accounts receivable 2400 (To record collection on account) Dec. 1 Accounts receivable 1068 Sales revenue 1068 (To record sales on account) Cost of goods sold 854.4 Inventory 854.4 (To record cost of sales) Dec. 1 Accounts payable 1522.5 Cash 1492.05 Purchase discount 30.45 (To record payment on account) Dec. 2 Store supplies 296.25 Accounts payable 296.25 (To record purchase on account) Dec. 2 Prepaid Insurance 2270 Cash 2270 (To record insurance premium paid) Dec. 2 Advertising supplies 1047.75 Cash 1047.75 (To record payment for advertising materials) Dec. 2 Advertising expenses 2456.25 Cash 2456.25 (To record payment of advertising expense) Dec. 3 Accounts receivable 4106.25 Sales revenue 4106.25 (To record sales on account) Cost of goods sold 3285 Inventory 3285 (To record cost of sales) Dec. 3 Office equipment 7011.75 Cash 7011.75 (To record purchase of office equipment) Dec. 3 Professional fees expense 560.25 Accounts payable 560.25 (To record invoice for legal fees) Dec. 3 Inventory 5586.75 Accounts payable 5586.75 (To record purchases on account) Dec. 3 Cash 13341.75 Sales revenue 13341.75 (To record cash sales) Cost of goods sold 10673.4 Inventory 10673.4 (To record cost of sales) Dec. 6 Cash 1543.5 Sales discount 31.5 Accounts receivable 1575 (To record collection on account) Dec. 6 Accounts receivable 734.25 Sales revenue 734.25 (To record sales on account) Cost of goods sold 587 Inventory 587 (To record cost of sales)Related Questions
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