Prepare the journal for Company. 19 Paid Dorn Company the amount due. 25 Received the amount due from Colby Corporation. Required Prepare the necessary journal entries for Drake Company. SERIAL PROBLEM: KATE'S CARDS vote: This is a continuation of the Serial Problem: Kate's Cards from Chapters I through 4.) SP5. Kate is producing a quality product that consumers would be proud to purchase and send to their lou efforts interest payments required semiannually. The entire principal balance is due in one balloon n two years. Kate uses a perpetual inventory system. As of December 2, 2018, Kate's Cardayment following account balances: Accumulated depreciation 006' Accounts payable. Cash $ 1,600 Accounts receivable 16,800 Inventory. Other current assets. Other current liabilities 000'9L Long-term note payable 008 009'e Common stock 006 Computer equipment 006's Retained earnings 0000 The company had the following transactions during December 2018: Dec 1 Paid $1,200 rent for the month. 7 Paid $1,800 to employees. Of this amount, $900 was for an amount owed from November Wages due to employees at the end of each month are recorded as Other Current Liabilities 9 Received $5,400 from customers as payment on account. 12 Sold, for cash, $11,000 of greeting cards. This merchandise had cost $6,000 to produce. 14 Purchased additional inventory totaling $7,000 on account with terms of 2/10, n/45. 15 Paid cash for supplies (listed as Other Current Assets) in the amount of $600. 19 Sold, on account with terms of 2/10, n/30, greeting cards totaling $6,000. The merchandise had cost $4,000 to produce. 21 Paid additional wages of $1,400. 25 Paid the total owed for the merchandise that was purchased on December 14. 28 Received payment in full from the customer that purchased the merchandise on December 19. 31 Depreciation for the month totaled $900. 31 Aphysical count of inventory and supplies revealed that $13,000 and $2,000, respectively, were on hand at year-end. Assume that Other Current Assets consists only of the cost of supplies.
Prepare the journal for Company. 19 Paid Dorn Company the amount due. 25 Received the amount due from Colby Corporation. Required Prepare the necessary journal entries for Drake Company. SERIAL PROBLEM: KATE'S CARDS vote: This is a continuation of the Serial Problem: Kate's Cards from Chapters I through 4.) SP5. Kate is producing a quality product that consumers would be proud to purchase and send to their lou efforts interest payments required semiannually. The entire principal balance is due in one balloon n two years. Kate uses a perpetual inventory system. As of December 2, 2018, Kate's Cardayment following account balances: Accumulated depreciation 006' Accounts payable. Cash $ 1,600 Accounts receivable 16,800 Inventory. Other current assets. Other current liabilities 000'9L Long-term note payable 008 009'e Common stock 006 Computer equipment 006's Retained earnings 0000 The company had the following transactions during December 2018: Dec 1 Paid $1,200 rent for the month. 7 Paid $1,800 to employees. Of this amount, $900 was for an amount owed from November Wages due to employees at the end of each month are recorded as Other Current Liabilities 9 Received $5,400 from customers as payment on account. 12 Sold, for cash, $11,000 of greeting cards. This merchandise had cost $6,000 to produce. 14 Purchased additional inventory totaling $7,000 on account with terms of 2/10, n/45. 15 Paid cash for supplies (listed as Other Current Assets) in the amount of $600. 19 Sold, on account with terms of 2/10, n/30, greeting cards totaling $6,000. The merchandise had cost $4,000 to produce. 21 Paid additional wages of $1,400. 25 Paid the total owed for the merchandise that was purchased on December 14. 28 Received payment in full from the customer that purchased the merchandise on December 19. 31 Depreciation for the month totaled $900. 31 Aphysical count of inventory and supplies revealed that $13,000 and $2,000, respectively, were on hand at year-end. Assume that Other Current Assets consists only of the cost of supplies.
Prepare the journal for Company. 19 Paid Dorn Company the amount due. 25 Received the amount due from Colby Corporation. Required Prepare the necessary journal entries for Drake Company. SERIAL PROBLEM: KATE'S CARDS vote: This is a continuation of the Serial Problem: Kate's Cards from Chapters I through 4.) SP5. Kate is producing a quality product that consumers would be proud to purchase and send to their lou efforts interest payments required semiannually. The entire principal balance is due in one balloon n two years. Kate uses a perpetual inventory system. As of December 2, 2018, Kate's Cardayment following account balances: Accumulated depreciation 006' Accounts payable. Cash $ 1,600 Accounts receivable 16,800 Inventory. Other current assets. Other current liabilities 000'9L Long-term note payable 008 009'e Common stock 006 Computer equipment 006's Retained earnings 0000 The company had the following transactions during December 2018: Dec 1 Paid $1,200 rent for the month. 7 Paid $1,800 to employees. Of this amount, $900 was for an amount owed from November Wages due to employees at the end of each month are recorded as Other Current Liabilities 9 Received $5,400 from customers as payment on account. 12 Sold, for cash, $11,000 of greeting cards. This merchandise had cost $6,000 to produce. 14 Purchased additional inventory totaling $7,000 on account with terms of 2/10, n/45. 15 Paid cash for supplies (listed as Other Current Assets) in the amount of $600. 19 Sold, on account with terms of 2/10, n/30, greeting cards totaling $6,000. The merchandise had cost $4,000 to produce. 21 Paid additional wages of $1,400. 25 Paid the total owed for the merchandise that was purchased on December 14. 28 Received payment in full from the customer that purchased the merchandise on December 19. 31 Depreciation for the month totaled $900. 31 Aphysical count of inventory and supplies revealed that $13,000 and $2,000, respectively, were on hand at year-end. Assume that Other Current Assets consists only of the cost of supplies.
Using the information in the photo, how would I prepare Journal Entries for the December transactions?
Transcribed Image Text:Prepare the journal for Company.
19 Paid Dorn Company the amount due.
25 Received the amount due from Colby Corporation.
Required
Prepare the necessary journal entries for Drake Company.
SERIAL PROBLEM: KATE'S CARDS
vote: This is a continuation of the Serial Problem: Kate's Cards from Chapters I through 4.)
SP5.
Kate is
producing a quality product that consumers would be proud to purchase and send to their lou efforts
interest payments required semiannually. The entire principal balance is due in one balloon
n two years. Kate uses a perpetual inventory system. As of December 2, 2018, Kate's Cardayment
following account balances:
Accumulated depreciation
006'
Accounts payable.
Cash
$ 1,600
Accounts receivable
16,800
Inventory.
Other current assets.
Other current liabilities
000'9L
Long-term note payable
008
009'e
Common stock
006
Computer equipment
006's
Retained earnings
0000
The company had the following transactions during December 2018:
Dec
1 Paid $1,200 rent for the month.
7 Paid $1,800 to employees. Of this amount, $900 was for an amount owed from November
Wages due to employees at the end of each month are recorded as Other Current Liabilities
9 Received $5,400 from customers as payment on account.
12 Sold, for cash, $11,000 of greeting cards. This merchandise had cost $6,000 to produce.
14 Purchased additional inventory totaling $7,000 on account with terms of 2/10, n/45.
15 Paid cash for supplies (listed as Other Current Assets) in the amount of $600.
19 Sold, on account with terms of 2/10, n/30, greeting cards totaling $6,000. The merchandise
had cost $4,000 to produce.
21 Paid additional wages of $1,400.
25 Paid the total owed for the merchandise that was purchased on December 14.
28 Received payment in full from the customer that purchased the merchandise on December 19.
31 Depreciation for the month totaled $900.
31 Aphysical count of inventory and supplies revealed that $13,000 and $2,000, respectively,
were on hand at year-end. Assume that Other Current Assets consists only of the cost of
supplies.
Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.
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