On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Fouir Debit $ 25,600 47,200 Credit $ 4,700 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock Retained Earnings 2,000 29,000 55,000 40,000 31,100 $161,800 Totals $161,800 During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,300. January 30 The comapany sales for the second half of the month total $148,000. Sales include $10,000 for cash and $138,000 on account. The cost of the units sold is $82,000. January 31 Pay cash for monthly salaries, $52,500.
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Fouir Debit $ 25,600 47,200 Credit $ 4,700 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock Retained Earnings 2,000 29,000 55,000 40,000 31,100 $161,800 Totals $161,800 During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,300. January 30 The comapany sales for the second half of the month total $148,000. Sales include $10,000 for cash and $138,000 on account. The cost of the units sold is $82,000. January 31 Pay cash for monthly salaries, $52,500.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 6PB: Single-step income Statement and balance sheet Selected accounts and related amounts for Kanpur Co....
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Transcribed Image Text:On January 1, Year 1, the general ledger of a company includes the following account balances:
Accounts
Cash
Accounts Receivable
Allowance for Uncollectible Accounts
Debit
Credit
$ 25,600
47,200
$ 4,700
Inventory
Land
20,500
51,000
17,500
Equipment
Accumulated Depreciation
Accounts Payable
Notes Payable (6%, due April 1, Year 2)
Common Stock
Retained Earnings
2,000
29,000
55,000
40,000
31,100
$161,800
Totals
$161,800
During January Year 1, the following transactions occur:
2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the
purchase date.
January
January 6 Purchase additional inventory on account, $152,000.
January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on
account. The cost of the units sold is $76,300.
January 23 Receive $125,900 from customers on accounts receivable.
January 25 Pay $95,000 to inventory suppliers on accounts payable.
January 28 Write off accounts receivable as uncollectible, $5,300.
January 30 The comapany sales for the second half of the month total $148,000. Sales include $10,000 for cash
and $138,000 on account. The cost of the units sold is $82,000.
January 31 Pay cash for monthly salaries, $52,500.
Transcribed Image Text:Journal entry worksheet
1
2
>
Record the closing entry for revenue accounts.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 31
Record entry
Clear entry
View general journal
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