pls prepare the journal entries!!❤️❤️?? Some of the ledger accounts for a company are listed below. For each of the October transactions numbered 1 through 10 below,indicate by account name which accounts should be debited and which should be credited when preparing journal entries. Thecompany uses the perpetual inventory system.Accounts payableAccounts receivableSupplies expenseRetained earningsDeferred sales revenueCost of goods soldDividendsExample: Purchased inventory for cash1. Paid a cash dividend.EquipmentCashPrepaid rentNotes payableRent expenseSalaries expenseXJAN18Transactions2. Paid rent for the next three months.3-a. Sold goods to customers on account. (To record sale of goods to customers.)3-b. Sold goods to customers on account. (To record cost of goods sold to customers.)4. Purchased inventory on account.5. Purchased supplies for cash.6. Issued common stock in exchange for cash.7. Collected cash from customers for goods sold in transaction 3.8. Borrowed cash from a bank and signed a note.9. Paid salaries for the month of October.10. Received cash for advance payment from customer.InventorySuppliesSales revenueCommon stockSalaries payableInterest expenseA< Prev2 of 2‒‒‒‒‒‒‒‒‒zoomAccount DebitedInventoryNext >CashAccount Credited

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Description: pls prepare the journal entries!!❤️❤️?? Some of the ledger accounts for a company are listed below. For each of the October transactions numbered 1 through 10 below,indicate by account name which accounts should be debited and which should be credite

Journal entries The recording of transactions in the accounting books by a company is called as…

Business

Accounting

Some of the ledger accounts for a company are listed below. For each of the October transactions numbered 1 through 10 below. indicate by account name which accounts should be debited and which should be credited when preparing journal entries. The company uses the perpetual inventory system. Accounts payable Accounts receivable Supplies expense Retained earnings Deferred sales revenue Cost of goods sold Dividends Equipment Cash Prepaid rent Notes payable Rent expense Salaries expense Transactions Inventory Supplies Sales revenue Common stock Salaries payable Interest expense Example: Purchased inventory for cash 1. Paid a cash dividend. 2. Paid rent for the next three months. 3-a. Sold goods to customers on account. (To record sale of goods to customers.) 3-b. Sold goods to customers on account. (To record cost of goods sold to customers.) 4. Purchased inventory on account. 5. Purchased supplies for cash. 6. Issued common stock in exchange for cash. 7. Collected cash from customers for goods sold in transaction 3. 8. Borrowed cash from a bank and signed a note. 9. Paid salaries for the month of October. 10. Received cash for advance payment from customer. Account Debited Inventory Cash Account Credite

Some of the ledger accounts for a company are listed below. For each of the October transactions numbered 1 through 10 below. indicate by account name which accounts should be debited and which should be credited when preparing journal entries. The company uses the perpetual inventory system. Accounts payable Accounts receivable Supplies expense Retained earnings Deferred sales revenue Cost of goods sold Dividends Equipment Cash Prepaid rent Notes payable Rent expense Salaries expense Transactions Inventory Supplies Sales revenue Common stock Salaries payable Interest expense Example: Purchased inventory for cash 1. Paid a cash dividend. 2. Paid rent for the next three months. 3-a. Sold goods to customers on account. (To record sale of goods to customers.) 3-b. Sold goods to customers on account. (To record cost of goods sold to customers.) 4. Purchased inventory on account. 5. Purchased supplies for cash. 6. Issued common stock in exchange for cash. 7. Collected cash from customers for goods sold in transaction 3. 8. Borrowed cash from a bank and signed a note. 9. Paid salaries for the month of October. 10. Received cash for advance payment from customer. Account Debited Inventory Cash Account Credite

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 4PB: The accounts and their balances in the ledger of Markeys Mountain Shop as of December 31, the end of...

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The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms on sales on account are 2/10, n/30, FOB shipping point. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payment journal as appropriate. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of debit and credit totals.
MacDonald Bookshop had the following transactions that occurred during February of this year: Required 1. Journalize the transactions for February in the cash payments journal. Assume the periodic inventory method is used. 2. Total and rule the journal. 3. Prove the equality of the debit and credit totals.
MacDonald Bookshop had the following transactions that occurred during February of this year: Required 1. Journalize the transactions for February in the cash payments journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journal. Prove the equality of the debit and credit totals.
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Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on Page 21 of the journal: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. Assume that additional common stock of 10,000 was issued in January 20Y6. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the retained earnings account. 10. Prepare a post-closing trial balance.
Post the following November transactions to T-accounts for Accounts Payable and Inventory, indicating the ending balance (assume no beginning balances in these accounts). A. purchased merchandise inventory on account, $22,000 B. paid vendors for part of inventory purchased earlier in month, $14,000 C. purchased merchandise inventory for cash, $6,500
Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.
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The accounts and their balances in the ledger of Markeys Mountain Shop as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows. Assume that Markeys Mountain Shop uses the perpetual inventory system. a. Merchandise Inventory at December 31, 140,357. b. Store supplies inventory (on hand) at December 31, 540. c. Depreciation of building, 3,400. d. Depreciation of store equipment, 3,800. e. Salaries accrued at December 31, 1,250. f. Insurance expired during the year, 1,480. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 63.