w.15. Transactions for July, 2022   Batch 1 July 2 Purchased $2,000 of Inventory on account, terms 1/20, n/45. (Tax rate:13%)   July 7 Sold to Zoe Financial Company on credit terms 2/15, n/30 $3,000. (Tax rate:13%)   Batch 2   July 15 Paid salaries for 2 employees: Luo Jie, $1,300 cheque #10 and Zheng Rui, $1,600 cheque #15   July 17 Paid for the July 2 purchase on cheque #20.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 8PA: Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions...
icon
Related questions
Question

qw.15.

Transactions for July, 2022
 
Batch 1
July 2 Purchased $2,000 of Inventory on account, terms 1/20, n/45. (Tax rate:13%)
 
July 7 Sold to Zoe Financial Company on credit terms 2/15, n/30 $3,000. (Tax rate:13%)
 
Batch 2
 
July 15 Paid salaries for 2 employees: Luo Jie, $1,300 cheque #10 and Zheng Rui, $1,600 cheque #15
 
July 17 Paid for the July 2 purchase on cheque #20.
 
 
 
 
Batch Number: 001 Batch Description: Transaction Batch #1
Entry Number: 001 Entry Description:   
Date: Period: Source: GL -
Account Number Account Description Debit Credit
  
  
  
Journal Entry Totals   
Entry Number: 002 Entry Description:
Date: Period: Source: GL -
Account Number Account Description Debit Credit
  
  
  
Journal Entry Totals   
Batch Totals   
 
Batch Number: 002 Batch Description: Transaction Batch #2
Entry Number: 001 Entry Description:   
Date: Period: Source: GL -
Account Number Account Description Debit Credit
  
  
  
Journal Entry Totals   
Entry Number: 002 Entry Description:
Date: Period: Source: GL -
Account Number Account Description Debit Credit
    
Journal Entry Totals   
Batch Totals   
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Knowledge Booster
Income Statement Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub