Journal Entries The following are selected accounts and account balances of Sawyer Company on May 31:
Sawyer entered into the following transactions during June:
Required:
1.
Record the given transactions in a general journal.
Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. These are recorded chronologically and systematically.
General journal: This is a journal used to record infrequent transactions like adjusting entries, closing entries, accounting errors, sale of assets, or bad debts expense.
Rules of Debit and Credit: Following rules are followed for debiting and crediting different accounts while they occur in business transactions:
Record the given transactions in a general journal as follows:
Date | Account Title & Explanation |
Debit ($) |
Credit ($) |
June 3 | Cash | 700 | |
 | Accumulated depreciation-Office equipment | 1,500 | |
 | Gain on sales of office equipment | 200 | |
 | Office equipment | 2,000 | |
 | (To record the office equipment sold on a gain) | ||
June 7 | Accounts Receivable | 2,000 | |
 | Sales Revenue | 2,000 | |
 | (To record the goods sold on account) | ||
June 7 | Cost of goods sold | 1,200 | |
 | Inventory | 1,200 | |
 | (To record the cost of goods sold incurred) | ||
June 10 | Inventory | 1,000 | |
... |
2.
Post journal entries to the general ledger T-accounts.
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