Question
i need help with journal entries?
have this problem and i am not sure where to start. I need to journalize the following: Jan. 2 -issued a check to establish petty fund of 2000 Mar 4- Replenished the petty cash fund, based on the following summary petty cash receipts: office supplies $789, miscellaneous selling expense $256; miscellaneous administrative expense $378 Apr 5- purchased $14,000 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory. May 7 - Paid the invoice of April 5 after the discount period had passed May 10 - Received cash from daily cash sales for $9, 455 the amount indicated by the cash register was $9,545 June 2 - Received a 60 day, 9% note for 80,000 on the Stevens account Aug 1 - Received amount owed on Jue 2 note plus interest at the maturity daye Aug 8 - Received $3,400 on the Jacobs account and wrote off the remainder owed on a 4,000 accounts receivable balance. (The allowance method is used in accounting the noncollectable receivable.) Aug 25 - reinstated the Jacobs account written off on August 8 and received $600 cash in full payment Purchased land by issuing a $300,000, 90 day note to Ace Development which it discounted at %10 Dec 1 - Journalized the payment of the September 2 note at maturity Dec 30 - the pension cost for the year was $85,000, of which $62,400 was paid to the pension plan trustee Thank you so much for your help! My tutor is on vacation
5 months ago - 1 answers
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Jan. 2 -issued a check to establish petty fund of 2000 Dr Petty cash $2,000 Cr Cash $2,000 Mar 4- Replenished the petty cash fund, based on the following summary petty cash receipts: office supplies $789, miscellaneous selling expense $256; miscellaneous administrative expense $378 Dr office supplies $789 Dr miscellaneous selling expense $256 Dr miscellaneous administrative expense $378 Cr Cash $1,423 Apr 5- purchased $14,000 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory. Dr merchandise inventory $14,000 Cr Accounts payable $14,000 May 7 - Paid the invoice of April 5 after the discount period had passed Dr AP $14,000 Cr Cash $14,000 May 10 - Received cash from daily cash sales for $9, 455 the amount indicated by the cash register was $9,545 Dr Cash $9,455 Dr Cash over and short (expense) $90 Cr Sales $9,545 June 2 - Received a 60 day, 9% note for 80,000 on the Stevens account Dr Note receivable 80,000 Cr Accounts receivable 80,000 Aug 1 - Received amount owed on June 2 note plus interest at the maturity date Dr Cash $81,200 Cr Note receivable $80,000 Cr Interest revenue $1,200 Aug 8 - Received $3,400 on the Jacobs account and wrote off the remainder owed on a 4,000 accounts receivable balance. (The allowance method is used in accounting the noncollectable receivable.) Dr Cash $3,400 Cr AR $4,000 Cr Allowance for doubtful accounts $600 Aug 25 - reinstated the Jacobs account written off on August 8 and received $600 cash in full payment Dr AR $600 Cr Allowance for doubtful accounts $600 Dr Cash $600 Cr AR $600 Purchased land by issuing a $300,000, 90 day note to Ace Development which it discounted at %10 Dr Land $292,500 Dr Discount on note payable $7,500 Cr Note payable $300,000 Dec 1 - Journalized the payment of the September 2 note at maturity Dr Note payable $300,000 Cr Cash $300,000 Dr Interest expense $7,500 Cr Discount on note payable $7,500 Dec 30 - the pension cost for the year was $85,000, of which $62,400 was paid to the pension plan trustee Dr Pension cost $22,600 Cr Pension cost payable $22,600
by Sandy
5 months ago
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