3. Include the date for each transaction in your journal entries and provide a simple explanation for each. a. Investment of Capital b. Purchase of equipment c. Bought merchandise on for cash or account d. Bought office supplies for cash or on account e. Sold merchandise for cash or on account f. Paid Freight (Selling) g. Return of merchandise by the supplier h. Payment to the supplier for the merchandise bought on account (with discount) i. Cash collection from customers who bought merchandise on account from your business (with discount) j. Bought merchandise from other suppliers on account or for cash k. Paid salaries for employees (15th of the month) I. Borrowings from the bank for additional funding m. Received refund or credited amount from your total payables to the supplier for the return of merchandise n. Bought merchandise on account or for cash basis o. paid freight (Purchase) p. Sold merchandise for cash or on account q. Bought merchandise for cash or on account r. paid partial payment – No discount for partial payment s. Drawings t. made refund to customers for the returned of merchandise u. Sold merchandise on account v. payment for the following obligations: a. Salaries 30th of the month b. Advertisement c. Rent d. Utilities
3. Include the date for each transaction in your journal entries and provide a simple explanation for each. a. Investment of Capital b. Purchase of equipment c. Bought merchandise on for cash or account d. Bought office supplies for cash or on account e. Sold merchandise for cash or on account f. Paid Freight (Selling) g. Return of merchandise by the supplier h. Payment to the supplier for the merchandise bought on account (with discount) i. Cash collection from customers who bought merchandise on account from your business (with discount) j. Bought merchandise from other suppliers on account or for cash k. Paid salaries for employees (15th of the month) I. Borrowings from the bank for additional funding m. Received refund or credited amount from your total payables to the supplier for the return of merchandise n. Bought merchandise on account or for cash basis o. paid freight (Purchase) p. Sold merchandise for cash or on account q. Bought merchandise for cash or on account r. paid partial payment – No discount for partial payment s. Drawings t. made refund to customers for the returned of merchandise u. Sold merchandise on account v. payment for the following obligations: a. Salaries 30th of the month b. Advertisement c. Rent d. Utilities
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Step 1: Think of any Merchandising Business
Step 2: You are required to make one-month transactions. Please refer to key points/accounts in the step 3.
Step 3: Check the attached image
Transcribed Image Text:3. Include the date for each transaction in your journal entries and provide a simple explanation for
each.
a. Investment of Capital
b. Purchase of equipment
c. Bought merchandise on for cash or account
d. Bought office supplies for cash or on account
e. Sold merchandise for cash or on account
f. Paid Freight (Selling)
g. Return of merchandise by the supplier
h. Payment to the supplier for the merchandise bought on account (with discount)
i. Cash collection from customers who bought merchandise on account from your business (with
discount)
j. Bought merchandise from other suppliers on account or for cash
k. Paid salaries for employees (15th of the month)
I. Borrowings from the bank for additional funding
m. Received refund or credited amount from your total payables to the supplier for the return of
merchandise
n. Bought merchandise on account or for cash basis
o. paid freight (Purchase)
p. Sold merchandise for cash or on account
q. Bought merchandise for cash or on account
r. paid partial payment – No discount for partial payment
s. Drawings
t. made refund to customers for the returned of merchandise
u. Sold merchandise on account
v. payment for the following obligations:
a. Salaries 30th of the month
b. Advertisement
c. Rent
d. Utilities
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