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Can someone help me with journal

Can someone help me with journal

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Can someone help me with journal
TNotice that the beginning balances have been put into the General Ledger accounts. These beginning account balances were the January ending account balances from Problem 2-1. Requirement 1 For each of the following transactions make the required entries in the General Journal: (See the General Ledger tab in the workbook Chapter 03 b - Problem 3-1 Forms for the accounts in OPJ's accounting system.) Feb 01 Take $4,000 cash out of Big Bank to pay for February's warehouse rent. Feb 04 Sale of inventory to a customer – selling price $62,000 – cost of inventory sold $16,000 – customer paid cash which was deposited in Big Bank. Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned. Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000 – customer will pay in the future. Feb 15 Sale of inventory to a customer – selling price $110,000 – cost of inventory sold $28,000 – customer pays $40,000 cash which is deposited in Little Bank – customer will pay for the remaining amount of the sale in 30 days. Feb 18 Feb 22 Purchase additional inventory - pay $17,000 cash out of Big Bank for the inventory. Feb 27 Take $23,000 cash out of Little Bank to pay employees for wages they have earned. Adjust the Interest Payable-Big Bank account to record the $600 of interest owed to Big Bank for February - interest will be paid in June. Feb 28 Adjust the Interest Payable-Little Bank account to record the $450 of interest owed to Little Bank for February - interest will be paid in March. Feb 28 Requirement 2 Post the entries from the General Journal to the General Ledger accounts.
Transcribed Image Text:TNotice that the beginning balances have been put into the General Ledger accounts. These beginning account balances were the January ending account balances from Problem 2-1. Requirement 1 For each of the following transactions make the required entries in the General Journal: (See the General Ledger tab in the workbook Chapter 03 b - Problem 3-1 Forms for the accounts in OPJ's accounting system.) Feb 01 Take $4,000 cash out of Big Bank to pay for February's warehouse rent. Feb 04 Sale of inventory to a customer – selling price $62,000 – cost of inventory sold $16,000 – customer paid cash which was deposited in Big Bank. Feb 07 Take $10,000 cash out of Little Bank to pay employees for wages they have earned. Sale of inventory to a customer – selling price $88,000 – cost of inventory sold $22,000 – customer will pay in the future. Feb 15 Sale of inventory to a customer – selling price $110,000 – cost of inventory sold $28,000 – customer pays $40,000 cash which is deposited in Little Bank – customer will pay for the remaining amount of the sale in 30 days. Feb 18 Feb 22 Purchase additional inventory - pay $17,000 cash out of Big Bank for the inventory. Feb 27 Take $23,000 cash out of Little Bank to pay employees for wages they have earned. Adjust the Interest Payable-Big Bank account to record the $600 of interest owed to Big Bank for February - interest will be paid in June. Feb 28 Adjust the Interest Payable-Little Bank account to record the $450 of interest owed to Little Bank for February - interest will be paid in March. Feb 28 Requirement 2 Post the entries from the General Journal to the General Ledger accounts.
General Journal Date Debit Credit Account Note febl Big Bank
Transcribed Image Text:General Journal Date Debit Credit Account Note febl Big Bank
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