e transactions. (Journal Entries) December   1 Issued check for $200 for December rent   Took out a short term loan from the bank in the amount of $1,600.  Note is due in 60 days at 6% interest. 3 Issue credit memo for $20 to Ritter for merchandise returned 4 Received check for $392 (after discount) from Dunn in payment on account   Issued check for $891 (net of discount) to Service Toy 7 Received check for $343 (after discount) from Ritter in payment on account 8 Harris issues credit memo to us for $18 (inventory)   Sold equipment for $60.  Orginal cost was $500.  Accumulated depreciation at the time of sale was $450 9 Purchase merchandise on account from Larkin $1,000 11 Sold merchandise on account to Thayer $200   Issue check to purchase new equipment for $400 12 Purchase merchandise on account from Clark $ 1,300 14 Issue check for $24 for phone bill   Sold merchandise on account to Gage $350 15 Cash sales from December 1 to 15 were $ 2,030   Issue check $116 for monthly payment on installment note 17 Issue check for $27 for electric bill   Received check from Thayer $505, payment on account 19 Issued check for $980 (net of discount) to Larkin 21 Received check for $196 (after discount) from Thayer in payment on account   Issued check for $1,274 (net of discount) to Clark for payment on account 22 Sold merchandise on account to Gage $464   Issued check for $326 to Harris on account   Sold merchandise on account to Dunn $290 24 Received check for $343 (after discount) from Gage in payment on account   Issue check for $210 to purchase supplies 26 Purchase merchandise on account from Larkin $536   Sold merchandise on account to Ritter $640 28 Purchase merchandise on account from Clark $718   Issue Check for $321 to Clark for payment on account 30 Larkin gives us credit memo for $33   Write off $75 of Baker accounts receivable.   Received check for $200 from Baker in payment on account 31 Issue Check for payroll $850   Issue check for dividend $200   Cash sales from December 15 to 31 were $ 1,260

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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Record the transactions. (Journal Entries)

December  
1 Issued check for $200 for December rent
  Took out a short term loan from the bank in the amount of $1,600.  Note is due in 60 days at 6% interest.
3 Issue credit memo for $20 to Ritter for merchandise returned
4 Received check for $392 (after discount) from Dunn in payment on account
  Issued check for $891 (net of discount) to Service Toy
7 Received check for $343 (after discount) from Ritter in payment on account
8 Harris issues credit memo to us for $18 (inventory)
  Sold equipment for $60.  Orginal cost was $500.  Accumulated depreciation at the time of sale was $450
9 Purchase merchandise on account from Larkin $1,000
11 Sold merchandise on account to Thayer $200
  Issue check to purchase new equipment for $400
12 Purchase merchandise on account from Clark $ 1,300
14 Issue check for $24 for phone bill
  Sold merchandise on account to Gage $350
15 Cash sales from December 1 to 15 were $ 2,030
  Issue check $116 for monthly payment on installment note
17 Issue check for $27 for electric bill
  Received check from Thayer $505, payment on account
19 Issued check for $980 (net of discount) to Larkin
21 Received check for $196 (after discount) from Thayer in payment on account
  Issued check for $1,274 (net of discount) to Clark for payment on account
22 Sold merchandise on account to Gage $464
  Issued check for $326 to Harris on account
  Sold merchandise on account to Dunn $290
24 Received check for $343 (after discount) from Gage in payment on account
  Issue check for $210 to purchase supplies
26 Purchase merchandise on account from Larkin $536
  Sold merchandise on account to Ritter $640
28 Purchase merchandise on account from Clark $718
  Issue Check for $321 to Clark for payment on account
30 Larkin gives us credit memo for $33
  Write off $75 of Baker accounts receivable.
  Received check for $200 from Baker in payment on account
31 Issue Check for payroll $850
  Issue check for dividend $200
  Cash sales from December 15 to 31 were $ 1,260
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