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Journal entry worksheet 1 3 4 10 > Record payment of $95,000 to inventory suppliers on accounts payable. Note: Enter debits before credits. Date General Journal Debit Credit January 25 Inventory 95,000 Accounts Payable 95,000

Journal entry worksheet 1 3 4 10 > Record payment of $95,000 to inventory suppliers on accounts payable. Note: Enter debits before credits. Date General Journal Debit Credit January 25 Inventory 95,000 Accounts Payable 95,000

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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Journal entry worksheet 1 2 4 5 7 8 10 > Record payment of $95,000 to inventory suppliers on accounts payable. Note: Enter debits before credits. Date General Journal Debit Credit January 25 Inventory 95,000 Accounts Payable 95,000
Transcribed Image Text:Journal entry worksheet 1 2 4 5 7 8 10 > Record payment of $95,000 to inventory suppliers on accounts payable. Note: Enter debits before credits. Date General Journal Debit Credit January 25 Inventory 95,000 Accounts Payable 95,000
On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock Retained Earnings 2,000 29,000 55,000 40,000 31,100 $161,800 Totals $161,800 During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,300. January 30 The comapany sales for the second half of the month total $148,000. Sales include $10,000 for cash and $138,000 on account. The cost of the units sold is $82,000. January 31 Pay cash for monthly salaries, $52,500.
Transcribed Image Text:On January 1, Year 1, the general ledger of a company includes the following account balances: Accounts Debit Credit Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock Retained Earnings 2,000 29,000 55,000 40,000 31,100 $161,800 Totals $161,800 During January Year 1, the following transactions occur: January 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. January 6 Purchase additional inventory on account, $152,000. January 15 The comapany sales for the first half of the month total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on accounts payable. January 28 Write off accounts receivable as uncollectible, $5,300. January 30 The comapany sales for the second half of the month total $148,000. Sales include $10,000 for cash and $138,000 on account. The cost of the units sold is $82,000. January 31 Pay cash for monthly salaries, $52,500.
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