Journal entry worksheet 2 3 5 6 7 8 > 4 9 10 Record receipt of $125,900 from customers on accounts receivable. Note: Enter debits before credits. Date General Journal Debit Credit January 23 Record entry Clear entry View general journal
Journal entry worksheet 2 3 5 6 7 8 > 4 9 10 Record receipt of $125,900 from customers on accounts receivable. Note: Enter debits before credits. Date General Journal Debit Credit January 23 Record entry Clear entry View general journal
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![[The following information applies to the questions displayed below.]
On January 1, Year 1, the general ledger of a company includes the following account balances:
Debit
Credit
Accounts
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
2,000
29,000
55,000
40,000
31,100
$161,800
Retained Earnings
Totals
$161,800
During January Year 1, the following transactions occur:
2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the
purchase date.
6 Purchase additional inventory on account, $152,000.
January
January
January 15 The comapany sales for the first half
the
onth 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F56bfcfaa-4fdd-44cd-97ca-f5b84a683001%2Fdfeb933a-8c24-4d7a-816b-c525bf9d6645%2F03ccnecf_processed.png&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
On January 1, Year 1, the general ledger of a company includes the following account balances:
Debit
Credit
Accounts
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
2,000
29,000
55,000
40,000
31,100
$161,800
Retained Earnings
Totals
$161,800
During January Year 1, the following transactions occur:
2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the
purchase date.
6 Purchase additional inventory on account, $152,000.
January
January
January 15 The comapany sales for the first half
the
onth 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:Journal entry worksheet
1
2
4
6 7
9 10
>
Record receipt of $125,900 from customers on accounts receivable.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
January 23
Record entry
Clear entry
View general journal
LO
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