JOURNALIZE THE FOLLOWING TRANSACTIONS 1. Invested $100,000 into JHJ Shoe Store 2. Purchased $10,000 in supplies on account 3. Purchased 1,000 shoes at $10 each 4. Purchased 3,000 shoes at $20 each 5. Purchased 5,000 shoes at $30 each AJE 6. Purchased $100,000 in equipment with a 4-year life, paying $20,000 in cash and placed the remaining balance on a note. Equipment salvage is estimated to be $10,000 Cash sales of 3,000 shoes at $100 each 7. 8. Sales on account, 5,000 pairs of shoes at $100.00 each AJE 9. Journalize adjusting entry for equipment depreciation, straight-line method AE 10. Ending supplies $1,000; make adjusting entry 11. Paid $10,000 in dividends 12. Collections on sales on account $150,000 13. Payment on account payable $200,000 14. Payment on note payable, $10,000 interest and $10,000 principal 15. Paid salary expense $100,000
JOURNALIZE THE FOLLOWING TRANSACTIONS 1. Invested $100,000 into JHJ Shoe Store 2. Purchased $10,000 in supplies on account 3. Purchased 1,000 shoes at $10 each 4. Purchased 3,000 shoes at $20 each 5. Purchased 5,000 shoes at $30 each AJE 6. Purchased $100,000 in equipment with a 4-year life, paying $20,000 in cash and placed the remaining balance on a note. Equipment salvage is estimated to be $10,000 Cash sales of 3,000 shoes at $100 each 7. 8. Sales on account, 5,000 pairs of shoes at $100.00 each AJE 9. Journalize adjusting entry for equipment depreciation, straight-line method AE 10. Ending supplies $1,000; make adjusting entry 11. Paid $10,000 in dividends 12. Collections on sales on account $150,000 13. Payment on account payable $200,000 14. Payment on note payable, $10,000 interest and $10,000 principal 15. Paid salary expense $100,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
need journal entries and total balances for trial balance

Transcribed Image Text:JOURNALIZE THE FOLLOWING TRANSACTIONS
1. Invested $100,000 into JHJ Shoe Store
2. Purchased $10,000 in supplies on account
3. Purchased 1,000 shoes at $10 each
4. Purchased 3,000 shoes at $20 each
5. Purchased 5,000 shoes at $30 each.
AJE 6. Purchased $100,000 in equipment with a 4-year life, paying $20,000 in cash and placed
the remaining balance on a note. Equipment salvage is estimated to be $10,000
Cash sales of 3,000 shoes at $100 each
AJE
ATE
7.
8. Sales on account, 5,000 pairs of shoes at $100.00 each
9. Journalize adjusting entry for equipment depreciation, straight-line method
10. Ending supplies $1,000; make adjusting entry
11. Paid $10,000 in dividends
12. Collections on sales on account $150,000
13. Payment on account payable $200,000
14. Payment on note payable, $10,000 interest and $10,000 principal
15. Paid salary expense $100,000
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps

Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education