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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

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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need journal entries and total balances for trial balance
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
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
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