Listed below are selected transactions of Martinez Department Store for the current year ending December 31.On December 5, the store received $520 from the Selig Players as a deposit to be returned after certain furniture to be usedin stage production was returned on January 15.1.2.3.Your answer is partially correct.4.During December, cash sales totaled $815,850, which includes the 5% sales tax that must be remitted to the state by thefifteenth day of the following month.On December 10, the store purchased for cash three delivery trucks for $131,700. The trucks were purchased in a state thatapplies a 5% sales tax.The store sold 24 gift cards for $100 per card. At year-end, 19 of the gift cards are redeemed. Martinez expects three of thecards to expire unused.Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entriesrelative to the transactions that would be required to present fair financial statements at December 31. Date each entry. For simplicity.assume that adjusting entries are recorded only once a year on December 31. (Ignore Cost of Goods Sold.) (If no entry is required, select"No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do notIndent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries. Round Intermediatecalculations to 4 decimal places, e.g. 0.2345 and fimal answer to 0 decimal places, e.g. 2,1324)Account Titles and ExplanationDateDebitCreditD calculations to 4 decimal places, eg. U.2345 and find answer tDateDec. 5Dec. 1-31Dec. 10Dec. 1-31Account Titles and ExplanationCashUnion Dues PayableCashSales RevenueSales Taxes PayableTrucksCashplantAllowance for Expropriation (Plant Assets)(To record sale of 24 gift cards)Debit52040793100000100Credit5204079365856585

Journal Entry :— It is an act of recording transaction in books of account when transaction…

Listed below are selected transactions of Martinez Department Store for the current year ending December 31. On December 5, the store received $520 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 1. 2. 3. Your answer is partially correct. 4. During December, cash sales totaled $815,850, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $131,700. The trucks were purchased in a state that applies a 5% sales tax. The store sold 24 gift cards for $100 per card. At year-end, 19 of the gift cards are redeemed. Martinez expects three of the cards to expire unused.

Listed below are selected transactions of Martinez Department Store for the current year ending December 31. On December 5, the store received $520 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 1. 2. 3. Your answer is partially correct. 4. During December, cash sales totaled $815,850, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $131,700. The trucks were purchased in a state that applies a 5% sales tax. The store sold 24 gift cards for $100 per card. At year-end, 19 of the gift cards are redeemed. Martinez expects three of the cards to expire unused.

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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