Long Horn Music Store uses a perpetual inventory system and had the following transactions during July. 1 Sold merchandise on account for $1,475. The cost of inventory sold was $785. 4 Purchased $1,500 of inventory, paying $1,000 cash with the remainder on account. 7 Sold equipment that cost $1,900 for $2,300. The equipment was fully depreciated and had no salvage value. 10 Paid wages of $1,250 and salaries of $3,250. Neither had been previously accrued. 12 Sold merchandise for $4,450 cash and for $3,250 on account. The cost of inventory sold was $4,050. 18 Purchased new equipment for $3,780, paying $1,780 cash and signing a 90-day note for the remainder. 24 Sold merchandise for $1,235 cash. The cost of inventory sold was S650. Paid wages of $1,470 and salaries of $3,250. Neither had been previously accrued. 29 Paid the July 4 invoice on account. Required: Record the preceding transactions in a general joumal.
Long Horn Music Store uses a perpetual inventory system and had the following transactions during July. 1 Sold merchandise on account for $1,475. The cost of inventory sold was $785. 4 Purchased $1,500 of inventory, paying $1,000 cash with the remainder on account. 7 Sold equipment that cost $1,900 for $2,300. The equipment was fully depreciated and had no salvage value. 10 Paid wages of $1,250 and salaries of $3,250. Neither had been previously accrued. 12 Sold merchandise for $4,450 cash and for $3,250 on account. The cost of inventory sold was $4,050. 18 Purchased new equipment for $3,780, paying $1,780 cash and signing a 90-day note for the remainder. 24 Sold merchandise for $1,235 cash. The cost of inventory sold was S650. Paid wages of $1,470 and salaries of $3,250. Neither had been previously accrued. 29 Paid the July 4 invoice on account. Required: Record the preceding transactions in a general joumal.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Instructions
Long Horn Music Store uses a perpetual inventory system and had the following transactions during July.
1
Sold merchandise on account for $1,475. The cost of inventory sold was $785.
4
Purchased $1,500 of inventory, paying $1,000 cash with the remainder on account.
7
Sold equipment that cost $1,900 for $2,300. The equipment was fully depreciated and had no salvage
value.
10
Paid wages of $1,250 and salaries of $3,250. Neither had been previously accrued.
12
Sold merchandise for $4,450 cash and for $3,250 on account. The cost of inventory sold was $4,050.
18
Purchased new equipment for $3,780, paying $1,780 cash and signing a 90-day note for the remainder.
24
Sold merchandise for $1,235 cash. The cost of inventory sold was $650.
Paid wages of $1,470 and salaries of $3,250. Neither had been previously accrued.
29
Paid the July 4 invoice on account.
Required:
Record the preceding transactions in a general journal.
Chart of Accounts](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2f56ac34-33f6-43f5-b87f-fe9419ff4985%2Fece5d6f5-8adc-4383-a8f4-50cf9e2dcb95%2F96w0s1s_processed.png&w=3840&q=75)
Transcribed Image Text:Instructions
Long Horn Music Store uses a perpetual inventory system and had the following transactions during July.
1
Sold merchandise on account for $1,475. The cost of inventory sold was $785.
4
Purchased $1,500 of inventory, paying $1,000 cash with the remainder on account.
7
Sold equipment that cost $1,900 for $2,300. The equipment was fully depreciated and had no salvage
value.
10
Paid wages of $1,250 and salaries of $3,250. Neither had been previously accrued.
12
Sold merchandise for $4,450 cash and for $3,250 on account. The cost of inventory sold was $4,050.
18
Purchased new equipment for $3,780, paying $1,780 cash and signing a 90-day note for the remainder.
24
Sold merchandise for $1,235 cash. The cost of inventory sold was $650.
Paid wages of $1,470 and salaries of $3,250. Neither had been previously accrued.
29
Paid the July 4 invoice on account.
Required:
Record the preceding transactions in a general journal.
Chart of Accounts
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