124P 3-6LO3LO4Part 1 Financial Reporting and the Accounting CycleMar. 14561015Purchased $26,500 of inventory on credit.Collected $2,500 from customers as payments on their accounts.Purchased equipment for $1,500 cash.Sold inventory that cost $15,000 to customers on account for $20,000.Paid rent for March, $525.Paid utilities for March, $50.17 Paid a $150 monthly salary to the part-time helper.20Collected $16,500 from customers as payments on their accounts.25 Paid property taxes for March of $600.26 Sold inventory that cost $10,000 to customers for $15,000 cash.28 Paid $26,500 cash on account payable. (See March 1 entry.)Required:1. For each transaction, give the entry to record it in the company's general journal. (Omitexplanations.)2. Set up T-accounts, and post the journal entries to their appropriate accounts.Unifying Concepts: Compound Journal Entries, Posting, Trial BalanceShaw Company had the following transactions during 2017.a. Jon Shaw began business by investing the following assets, receiving capital stock in exchange:P 3-8LO2

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Mar. 1 Purchased $26,500 of inventory on credit. 4 Collected $2,500 from customers as payments on their accounts. Purchased equipment for $1,500 cash. 5 6 Sold inventory that cost $15,000 to customers on account for $20,000. 10 Paid rent for March, $525. 15 17 20 25 26 28 Paid utilities for March, $50. Paid a $150 monthly salary to the part-time helper. Collected $16,500 from customers as payments on their accounts. Paid property taxes for March of $600. Sold inventory that cost $10,000 to customers for $15,000 cash. Paid $26,500 cash on account payable. (See March 1 entry.) Required: 1. For each transaction, give the entry to record it in the company's general journal. (Omit explanations.) 2. Set up T-accounts, and post the journal entries to their appropriate accounts.

Mar. 1 Purchased $26,500 of inventory on credit. 4 Collected $2,500 from customers as payments on their accounts. Purchased equipment for $1,500 cash. 5 6 Sold inventory that cost $15,000 to customers on account for $20,000. 10 Paid rent for March, $525. 15 17 20 25 26 28 Paid utilities for March, $50. Paid a $150 monthly salary to the part-time helper. Collected $16,500 from customers as payments on their accounts. Paid property taxes for March of $600. Sold inventory that cost $10,000 to customers for $15,000 cash. Paid $26,500 cash on account payable. (See March 1 entry.) Required: 1. For each transaction, give the entry to record it in the company's general journal. (Omit explanations.) 2. Set up T-accounts, and post the journal entries to their appropriate accounts.

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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