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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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