mart of Accounts X Instructions Garcia Associates Co. On February 14, Garcia Associates Co. paid $2,150 to repair the transmission on one of its delivery vans. In addition, Garcia paid $400 to install a GPS system in General Ledger ASSETS REVENUE Journalize the entries for the transmission and GPS system. Refer to the Chart of Accounts for exact wording of account titles. 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 620 Gain on Sale of Delivery 114 Interest Receivable Truck 115 Notes Receivable 621 Gain on Sale of Equipment 116 Merchandise Inventory 117 Supplies EXPENSES Journal 510 Cost of Merchandise Sold 119 Prepaid Insurance 120 Land 520 Salaries Expense Journalize the entries for the transmission and GPS system. Refer to the Chart of Accounts for exact wording of account titles. 123 Delivery Van 521 Advertising Expense 124 Accumulated Depreciation- 522 Depreciation Expense- Delivery Van Delivery Truck 125 Equipment 523 Delivery Expense JOURNAL 524 Repairs and Maintenance ACCOUNTING FOU ASSETS 126 Accumulated Depreciation- DATE DESCRIPTION POST. REF. DEBIT CREDIT LIABILITIES Equipment Expense 130 Mineral Rights 529 Selling Expenses 531 Rent Expense 131 Accumulated Depletion 132 Goodwill 532 Depreciation Expense- Equipment 133 Patents 533 Depletion Expense
mart of Accounts X Instructions Garcia Associates Co. On February 14, Garcia Associates Co. paid $2,150 to repair the transmission on one of its delivery vans. In addition, Garcia paid $400 to install a GPS system in General Ledger ASSETS REVENUE Journalize the entries for the transmission and GPS system. Refer to the Chart of Accounts for exact wording of account titles. 110 Cash 410 Sales 111 Petty Cash 610 Interest Revenue 112 Accounts Receivable 620 Gain on Sale of Delivery 114 Interest Receivable Truck 115 Notes Receivable 621 Gain on Sale of Equipment 116 Merchandise Inventory 117 Supplies EXPENSES Journal 510 Cost of Merchandise Sold 119 Prepaid Insurance 120 Land 520 Salaries Expense Journalize the entries for the transmission and GPS system. Refer to the Chart of Accounts for exact wording of account titles. 123 Delivery Van 521 Advertising Expense 124 Accumulated Depreciation- 522 Depreciation Expense- Delivery Van Delivery Truck 125 Equipment 523 Delivery Expense JOURNAL 524 Repairs and Maintenance ACCOUNTING FOU ASSETS 126 Accumulated Depreciation- DATE DESCRIPTION POST. REF. DEBIT CREDIT LIABILITIES Equipment Expense 130 Mineral Rights 529 Selling Expenses 531 Rent Expense 131 Accumulated Depletion 132 Goodwill 532 Depreciation Expense- Equipment 133 Patents 533 Depletion Expense
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Transcribed Image Text:Instructions
Chart of Accounts
Journal
Instructions
Chart of Accounts
Garcia Associates Co.
On February 14, Garcia Associates Co. paid $2,150 to repair the transmission on one of its delivery vans. In addition, Garcia paid $400 to install a GPS system in its van.
General Ledger
Journalize the entries for the transmission and GPS system. Refer to the Chart of Accounts for exact wording of account titles.
ASSETS
REVENUE
110 Cash
410 Sales
111 Petty Cash
610 Interest Revenue
112 Accounts Receivable
620 Gain on Sale of Delivery
114 Interest Receivable
Truck
115 Notes Receivable
621 Gain on Sale of Equipment
116 Merchandise Inventory
117 Supplies
EXPENSES
Journal
510 Cost of Merchandise Sold
119 Prepaid Insurance
120 Land
520 Salaries Expense
Journalize the entries for the transmission and GPS system. Refer to the Chart of Accounts for exact wording of account titles.
123 Delivery Van
521 Advertising Expense
124 Accumulated Depreciation-
522 Depreciation Expense-
PAGE 1
Delivery Van
Delivery Truck
125 Equipment
523 Delivery Expense
JOURNAL
126 Accumulated Depreciation-
524 Repairs and Maintenance
ACCOUNTING FOLUATION.
EQUITY
DATE
DESCRIPTION
POST. REF.
DEBIT
CREDIT
ASSETS
LIABILITIES
Equipment
Expense
1
130 Mineral Rights
529 Selling Expenses
2
131 Accumulated Depletion
531 Rent Expense
132 Goodwill
532 Depreciation Expense-
4
Equipment
133 Patents
533 Depletion Expense
3.
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