Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y8, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No Entry Required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500. Description Debit Credit Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Description Debit Credit Apr. 14: Purchased $31,300 of merchandise on account, terms, n/30. The perpetual inventory system is used to account for inventory. Description Debit Credit
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y8, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No Entry Required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave blank. Jan. 3: Issued a check to establish a petty cash fund of $4,500. Description Debit Credit Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880. Description Debit Credit Apr. 14: Purchased $31,300 of merchandise on account, terms, n/30. The perpetual inventory system is used to account for inventory. Description Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Comprehensive Problem 3
Part 1:
Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 20Y8, were as follows:
1. Journalize the selected transactions. Assume 360 days per year.
If no entry is required, select "No Entry Required" from the dropdown and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
Jan. 3: Issued a check to establish a petty cash fund of $4,500.
Description
Debit
Credit
Feb. 26: Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880.
Description
Debit
Credit
Apr. 14: Purchased $31,300 of merchandise on account, terms, n/30. The perpetual inventory system is used to account for inventory.
Description
Debit
Credit
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Follow-up Questions
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May 13: Paid the invoice of April 14.
Date | Description | Debit | Credit |
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May 13 |
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May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240.
Date | Description | Debit | Credit |
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May 17 |
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June 2: Received a 60-day, 8% note for $180,000 on the Ryanair account.
Date | Description | Debit | Credit |
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June 2 |
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