h Exercise 8-19 (Algo) Part 1Required:1. Record each of the transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal EntryRequired" in the first account field.)View transaction listJournal entry worksheet< 123Note: Enter debits before credits.DateJanuary 02Record entry45General Journal6Record sale of gift cards totaling $9,800. The cards are redeemable formerchandise within one year of the purchase date.Clear entry789 10DebitCreditView general journalA Required informationExercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6)[The following information applies to the questions displayed below.]On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances:AccountsCashAccounts ReceivableAllowance for Uncollectible AccountsInventoryLandEquipmentAccumulated DepreciationAccounts PayableNotes Payable (6%, due April 1, 2025)Common StockRetained EarningsTotalsDebit$26,00048,00020,90055,00019,500$169,400Credit$5,1002,40029,40059,00044,00029,500$169,400During January 2024, the following transactions occur.January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchasedate.January 6 Purchase additional inventory on account, $156,000. ACME uses the perpetual inventory system.January 15 Firework sales for the first half of the month total $144,000. All of these sales are on account. The costof the units sold is $78,300.January 23 Receive $126,308 from customers on accounts receivable.January 25 Pay 599,000 to inventory suppliers on accounts payable.January 28 write off accounts receivable as uncollectible, $5,700.January 30 Firework sales for the second half of the month total $152,000. Sales include $12,000 for cash and $140,000on account. The cost of the units sold is $84,000.January 31 Pay cash for monthly salaries, $52,900.

A journal entry is to record the business transactions in accounting books of a business.

Answered: Ord each of the transactions listed…

Ord each of the transactions listed above. (If no entry is required for a particular t ed" in the first account field.) w transaction list

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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Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $7,000; Accounts Receivable $1,900; Inventory $3,500; Common Shares $7,800; and Retained Earnings $4,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,340, terms 1/10, n/30, FOB shipping point. May 3 Freight charges of $137 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,500, terms n/30, FOB destination. The cost of the merchandise was $2,400. 7 Freight charges of $86 were paid by the appropriate party on the May 4 sale. 8. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. 11 Purchased supplies for $390 cash. 14 Received payment in full from Yip Company for…
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