**PA2. LO 7.4**Evie Inc. has the following transactions during its first month of business. Journalize the transactions that go in the sales journal.| Date | Transaction Details ||----------|-------------------------------------------------------------------------------------|| Jun. 1 | Credit sale (invoice #1) to Green Lantern Inc. (acc #101) for $1,999 || Jun. 2 | Credit sale (invoice #2) to Wonder Woman Inc. (acc #102) for $2,000 || Jun. 3 | Credit sale to Flash Inc. (invoice #3) (acc #103) for $3,050 || Jun. 4 | Received $1,000 on account from Green Lantern Inc. || Jun. 5 | Credit sale (invoice #4) to Black Panther Inc. (acc #104) for $1,875 || Jun. 6 | Received the full amount from Flash Inc. |**Explanation:**This table details the sequence of transactions made by Evie Inc. within their initial month of operations. The transactions primarily involve credit sales to various companies, with the inclusion of payments received, as reflected in the company's sales journal. Each entry specifies the date, involved party, invoice number, account number, and transaction amount.

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The journal entries are a crucial step of the accounting process as it records the accounting transactions. It helps to keep or maintain the records of transactions. It shows the account to be debited or credited. This step is followed by ledger posting and preparation of financial statements. This is the foundation of accounting or bookkeeping.The journal entries are as follows:

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Accounting

PA2. LO 7.4 Evie Inc. has the following transactions during its first month of business. Journalize the transactions that go in the sales journal. Jun. 1 Jun. 2 Jun. 3 Jun. 4 Jun. 5 Jun. 6 Credit sale (invoice #1) to Green Lantern Inc. (acc #101) for $1,999 Credit sale (invoice #2) to Wonder Woman Inc. (acc #102) for $2,000 Credit sale to Flash Inc. (invoice #3) (acc #103) for $3,050 Received $1,000 on account from Green Lantern Inc. Credit sale (invoice #4) to Black Panther Inc. (acc #104) for $1,875 Received the full amount from Flash Inc.

PA2. LO 7.4 Evie Inc. has the following transactions during its first month of business. Journalize the transactions that go in the sales journal. Jun. 1 Jun. 2 Jun. 3 Jun. 4 Jun. 5 Jun. 6 Credit sale (invoice #1) to Green Lantern Inc. (acc #101) for $1,999 Credit sale (invoice #2) to Wonder Woman Inc. (acc #102) for $2,000 Credit sale to Flash Inc. (invoice #3) (acc #103) for $3,050 Received $1,000 on account from Green Lantern Inc. Credit sale (invoice #4) to Black Panther Inc. (acc #104) for $1,875 Received the full amount from Flash Inc.

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

**PA2. LO 7.4**

Evie Inc. has the following transactions during its first month of business. Journalize the transactions that go in the sales journal.

| Date | Transaction Details |
|----------|-------------------------------------------------------------------------------------|
| Jun. 1 | Credit sale (invoice #1) to Green Lantern Inc. (acc #101) for $1,999 |
| Jun. 2 | Credit sale (invoice #2) to Wonder Woman Inc. (acc #102) for $2,000 |
| Jun. 3 | Credit sale to Flash Inc. (invoice #3) (acc #103) for $3,050 |
| Jun. 4 | Received $1,000 on account from Green Lantern Inc. |
| Jun. 5 | Credit sale (invoice #4) to Black Panther Inc. (acc #104) for $1,875 |
| Jun. 6 | Received the full amount from Flash Inc. |

**Explanation:**

This table details the sequence of transactions made by Evie Inc. within their initial month of operations. The transactions primarily involve credit sales to various companies, with the inclusion of payments received, as reflected in the company's sales journal. Each entry specifies the date, involved party, invoice number, account number, and transaction amount.

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