Prepare journal entries to record the following transactions which are independent of each other. 1. a. On January 1, 2020, Shoppers Inc. issued a 9-month, 6%, $20,000 note in exchange for equipment. 6% is a prevailing interest rate on the market. 2. Ikeo Inc. sold $100,000 of gift cards during the last two weeks of December 2020. 3. Ulta Inc. allows each employee to earn 15 paid vacation days each year with full pay. Unused vacation time can be carried over to the next year. By the end of 2020, three employees carried over to 2021 a total of 20 vacation days, which representec 2020 salary of $6,000. Note: You may create a table as follows to organize your journal entries. Date Account titles Debit Credit 1 Cash 10,000 Sales Revenue 10,000
Prepare journal entries to record the following transactions which are independent of each other. 1. a. On January 1, 2020, Shoppers Inc. issued a 9-month, 6%, $20,000 note in exchange for equipment. 6% is a prevailing interest rate on the market. 2. Ikeo Inc. sold $100,000 of gift cards during the last two weeks of December 2020. 3. Ulta Inc. allows each employee to earn 15 paid vacation days each year with full pay. Unused vacation time can be carried over to the next year. By the end of 2020, three employees carried over to 2021 a total of 20 vacation days, which representec 2020 salary of $6,000. Note: You may create a table as follows to organize your journal entries. Date Account titles Debit Credit 1 Cash 10,000 Sales Revenue 10,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please look at the picture - thank you
Transcribed Image Text:Prepare journal entries to record the following transactions which are independent of each other.
1. a. On January 1, 2020, Shoppers Inc. issued a 9-month, 6%, $20,000 note in exchange for equipment. 6% is a prevailing
interest rate on the market.
2. Ikeo Inc. sold $100,000 of gift cards during the last two weeks of December 2020.
3. Ulta Inc. allows each employee to earn 15 paid vacation days each year with full pay. Unused vacation time can be carried
over to the next year. By the end of 2020, three employees carried over to 2021 a total of 20 vacation days, which represented
2020 salary of $6,000.
Note: You may create a table as follows to organize your journal entries.
Date
Account titles
Debit
Credit
1
Cash
10,000
Sales Revenue
10,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education