QUESTION7 ESG company sold merchandise for $4,000 cash, which has a cost basis of $2,000. The journal entry to record this transaction indudes O Dr. to accounts receivable and Cr. to sales; $2,000 Dr. to cash and Cr. to sales; $4,000 Dr. to cash and Cr. to sales; $2,000 Dr. to accounts receivable and Cr. to sales; $4,000 QUESTION 8 Hawk Company establishes a $350 petty cash fund on September 9. The journal entry to establish the fund is: Dr petty cash expense account and Cr petty cash account; 350 Dr petty cash account and Cr cash account; 350 Dr petty cash account and Cr petty cash expense account; 350 O Dr cash account and Cr petty cash account; 350 Click Save All Answers to save all answers. it

QUESTION7 ESG company sold merchandise for $4,000 cash, which has a cost basis of $2,000. The journal entry to record this transaction indudes O Dr. to accounts receivable and Cr. to sales; $2,000 Dr. to cash and Cr. to sales; $4,000 Dr. to cash and Cr. to sales; $2,000 Dr. to accounts receivable and Cr. to sales; $4,000 QUESTION 8 Hawk Company establishes a $350 petty cash fund on September 9. The journal entry to establish the fund is: Dr petty cash expense account and Cr petty cash account; 350 Dr petty cash account and Cr cash account; 350 Dr petty cash account and Cr petty cash expense account; 350 O Dr cash account and Cr petty cash account; 350 Click Save All Answers to save all answers. it

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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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Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Shore Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary…
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