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. Description choices are: Accounts Payable, Cash, Merchandise Inventory, No Entry Required, Purchases. 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 May 13: Paid the invoice of April 14. Description Debit Credit May 17: Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240. 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.
Description choices are: Accounts Payable, Cash, Merchandise Inventory, No Entry Required, Purchases. 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.
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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.
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Apr. 14: Purchased $31,300 of merchandise on account, terms, n/30. The perpetual inventory system is used to account for inventory.
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May 13: Paid the invoice of April 14.
| Description | Debit | Credit |
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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.
| Description | Debit | Credit |
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Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting journal shows a company's debit and credit balances.
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