pls prepare the journal entries!!❤️❤️?? Some of the ledger accounts for a company are listed below. For each of the October transactions numbered 1 through 10 below,indicate by account name which accounts should be debited and which should be credited when preparing journal entries. Thecompany uses the perpetual inventory system.Accounts payableAccounts receivableSupplies expenseRetained earningsDeferred sales revenueCost of goods soldDividendsExample: Purchased inventory for cash1. Paid a cash dividend.EquipmentCashPrepaid rentNotes payableRent expenseSalaries expenseXJAN18Transactions2. Paid rent for the next three months.3-a. Sold goods to customers on account. (To record sale of goods to customers.)3-b. Sold goods to customers on account. (To record cost of goods sold to customers.)4. Purchased inventory on account.5. Purchased supplies for cash.6. Issued common stock in exchange for cash.7. Collected cash from customers for goods sold in transaction 3.8. Borrowed cash from a bank and signed a note.9. Paid salaries for the month of October.10. Received cash for advance payment from customer.InventorySuppliesSales revenueCommon stockSalaries payableInterest expenseA< Prev2 of 2‒‒‒‒‒‒‒‒‒zoomAccount DebitedInventoryNext >CashAccount Credited

Name: pls prepare the journal entries!!❤️❤️?? Some of the ledger accounts fo
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Description: pls prepare the journal entries!!❤️❤️?? Some of the ledger accounts for a company are listed below. For each of the October transactions numbered 1 through 10 below,indicate by account name which accounts should be debited and which should be credite

Journal entries The recording of transactions in the accounting books by a company is called as…

Business

Accounting

Some of the ledger accounts for a company are listed below. For each of the October transactions numbered 1 through 10 below. indicate by account name which accounts should be debited and which should be credited when preparing journal entries. The company uses the perpetual inventory system. Accounts payable Accounts receivable Supplies expense Retained earnings Deferred sales revenue Cost of goods sold Dividends Equipment Cash Prepaid rent Notes payable Rent expense Salaries expense Transactions Inventory Supplies Sales revenue Common stock Salaries payable Interest expense Example: Purchased inventory for cash 1. Paid a cash dividend. 2. Paid rent for the next three months. 3-a. Sold goods to customers on account. (To record sale of goods to customers.) 3-b. Sold goods to customers on account. (To record cost of goods sold to customers.) 4. Purchased inventory on account. 5. Purchased supplies for cash. 6. Issued common stock in exchange for cash. 7. Collected cash from customers for goods sold in transaction 3. 8. Borrowed cash from a bank and signed a note. 9. Paid salaries for the month of October. 10. Received cash for advance payment from customer. Account Debited Inventory Cash Account Credite

Some of the ledger accounts for a company are listed below. For each of the October transactions numbered 1 through 10 below. indicate by account name which accounts should be debited and which should be credited when preparing journal entries. The company uses the perpetual inventory system. Accounts payable Accounts receivable Supplies expense Retained earnings Deferred sales revenue Cost of goods sold Dividends Equipment Cash Prepaid rent Notes payable Rent expense Salaries expense Transactions Inventory Supplies Sales revenue Common stock Salaries payable Interest expense Example: Purchased inventory for cash 1. Paid a cash dividend. 2. Paid rent for the next three months. 3-a. Sold goods to customers on account. (To record sale of goods to customers.) 3-b. Sold goods to customers on account. (To record cost of goods sold to customers.) 4. Purchased inventory on account. 5. Purchased supplies for cash. 6. Issued common stock in exchange for cash. 7. Collected cash from customers for goods sold in transaction 3. 8. Borrowed cash from a bank and signed a note. 9. Paid salaries for the month of October. 10. Received cash for advance payment from customer. Account Debited Inventory Cash Account Credite

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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