ACCOUTING PRIN SET LL INCLUSIVE
ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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Chapter 2, Problem 8E
To determine

Introduction: Journal is a book of original entries in which the transactions (expressed in monetary terms) are recorded in a chronological sequence considering the accounts principles and after taking into account the rules of the double entry book-keeping system.

To prepare: The journal entries for the given transactions.

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Selected transactions for Concord’s Dog Care are as follows during the month of March. March 1   Paid monthly rent of $1,320. 3   Performed services for $150 on account. 5   Performed services for cash of $85. 8   Purchased equipment for $660. The company paid cash of $90 and the balance was on account. 12   Received cash from customers billed on March 3. 14   Paid wages to employees of $580. 22   Paid utilities of $80. 24   Borrowed $1,650 from Grafton State Bank by signing a note. 27   Paid $240 to repair service for plumbing repairs. 28   Paid balance amount owed from equipment purchase on March 8. 30   Paid $1,980 for six months of insurance. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Selected transactions for Oriole's Dog Care are as follows during the month of March. March 1 3 5 8 12 14 22 24 27 28 Paid monthly rent of $1,340. Performed services for $160 on account. Performed services for cash of $85. Purchased equipment for $670. The company paid cash of $90 and the balance was on account. Received cash from customers billed on March 3. Paid salaries and wages to employees of $590. Paid utilities of $80. Borrowed $1,680 from Grafton State Bank by signing a note. Paid $250 to repair service for plumbing repairs. Paid balance amount owed from equipment purchase on March 8. Paid $2,280 for six months of insurance. 30
Roland Foster Optical Dispensary completed the following transactions during the latter part of March: Mar. 15 Purchased office supplies on account, $3,400 Mar. 28 Paid $1,800 on account. Read the requirements. Requirement 1. Journalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar. 15: Purchased office supplies on account, $3,400. Date Accounts and Explanation Debit Credit Mar. 15 Requirements 1. Journalize the transactions of Roland Foster Optical Dispensary. Include an explanation with each journal entry. 2. The following T-accounts have been opened for you: Cash (Beginning Balance of $21,000), Office Supplies, and Accounts Payable. Post the journal entries from Requirement 1 to the accounts, and compute the balance in each account. Mar. 28: Paid $1,800 on account. Date Accounts and Explanation Debit Credit Mar. 28 Print…
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