Dunder Mifflin has requested your expert accounting knowledge to journalize the following transactions that occurred in October. Date Transaction Oct. 3 Sales Invoice: Sold 4 boxes of paper to Claudio Jones on account for $467.00. Oct. 5 Credit Invoice: Claudio Jones complained that 1 of the boxes had crumpled paper in it. He wants to return one box which cost $116.75. Oct. 9 Purchase Invoice: Michael Scott purchased 12 boxes of paper from the Tree to Paper Factory for $720 on account. Oct. 10 Purchase Invoice: Dunder Mifflin had to ship the 12 boxes of paper using Purolator. This cost $89.00, which was paid in cash. Oct. 15 Credit Invoice: Michael Scott opened his shipment of paper and discovered that 3 boxes they shipped contained purple paper instead of white. He called Tree to Paper Factory and they will remove $180 from his account. General Journal Date Particulars Page P.R. DEBIT CREDIT
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3 Transaction: Sales Invoice Sold 4 boxes of paper to Claudio Jones on account for $4670. General Journal: Date: Oct. 3 Particulars: Accounts Receivable - Claudio Jones PR: $4670 Debit: Accounts Receivable - Claudio Jones Credit: Sales Revenue Credit: Sales Tax Show more…
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Journalize each transaction Maurice Sabio is a financial planning consultant. She completed the following transactions during the month of December of the current year: Dec Sabio invested cash in the business, P200,000. Paid December office rent, P10,000. Received P25,000 from a client, Rowen Carpio, for service rendered. Received P20,000 from Olive Oabel, a client for service rendered. Paid cash to Shell Super Service for gasoline purchase, P600. Paid cash to Tulungan Manpower Service in payment for contractual secretarial services during the past two weeks, P6,000. Bought office supplies on account, P2,800. Paid telephone bills, P1,000. Sabio withdrew cash for personal use, P11,000. Donated cash to the Phil. National Red Cross, P1,000. Received P20,000 from Vivian De Guzman, a client for services rendered. Paid electric bill, P750. Made partial payment on supplies purchased on account, P1,000.
Akash M.
During the fiscal year ended December 31, Swanson Corporation engaged in the following transactions involving notes payable: Aug. 6 Borrowed $12,000 from Maple Grove Bank, signing a 45-day, 12 percent note payable. Sept. 16 Purchased office equipment from Seawald Equipment. The invoice amount was $18,000, and Seawald agreed to accept, as full payment, a 10 percent, three-month note for the invoice amount. Sept. 20 Paid Maple Grove Bank the note plus accrued interest. Nov. 1 Borrowed $250,000 from Mike Swanson, a major corporate stockholder. The corporation issued Swanson a $250,000, 15 percent, 90-day note payable. Dec. 1 Purchased merchandise inventory in the amount of $5,000 from Gathman Corporation. Gathman accepted a 90-day, 14 percent note as full settlement of the purchase. Swanson Corporation uses a perpetual inventory system. Dec. 16 The $18,000 note payable to Seawald Equipment matured today. Swanson paid the accrued interest on this note and issued a new 30-day, 16 percent note payable in the amount of $18,000 to replace the note that matured Prepare the adjusting entry needed at December 31, prior to closing the accounts. Use one entry for all three notes. (Do not round intermediate calculations and round your final answers to the nearest dollar amount. Omit the "$" sign in your response.)
Cesar Mahusay operates an accounting firm. Shown below are selected accounts that appear in the Preliminary Trial Balance as of Dec. 31, 2018, and require adjustment. ACCOUNTS RECEIVABLE P 22,500 ALLOWANCE FOR DOUBTFUL ACCOUNTS P 1,200 NOTES RECEIVABLE P 20,000 OFFICE EQUIPMENT P 92,000 ACCUMULATED DEPRECIATION P 4,500 RENTAL INCOME P 12,000 SERVICE INCOME P 450,000 SUPPLIES EXPENSE P 6,250 INSURANCE EXPENSE P 7,200 SALARIES EXPENSE P 120,000 The following adjustments are to be made: Unused office supplies at the end: P 320 One year insurance was paid on April 1 of the current year Office equipment has a useful life of 10 years with a salvage value of P 2,000. It was acquired in July 2018. Unearned rental income is 1/3 of the amount collected Service income not yet collected: P 3,000 The 60-day 6% note was received on Dec. 1 Estimated Bad Debts is 10% of the Accounts Receivable Accrued salaries: P 12,000. Instruction: Prepare the necessary adjusting entries to arrive at the adjusted balances for the accounts.
Recommended Textbooks
Horngren’s Cost Accounting
Cost Accounting A Managerial Emphasis
Principles of Accounting Volume 1: Financial Accounting
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