The following is list of accounts each represented by letter(s).
A Accounts Payable
B Accounts Receivable
E Accumulated Depreciation-Equip
F Bonds Payable
G Cash
H Cost of Goods Sold
I Capital Lease Payable
J Discount on Bonds Payable
K Equipment
L Federal Income Tax Withheld Payable
M Federal Unemployment Taxes Payable
N FICA Taxes Payable
O Income Summary
P Income Taxes Payable
Q Interest Expense
R Interest Payable
S Land
T Land Improvement
U Loss from discontinued operatior
V Losses due to fire
W Merchandise Inventory
X Notes Payable
Y Premium on Bonds Payable
Z Rent Expense
AA Rent Revenue
BB Retained Earnings
EE Salaries and Wages Payable
FF Sales Returns
GG Sales Revenues
HH Sales Taxes Payable
II Shipping Expense
JJ State Income Tax Withheld Payak
KK State Unemployment Taxes Payal
LL Supplies
MM Tax Expense
NN Unearned Rent Revenue
Example of Answer: G4000D,B2000D,GG5000C,HH1000C
Where G denotes Cash account, 4000 is the amount, D stands for debit, B denotes
Accounts Receivable account, 2000 is the amount, D stands for debit, GG denotes
Service Revenues, 5000 is the amount, and C stands for credit, HH denotes Sales
Taxes Payable, 1000 is the amount, C stands for Credit. The letters are in capital.
Comma is used to separate the changes in each account. Don't use dollar sign,
decimal point, or space in any place. If in an entry requires more than one debit or
credit accounts, first enter debit accounts (in order of dollar amount - large amount
to small amount), then the credit accounts (in order of dollar amount - large amount
to small amount).
Royall Company purchased a delivery truck at $25,000 plus 8% sales taxes. Royall
paid $3,000 in cash and financed the rest at 6% requiring 40 equal monthly
payments at the end of each month. Provide the necessary journal entry that
company must make for 2nd monthly payment.
Round amounts: 2.31 = 2; 2.65=3
