Question

The required journal entries are provided below:

No.

Date

Accounts Titles and Explanation

Debit ($)

Credit ($)

1.

 

Accounts receivable ($9,800 + $8,600)

18,400

 

 

 

        Sales revenue

 

18,400

 

 

(To record sales revenue)

 

 

*In case of FOB shipping point, freight will be paid bythe purchasing party. Hence, no entry for freight isrequired.

 

 

 

 

 

2.

 

Merchandise inventory

5,400

 

 

 

        Accounts payable(3,000 + $2,400)

 

5,400

 

 

(To record purchase of merchandise)

 

 

*In case of FOB destination point, freight will be paidby the seller. Hence, no entry for freight isrequired.

 

 

 

 

 

3.

 

Cash ($4,000 + $2,000)

6,000

 

 

 

        Accountsreceivable

 

6,000

 

 

(To record cash received)

 

 

 

 

 

 

 

4.

 

Accounts payable

{($9,000 × 0.98) + ($11,000 × 0.99)}

19,710

 

 

 

        Cash

 

19,710

 

 

(To record cash paid)

 

 

 

 

 

 

 

5.

 

Sales return and allowances

400

 

 

 

        Accountsreceivable

 

400

 

 

(To record sales return and allowances)

 

 

 

 

 

 

 

6.

 

Cash

16,500

 

 

 

        Sales revenue

 

16,500

 

 

(To record sales revenue)

 

 

 

 

 

 

 

7.

 

Accounts payable

5,400

 

 

 

        Merchandise inventory($5,400 × 0.02)

 

108

 

 

        Cash ($5,400 ×0.98)

 

5,292

 

 

(To record cash paid)

 

 

 

 

 

 

 

8.

 

Cash

18,400

 

 

 

        Accountsreceivable

 

18,400

 

 

(To record cash received)

 

 

 

 

 

 

 

9.

 

Prepaid rent

6,000

 

 

 

        Cash

 

6,000

 

 

(To record prepaid rent)

 

 

 

 

 

 

 

10.

 

Accounts receivable

1,600

 

 

 

        Sales revenue

 

1,600

 

 

(To record sales revenue)

 

 

 

 

 

 

 

11.

 

Office supplies

400

 

 

 

        Cash

 

400

 

 

(To record cash paid for office supplies)

 

 

 

 

 

 

 

12.

 

Dividends

900

 

 

 

       Dividend payable

 

900

 

 

(To record dividend payable)

 

 

 

 

 

 

 

 

 

Dividend payable

900

 

 

 

        Cash

 

900

 

 

(To record dividend paid)

 

 

 

 

 

 

 

13.

 

Cash

130,000

 

 

 

        Notes payable

 

130,000

 

 

(To record cash received against notes payable)

 

 

 

 

 

 

 

14.

 

Merchandise inventory

33,000

 

 

 

        Accounts payable

 

33,000

 

 

(To record purchase of merchandise)

 

 

 

 

 

 

 

15.

 

Land

15,000

 

 

 

        Common stock (1,000 ×$10)

 

10,000

 

 

        Gain on purchase ofland

 

5,000

 

 

(To record purchase of land in exchange of common stock)

 

 

 

 

 

 

 

16.

 

Accounts payable

200

 

 

 

        Merchandiseinventory

 

200

 

 

(To record purchase return)

 

 

 

 

 

 

 

17.

 

Accounts receivable

80,000

 

 

 

        Sales revenue

 

80,000

 

 

(To record sales revenue)

 

 

 

 

 

 

 

18.

 

Accounts payable ($33,000 – $200)

32,800

 

 

 

        Cash

 

32,800

 

 

(To record cash paid for accounts payable)

 

 

 

 

 

 

 

19.

 

Cash ($40,000 × 0.99)

39,600

 

 

 

Sales discount ($40,000 × 0.01)

400

 

 

 

        Accountsreceivable

 

40,000

 

 

(To record cash received from accounts receivable)

 

 

 

 

 

 

 

20.

 

Bad debt expense

1,300

 

 

 

        Accountsreceivable

 

1,300

 

 

(To record bad debt expense)

 

 

 

 

 

 

 

21.

 

Utilities expense

10,902

 

 

 

        Cash

 

10,902

 

 

(To record utility expense)

 

 

 

 

 

 

 

22.

 

Cash

40,000

 

 

 

        Accountsreceivable

 

40,000

 

 

(To record cash received from accounts receivable)

 

 

 

 

 

 

 

23.

 

Cash

7,500

 

 

 

        Accountsreceivable

 

7,500

 

 

(To record cash received from accounts receivable)

 

 

 

 

 

 

 

24.

 

Notes payable

110,000

 

 

 

Interest expense ($6,000 – $1,500)

4,500

 

 

 

Interest payable

1,500

 

 

 

        Cash

 

 

 

 

(To record payment of notes payable)

 

 

 

 

 

 

 

25.

 

Wages and salaries expense

45,500

 

 

 

        Wages and salariespayable

 

45,500

 

 

(To record wages and salaries payable)

 

 

 

 

 

 

 

 

 

Wages and salaries payable

44,000

 

 

 

        Cash ($45,500 -$1,500)

 

44,000

 

 

(To record payment of salaries)

 

 

 

 

 

 

 

26.

 

Utilities expense

1,250

 

 

 

        Utilities payable

 

1,250

 

 

(To record utilities expense)

 

 

 

 

 

 

 

         

Only journal entries without additional information areprovided. Multiple questions should not be asked in a single post.It’s too time consuming.