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Category > Accounting Posted 25 Sep 2017 My Price 9.00

Sawyer Company

Journal Entries - The following are selected accounts and account balances of the Sawyer Company on May 31:

Debit (Credit)

Cash

$12,523

Accounts receivable

23,052

Inventory

16,300

Office equipment

35,860

Accumulated depreciation

-10,540

Notes payable

-3,400

Accounts payable

-3,500

Sales revenue

-47,872

Gain on sale of office equipment

-400

Cost of goods sold

22,354

Utility expense

1,124

The Sawyer Company entered into the following transactions during June:

Date

Transaction

3-Jun

Sold for $700 office equipment that had cost $2,000 and has associated accumulated depreciation of $1,500.

7

Made sales of $2,000 on credit; the cost of the inventory sold was $1,200.

10

Purchased $1,000 of inventory for cash.

15

Purchased new office equipment costing $4,000, paying $1,500 and signing a 90-day note for the balance.

16

Received check for June 7 credit sale.

17

Made cash sales of $4,200; the cost of the inventory sold was $2,300.

20

Purchased $2,600 of inventory on credit.

24

Returned $200 of defective inventory from the June 20 purchase for a credit to its account.

29

Paid for the June 20 purchase less the return.

30

Paid the monthly utility bill, $210.

Required

1. Record the preceding transactions in a general journal.

2. Post to the accounts.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 09:09 PM My Price 9.00

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