question archive Instructions Debit Credit Cash $3,090 Accounts Receivable 9,900 Allowance for Doubtful Accounts $100 Inventory 17,750 1,400 Supplies Land Buildings and Equipment 9,000 42,000 Accumulated Depreciation 4
Instructions Debit Credit Cash $3,090 Accounts Receivable 9,900 Allowance for Doubtful Accounts $100 Inventory 17,750 1,400 Supplies Land Buildings and Equipment 9,000 42,000 Accumulated Depreciation 4
Subject:AccountingPrice: Bought3
Instructions Debit Credit Cash $3,090 Accounts Receivable 9,900 Allowance for Doubtful Accounts $100 Inventory 17,750 1,400 Supplies Land Buildings and Equipment 9,000 42,000 Accumulated Depreciation 4.200 Accounts Payable 10,700 20.000 Common Stock, no par (2,000 shares) Retained Earnings (1/1/2019) 42,400 Dividends 2,000 Sales Revenue 69,700 Cost of Goods Sold 36,860 12,500 Salaries Expense Advertising Expense 8,100 Other Expenses 4,500 During the month of December, Davis entered into the following transactions: Date Transaction Dec. 4 Made cash sales of $3,000, the cost of the inventory sold was $1,800. Instructions Date Transaction Dec. 4 Made cash sales of $3,000; the cost of the inventory sold was $1,800. 7 Purchased $2,400 of inventory on credit. 14 Collected $900 of accounts receivable. 18 Sold land for $7,800; the land originally cost $5,000. Made credit sales of $4,000; the cost of the inventory sold was $2,400 20 21 Returned $360 of defective inventory to supplier for credit to the Davis Company's account. 27 Purchased $1,250 of inventory for cash. 28 Paid $1,100 of accounts payable. 31 Purchased land at a cost of $6,000; made a $1,000 down payment and signed a 12%, 2-year note for the balance Required: 1. Prepare general journal entries to record the preceding transactions 2. Post to general ledger T-accounts. 3. Prepare a year-end trial balance on a worksheet and complete the worksheet using the following information: a. accrued salaries at year-end total $1,200 b. for simplicity, the building and equipment are being depreciated using the straight-line method over an estimated life of 20 years with no residual value, C. supplies on hand at the end of the year total $630, d. bad debts expense for the year totals $830; e. the income tax rate is 30%, income taxes are payable in the first quarter of 2020 4. Prepare the company's financial statements for 2019. 5. Prepare the 2019 (a) adjusting and (b) closing entries in the general journal. General Journal 5. Prepare the 2019 (2) adjusting and (b) closing entries in the general journal at December 31 General Journal Instructions Question not attempted. PAGE 11 GENERAL JOURNAL Score: 0/322 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Adjusting Entries 2 3 4 5 7 9 10 11 12 Closina Entries
