question archive Tue Jan 4 6% 6% < 0000-REVIEW-PROBLEM copy Home Insert Draw Formulas Data Review View a Q 2 Calibri (Body) 11 BIUS ?
Tue Jan 4 6% 6% < 0000-REVIEW-PROBLEM copy Home Insert Draw Formulas Data Review View a Q 2 Calibri (Body) 11 BIUS ?
Subject:BusinessPrice: Bought3
Tue Jan 4 6% 6% < 0000-REVIEW-PROBLEM copy Home Insert Draw Formulas Data Review View a Q 2 Calibri (Body) 11 BIUS ? . ) 0 IT ABC 123 v fx =IF(SUMI ACCTSREC_CR )>SUM ACCTSREC_DR ),SUM( ACCTSREC_CR)-SUM( ACCTSREC_DR),"") G H J K L M N 0 P p Q R 5 ? T U V w X 2 D RCHANDISING EXERCISE (1-5) 1 ( the transactions described below. Each correct journal line will receive a 1. SCORE: DEBIT CREDIT ACCOUNTS PAYABLE JOHNSON DRAWING JOHNSON CAPITAL TRANSACTIONS O a Johnson invested $40,000 cash O in the business CASH 40,000 40,000 0 b. Johnson purchased inventory for O $24,000 on account 24,000 24,000 COST OF GOODS SOLD SALES NOTES PAYABLE 0 c. Johnson borrowed $50,000 from Bank o 36. of America on a 3-month 6% note. ACCOUNTS RECEIVABLE 50,000 50,000 30,000 30,000 O d. Johnson purchased equipment for 0 $30,000, paying cash (Life - 5 years.) DEPRECIATION EXP. e. Johnson paid the rent in cash, 0 $3,400 r ? - ? > = = 2 – * = = P & ?an # # # # % @ # ?? * % ? INVENTORY 3,400 3,400 20,000 20,000 RENT EXPENSE OF. Johnson sald inventory an account for 0 $20,000. Record the revenue here. 0 g. The cost of gaads sold on the sale was 0 $12,000 EQUIPMENT 1,000 1,000 INTEREST EXPENSE Oh, Johnson withdrew cash from the O business, $1,000. 0 i. Johnson paid off the note, $50,750 O including face value of $50,000 0 and interest of $750. (Put interest first.) ACCUM DEPR. EQUIP 50,000 750 50,750 O j. Jahnson recorded one month of O depreciation on the equipment, $500. DEBIT CREDIT MERCHANDISING INCOME STATEMENT JOURNAL + 3:58 PM Tue Jan 4 6% 6% 0000-REVIEW-PROBLEM copy Home Insert Draw Formulas Data Review View a Q 2 ? Calibri (Body) 11 BI U SO = = IT ABC 123 v fx =IF(SUM( ACCTSREC_CR )>SUM ACCTSREC_DR),SUMI ACCTSREC_CR )-SUM ACCTSREC_DR),"") C D 1 J K L M N O P P E F 0 i. Johnson paid off the note, $50,750 , O including face value of $50,000 O and interest of $750.(Put interest first. G ? H ACCUM DEPR. EQUIP. 50,000 750 50,750 0 ]. Johnson recorded one month of O depreciation on the equipment, $500. CREDIT DEBIT 40,000 #VALUE! A B B 30 251 31 26 32 27 33 28 34 29 35 30 36 37 TRIAL BALANCE 38 CASH ACCO 39 ACCOUNTS RECEIVABLE mu 40 INVENTORY 41 EQUIPMENT 42 ACCUM DEPR. EQUIP. weco 43 ACCOUNTS PAYABLE 44 NOTES PAYABLE 45 CAPITAL 46 DRAWING 47 SALES 48 COST OF GOODS SOLD 49 INTEREST EXPENSE 50 DEPRECIATION EXP. 51 RENT EXPENSE 52 TOTALS 53 54 55 56 57 MERCHANDISING INCOME STATEMENT SALES COST OF GOODS SOLD GROSS PROFIT INTEREST EXPENSE DEPRECIATION EXPENSE RENT EXPENSE NET INCOME 0 #VALUE! 40,000 0 0 58 JOURNAL +
