Computek Ltd. completed the following transactions during 2015. The company's fiscal year ends on...
Question:
Computek Ltd. completed the following transactions during 2015. The company's fiscal year ends on December 31, 2015.
| Jan. 8 | Purchased on account merchandise for resale at a cost of $14,500, with terms 2/10, n/30. The company uses a periodic inventory system |
| Jan. 19 | Paid the invoice received on January 8 |
| Mar. 10 | Sold merchandise on credit for a total amount of $11,300, which included GST at 5% and PST at 8% of the sales amount |
| Apr. 1 | Borrowed $35,000 from the bank for general use; signed a 12-month, 6% interest-bearing note |
| Jun. 3 | Purchased merchandise for resale at a cost of $16,420 |
| Jul. 5 | Paid the invoice received on June 3 |
| Aug. 1 | Rented a small office in a building owned by the company and collected $6,000 for six months' rent in advance. Ignore sales taxes |
| Dec. 20 | Received a $100 refundable deposit from a customer as a guarantee to return a large trailer "borrowed" for 30 days |
| Dec. 31 | Determined that wages earned but not yet paid on December 31 amounted to $9,500 |
Prepare the journal entry for each of these transactions.
Journal Entry:
Every journal entry that a company records include important data about the financial transaction. Recording financial transactions into the accounting system can be defined as the first and crucial step of the accounting cycle.
Answer and Explanation: 1
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View this answerThe journal entries for the given transactions are shown below
Question Computek Ltd.
Journal Entries
| Date | Particulars | Debit ($) | Credit ($) |
|---|---|---|---|
| Jan. 8,... |
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