Juan company uses a perpetual inventory system and engaged in the following transactions during...
Question:
Juan company uses a perpetual inventory system and engaged in the following transactions during the month of April.
| 1) | Made cash sales of $6,300; the cost of inventory was $3,700 |
|---|---|
| 5) | Purchased $2,000 of inventory on credit |
| 9) | Made credit sales of $3,300; cost of inventory sold was $1,900 |
| 13) | Paid sales salaries of $900 and office salaries of $600 |
| 14) | Paid for the April 5 purchase |
| 18) | Purchased sales equipment costing $8,000; made a down payment of $2,000 and agreed to pay the balance in 60 days |
| 21) | Purchased $600 of inventory for cash |
| 27) | Sold land that had originally cost $1,900 for $2,600 |
Required: Record the preceding transactions in a general journal.
Journal Entries
After accounting transactions are analyzed, journal entries are created for these transactions. After these entries are made, the transactions are posted to the individual accounts.
Answer and Explanation: 1
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View this answerWe record the cash sale for 6,300 with a debit to Cash and then credit Sales Revenue for the same amount. Next, we record the Cost of Goods Sold...
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Journal Entries and Trial Balance in Accounting
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Chapter 3 / Lesson 10
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Discover the meaning of a journal entry and a trial balance, types of journal entries, how a general ledger differs from a trial balance, and some examples.
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