Paid monthly salary of $5,400 to Orlando Chadwick, Check No. 781. 1) Record all

Question

Paid monthly salary of $5,400 to Orlando Chadwick, Check No. 781.

1)Record all week 1 transactions in the relevant journals.

Note that special journals must be used where applicable. Any transaction that cannot be recorded in a special journal should be recorded in the general journal.

2)Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies and procedures.

Week 5 29 Received 13 Bungee Kits for $420 each, which were ordered on the 24th, agreed terms with J. J. Spud are 2/10, n/30. 29 Great Sports paid the full amount owing on their account. 29 Made cash sale of 30 Melon Watt Skateboards for $280 each plus 5% sales tax. 30 Purchased 27 Specialist Body Boards with cash for a list price of $100 each. A trade discount of 20% applies, Check No. 780. 30

Paid monthly salary of $5,400 to Orlando Chadwick, Check No. 781.

1)Record all week 1 transactions in the relevant journals.

Note that special journals must be used where applicable. Any transaction that cannot be recorded in a special journal should be recorded in the general journal.

2)Post entries recorded in the journals to the appropriate ledger accounts according to the company's accounting policies and procedures.

Explanation / Answer

Transaction Account Title Debit Credit 1 Prepaid rent 9,700 Cash 9,700 2 Cash 41,000 Loan 41,000 3 Office supplies 346 Cash 346 4 Accounts payable ? Cash ? 4 Salaries expense 611 Salaries payable 1,199 Cash 1,810 7 Cash ? Accounts receivable ? 7 Utilities payable 919 Cash 919

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