PLEASE HELP WITH JOURNAL ENTRIES 16 4/6/15 Collected $138,000 from customers fro

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PLEASE HELP WITH JOURNAL ENTRIES

16 4/6/15 Collected $138,000 from customers from sales made on account. 17 4/8/15 A sale was made for $72,000 on account, and $39,600 worth of inventory was shipped out. 18 4/13/15 Wrote off a receivable that amounted to $3,200 against the allowance. 19 4/29/15 Paid $65,000 to vendors (who were getting very angry that Behrend Corp was taking so long to pay), plus $10,000 of utilities that had been accrued. 20 4/30/15 The company paid $60,000 of operating expenses, including utilities, insurance and wages. 21 5/7/15 Inventory was purchased for $87,000, on account. 22 5/11/15 A sale was made for $94,000 on account, and $51,700 worth of inventory was shipped out. 23 5/12/15 Collected $146,000 from customers from sales made on account. 24 5/20/15 Inventory was purchased for $68,000, on account. 25 5/29/15 $32,000 was paid for operating expenses, including utilities, insurance and wages. 26 6/3/15 Paid $114,700 on accounts payable. 27 6/13/15 A sale was made for $118,000 on account, and $64,900 worth of inventory was shipped out. 28 6/17/15 $29.700 was paid for operating expenses including insurance and wages for June. 29 6/27/15 Recorded the adjustment to recognize the use of the second quarter's rent, which was prepaid. 30 6/28/15 Paid dividends to the common stockholders in the amount of $7,500.

Explanation / Answer

Journal

Perpetual system has been used for recording sale and purchase transactions

Date Particulars Debit Credit 04.06.15 Cash 138000 To Accounts Receivable 138000 04.08.15 Accounts receivable 72000 To Sales 72000 04.08.15 Cost of Goods sold 39600 To Merchandise Inventory 39600 04.13.15 Allowance for Doubtful debt 3200 To Accounts receivable 3200 04.29.15 Vendor 75000 To CAsh 65000 To Utilities 10000 04.30.15 Operating expense 60000 To cash 60000

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