How would i label this i got it wrong on my homework and just want to know how t

Question

How would i label this i got it wrong on my homework and just want to know how to correctly label them under assets, liabilities, and owners equity.

Jan 3. Issued a check to establish a petty cash fund of 4500
Dr Petty Cash 4500
Cr Cash 4500

26 Feb. Replenished the petty cash fund, based on the following summary of petty cash receipts: office supplies, $1,680; miscellaneous selling expense, $570; miscellaneous administrative expense, $880.
Dr Office Supplies Expense 1680
Dr Miscellaneous Expense 570
Dr Miscellaneous Administrative Expense 880
Cr Cash 3130

Apr 14 Purchased $31,300 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory.
Dr Merchandise Inventory 31300
Cr Accounts Payable 31300

May 13. Paid the invoice of April 5 after the discount period had passed
Dr Accounts Payable 31300
Cr Cash 31300

17. Received cash from daily cash sales for $21,200. The amount indicated by the cash register was $21,240.
Dr Cash 21200
Dr Over/Short 40
Cr Sales 21240

Jun 2.Received a 60-day, 8% note for $180,000 on the Ryanair account.
Dr Notes Receivable 180,000
Cr Accounts Receivable 180,000

Aug 1 Received amount owed on June 2 note, plus interest at the maturity date. Assume a 360-day year.

Dr Cash 182400
Cr Notes Receivable 180,000
Cr Interest Revenue 2400
24 Received $7,600 on the Finley account and wrote off the remainder owed on a $9,000 accounts receivable balance. (The allowance method is used in accounting for uncollectible receivables.)
Dr Cash 7600
Cr Accounts Receivable 7600

For the write-off, it would depend on which method you are supposed to use. For the direct method, it would be:
Dr Bad Debt Expense 1400
Cr Accounts Receivable 1400
Using the allowance method, it would be:
Dr Allowance for Doubtful Accounts 1400
Cr Accounts Receivable 1400

15. Reinstated the Finley account written off on August 24 and received $1,400 cash in full payment. (Record as two entries.)
Dr Cash 1400
Cr Accounts Receivable 1400

sept 15 Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9%. Assume a 360-day year.
Dr Land 685075
Dr Discount on Notes Payable 15,075 (670,000 x 9% x 90/360)
Cr Notes Payable 670,000

oct 17.Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17.
Dr Cash 135,000
Dr Notes Receivable 100,000
Dr Accumulated Depreciation 64,000
Dr Loss on Sale 21,000
Cr Office Equipment 32,0000

Explanation / Answer

Date Assets Liabilites Owner's Equity Jan 3. Issued cheque for petty cash fund (4500) 4500 Feb 26. Paid expenses for cash (3130) (3130) Apr.14 Purchase of merchandise on account 31300 31300 May 13 Payment of Invoice (31300) (31300) May 17 Receipt of cash 21200 (40) 21240 June 2 Received notes receivable on account 180000 (180000) Aug 1 Received amount due on account 182400 2400 (180000) Aug 24 Received cash on account 7600 (7600) Writing off of bad debts (1400) (1400) Reinstated the Finley account written off 1400 (1400) Sep 15 Purchase of land 670000 670000 Oct 17 Sold office equipment 135000 100000 64000 (21000) (320000)

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.