These are the options for the General Journal: No Journal Entry Required Account

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These are the options for the General Journal:
No Journal Entry Required Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation—?Buildings Accumulated Depreciation—?Equipment Accumulated Depreciation—?Vehicles Advertising Expense Amortization Expense Bad Debt Expense Buildings Cash Common Stock Copyrights Cost of Goods Sold Delivery Expense Depreciation Expense Dividends Dividends Payable Donation Revenue Equipment Franchise Rights Goodwill Income Tax Expense Income Tax Payable Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Legal Expense Licensing Rights Logo and Trademarks Notes Payable (long-term) Notes Payable (short-term) Notes Receivable (long-term) Notes Receivable (short-term) Office Expenses Patents Prepaid Advertising Prepaid Insurance Prepaid Rent Rent Expense Rent Revenue Repairs and Maintenance Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Short-term Investments Software Subscription Revenue Supplies Supplies Expense Travel Expense Unearned Revenue Utilities Expense Vehicles No Journal Entry Required Accounts Payable Accounts Receivable Accumulated Amortization Accumulated Depreciation—?Buildings Accumulated Depreciation—?Equipment Accumulated Depreciation—?Vehicles Advertising Expense Amortization Expense Bad Debt Expense Buildings Cash Common Stock Copyrights Cost of Goods Sold Delivery Expense Depreciation Expense Dividends Dividends Payable Donation Revenue Equipment Franchise Rights Goodwill Income Tax Expense Income Tax Payable Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Legal Expense Licensing Rights Logo and Trademarks Notes Payable (long-term) Notes Payable (short-term) Notes Receivable (long-term) Notes Receivable (short-term) Office Expenses Patents Prepaid Advertising Prepaid Insurance Prepaid Rent Rent Expense Rent Revenue Repairs and Maintenance Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Short-term Investments Software Subscription Revenue Supplies Supplies Expense Travel Expense Unearned Revenue Utilities Expense Vehicles M2-17 Identifying Transactions and Preparing Journal Entries [LO 2-3] Sweet Shop Co. is a chain of candy stores that has been in operation for the past ten years. a. Ordered and received $13,400 worth of cotton candy machines from Candy Makers Inc., which Sweet Shop Co. will pay for in 45 days. b. Sent a check for $7,400 to Candy Makers Inc., for the cotton candy machines from (a). c. Received $1,800 from customers who bought candy on account in previous months. d. To help raise funds for store upgrades estimated to cost $54,000, Sweet Shop Co. issued 2,400 common shares for $20 each to existing stockholders e. Sweet Shop Co. bought ice cream trucks for $88,000 total, paying $24,000 cash and signing a long-term note for $64,000 Prepare journal entries for the above transactions, which occurred at the end of the most recent year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Explanation / Answer

Date Account Title Debit credit a Equipment 13400 Accounts payable 13400 [Being candy machines purchased on account] b Accounts payable 7400 cash 7400 c cash 1800 Accounts receivable 1800 d` cash 48000 common stock 48000 [shares issued 2400*20] e Vehicles 88000 cash 24000 Notes Payable (long-term) 64000

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