Record the entries of the following operations, in their respective journals Dur
ID: 2534066 • Letter: R
Question
Record the entries of the following operations, in their respective journals
During May, Chung Refrigerating Company completed the following transactions.
May 2 Issued check no. 230 to Roundfield Realtors for May rent, $2,000.
May 5 Issued check no. 231 to Dukes Company for repairs, $560.
May 7 Issued check no. 232 to Orta Company for freight charges on May 1 and May 3 shipments, $184.
May 8 Sold merchandise to C. Share, terms 1/10, n/30, invoice no. 725, $1,000.
NOTE: All customer shipments are via Federal Express
May 9 Issued check no. 233 to Costello Company in full payment less discount.
May 10 Sold merchandise to R. Bell, terms 1/10, n/30, invoice no. 762, $1,250.
May 11 Issued check no. 234 to Vranes Manufacturing for balance of account less discount.
May 14 Issued credit memorandum to R. Bell for merchandise returned, $50. [ Invoice # CM 762C ]
May 15 Cash sales for the first half of the month, $9,670. (To shorten this problem, cash sales are recorded only twice a month instead of daily, as they would be in actual practice.) [ Ref. # CR 5-15 ]
May 16 Sold merchandise to L. Stokes, terms 1/10, n/30, invoice no. 727, $700.
May 17 Received check from C. Share for May 8 sale less discount. [ Ref. # CR 5-17 ]
May 19 Received check from R. Bell for balance of account less discount. [ Ref. # CR 5-19 ]
May 22 Issued check no. 235 for advertising purchase of May 12.
May 24 Issued check no. 236 for freight charge of May 21.
May 26 Sold merchandise to C. Share, terms 1/10, n/30, invoice no. 728, $800
May 28 Issued check no. 237 to Espinoza Company for purchase of office equipment, $350.
May 29 Issued check no. 238 to Costello Company for half of May 20 purchase less discount.
May 30 Received check in full from L. Stokes, discount not allowed. [ Ref. # CR 5-30 ]
May 31 Cash sales for the last half of month, $11,560. [ Ref. # CR 5-31 ]
May 31 Issued check no. 239, payable to Payroll for monthly sales salaries, $4,300.
Explanation / Answer
JOURNAL ENTRY Date Ref Account Title Debit Credit May 2 230 Rent Expense $2,000 Cash $2,000 May 5 231 Repair expenses $560 Cash $560 May7 232 Freight expenses $184 Cash $184 May8 725 Accounts receivable $1,000 Sales revenue $1,000 May9 233 Accounts payable XXX Information about amount not provided) Discount on purchase XXX Cash XXX May10 762 Accounts receivable $1,250 Sales revenue $1,250 May 11 234 Accounts payable XX Information about amount not provided) Discount on purchase XX Cash XX May14 CM762C Sales return $50 Accounts receivable $50 May15 CR5-15 Cash $9,670 Sales revenue $9,670 May16 727 Accounts receivable $700 Sales revenue $700 May17 CR5-17 Cash $990 (1000-(1000*0.01)= 990 Discount $10 Accounts receivable $1,000 May19 CR5-19 Cash $1,237.50 (1250-(1250*0.01)= 1237.50 Discount $12.50 Accounts receivable $1,250 May22 235 Accounts payable (Details of advertising purchase of May 12not provided) Cash May24 236 Freight expenses XX Information about amount not provided) Cash XX May26 728 Accounts receivable $800 Sales Revenue $800 May28 237 Office Equipment $350 Cash $350 May29 238 Accounts payable XXX (Details of May20 purchase not provided) Discount on purchase XX Cash XX May30 CR5-30 Cash $700 Accounts receivable $700 May31 CR5-31 Cash $11,560 Sales revenue $11,560 May31 239 Salaries payable $4,300 Cash $4,300
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