ACCT 201 Cose Spring 2018 Canine Cuisine, Inc. Page 3 In August, 2018, Conine Cu

Question

ACCT 201 Cose Spring 2018 Canine Cuisine, Inc. Page 3 In August, 2018, Conine Cuisine, Inc. cuisine via the internet te individual and commercial customers across and Pachi Lee are the major steckhalders in this corperation was estoblished in Lafoyette, Lousiona, to sell gurmet dog Part I The cempany c-eted the following tra sections dring st 2018. August1 Stackholders (Luke and Pachi) invested $60,000 cash in the business 3 Purchased a computer system for use in the business for $12,000 poid $5,000 down and sgned o 1 year 12% note for the belonce. Hired Ima Nurd to design, set up, and operate the compony's webeite paid 1/3 in cash and the balance on account 8 Purchased $21,000 of gourmet dog cuisine from a local monufacturing compony 10 Paid $6,000 for a one-year insurance policy effective August 1, 2018. If Received $9,000 cash for services to be provided from August 1 through October 31, 2018. 12 Purchased supplies for $6,200 on account 15 Paid $2,800 te advertise the opening of their business. 18 Sold gourmet dog cuisine to customers on account for $26,000 the cuisine cost $11,000 23 Paid $4,700 to creditors on account 25 Collected $12,600 from customers billied on August 18. 27 Sold gourmet dog cuisine to customers for $4,400 cash the cuisine cost $1,300 29 Paid $800 for utilities used during August 30 Declared and paid a $900 dividend REQUIRED: Journalize the August transoctions in the general journal. 31 General Journal Date Account Titles Ref Debit Credit

Explanation / Answer

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CANINE CUSINE INC. General journal for the year ended August 31, 2018 Date Account Title Debit Credit Aug.1 Cash 60000 Common Stock 60000 (cash invested by the shareholders) Aug.3 Computer System 12000 Cash 5000 Accounts Payable 7000 (Computer system purchased) Aug.5 No entry required Aug.8 Inventory 21000 Cash 7000 Accounts Payable 14000 (Purchase of gourmet) Aug.10 Prepaid Insurance 6000 Cash 6000 (1-year insurance policy purchased) Aug.12 Supplies 6200 Accounts Payable 6200 (Purchase of supplies on account) Aug.15 Advertising Expenses 2800 Cash 2800 (cash paid for advertising) Aug.18 Accounts Receivable 26000 Sales 26000 (Sale of gourmet) Cost of goods sold 11000 Inventory 11000 (Cost of gourmet sold) Aug.23 Accounts Payable 4700 Cash 4700 (Payment made to suppliers on account) Aug.25 Cash 12600 Accounts Receivable 12600 (Cash collected from customers on account) Aug.27 Cash 4400 Sales 4400 (Sale of gourmet) Cost of goods sold 1100 Inventory 1100 (Cost of gourmet sold) Aug.29 Utilities Expense 800 Cash 800 (Cash paid for utilities) Aug.30 Dividend 900 Cash 900 (Cash paid for dividend)

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