erm In Pr File insert Page Layout Formulas Data ReviewView Help Calibri Accounti
ID: 2549043 • Letter: E
Question
erm In Pr File insert Page Layout Formulas Data ReviewView Help Calibri Accounting Paste Format Painter B I u Font Alignment Number L154 Robin opened her business, Jealous Scarf Fashion Design (JSFD) on Jan1. Prepare the journal entries for the transactions that occurred in the month of January important Notes about JSFD For tracking inventory, the company uses FIFO (you will have to keep track of inventory in order to properly journal the sale of goods) eJSFD sells shirts for $32 and pants for $56 JSFD is a brand new company that has not previously operated Based on industry data, JSFD assumes that 2% of all sales will be returned **Enter all accounts titles that will be Debited in column B and account titles to be credited in column C Robin contributed $20,000 cash and land valued at $55,000 to JSFD in exchange for common stock. 1-Jan Q2"; Journal Entries Account..dantng Entres i Austed trial 49Explanation / Answer
Journal entries
date
explanation
debit
credit
1-Jan
cash
20000
land
55000
common stock
75000
2-Jan
prepaid rent
15000
cash
15000
2-Jan
notes payable
125000
cash
125000
3-Jan
building
65000
cash
65000
3-Jan
equipment
15000
cash
15000
4-Jan
office supplies
2500
accounts payable
2500
4-Jan
inventory
10000
accounts payable
10000
5-Jan
accounts receivable
17600
sales revenue
17600
5-Jan
cost of good sold
5000
inventory
5000
6-Jan
inventory
4600
accounts payable
4600
8-Jan
accounts payable
10000
cash
9700
discount
300
10-Jan
accounts payable
2500
cash
2500
15-Jan
wages expense
2500
cash
2500
15-Jan
cash
24800
sales revenue
24800
15-Jan
cost of good sold
7100
inventory
7100
17-Jan
cash
17052
accounts receivables
17052
17-Jan
inventory
348
cost of goods sold
348
18-Jan
accounts rreceivables
5800
sales revenue
5800
18-Jan
cost of good sold
1675
inventory
1675
20-Jan
utility bill
270
cash
270
22-Jan
sales revenue
600
accounts receivables
600
22-Jan
inventory
165
cost of goods sold
165
23-Jan
prepaid advertisement
2400
cash
2400
25-Jan
accounts payable
4600
cash
4462
discount
138
26-Jan
prepaid insurance
2600
cash
2600
30-Jan
dividend payable
1500
cash
1500
31-Jan
income tax expense
8696.8
cash
8696.8
Journal entries
date
explanation
debit
credit
1-Jan
cash
20000
land
55000
common stock
75000
2-Jan
prepaid rent
15000
cash
15000
2-Jan
notes payable
125000
cash
125000
3-Jan
building
65000
cash
65000
3-Jan
equipment
15000
cash
15000
4-Jan
office supplies
2500
accounts payable
2500
4-Jan
inventory
10000
accounts payable
10000
5-Jan
accounts receivable
17600
sales revenue
17600
5-Jan
cost of good sold
5000
inventory
5000
6-Jan
inventory
4600
accounts payable
4600
8-Jan
accounts payable
10000
cash
9700
discount
300
10-Jan
accounts payable
2500
cash
2500
15-Jan
wages expense
2500
cash
2500
15-Jan
cash
24800
sales revenue
24800
15-Jan
cost of good sold
7100
inventory
7100
17-Jan
cash
17052
accounts receivables
17052
17-Jan
inventory
348
cost of goods sold
348
18-Jan
accounts rreceivables
5800
sales revenue
5800
18-Jan
cost of good sold
1675
inventory
1675
20-Jan
utility bill
270
cash
270
22-Jan
sales revenue
600
accounts receivables
600
22-Jan
inventory
165
cost of goods sold
165
23-Jan
prepaid advertisement
2400
cash
2400
25-Jan
accounts payable
4600
cash
4462
discount
138
26-Jan
prepaid insurance
2600
cash
2600
30-Jan
dividend payable
1500
cash
1500
31-Jan
income tax expense
8696.8
cash
8696.8
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