yoff Weygandt, Financial& Managerial Accounting. 1e Gradebook ORTON mprehensive
ID: 2563769 • Letter: Y
Question
yoff Weygandt, Financial& Managerial Accounting. 1e Gradebook ORTON mprehensive Problem 5 (Part Level Submissiom) December 1, 2014, Jurczyk Distributing Company had the following account balances. 7,310 Accumulated 4,790 Accounts Payable 12,370 Salaries and Wages Paryable ccounts Receivable 4,680 2,160 29,720 1,300 Common Stock 22,880 Retained Earnings 45,450 Equipment During December, the company completed the folowing summary transactions Dec. 6 Paid $1,790 for salaries due employees, of which $630 is for December ane $1,160 is for November sse 8 Received $2,010 cash from customers in payment of 0 Soid merchandise for cash account (ne dscount alee cost of the merchandse sold wes 54,130. Purchased menchandive on account from Gong Co. ss,1o0, berms 2r3, na. 15 Purchased supplies toe 18 Sold merchandise on account $12,700, terms 3/10, /30. The cost of the merchandise so ws sc uash $1,620 23 Pi Gong Co. in ful, less discount 27 Received MacBook Air CancelExplanation / Answer
The following journal entries will be made:
Date Account Titles and Explanation Debit Credit Dec. 6 Salaries and Wages Expense 630 Salaries and Wages Payable 1160 Cash 1790 Dec. 8 Cash 2010 Accounts Receivable 2010 Dec. 10 Cash 6630 Sales Revenue 6630 Cost of Goods Sold 4130 Merchandise Inventory 4130 Dec. 13 Merchandise Inventory 9100 Accounts Payable 9100 Dec. 15 Supplies 1620 Cash 1620 Dec. 18 Accounts Receivable 12700 Sales Revenue 12700 Cost of Goods Sold 8420 Merchandise Inventory 8420 Note: The amount of cost of merchandise sold was not clear. Please correct it if this figure is worng. Dec. 20 Salaries and Wages Expense 1650 Cash 1650 Dec. 23 Accounts Payable 9100 Merchandise Inventory 182 Cash 8918Related Questions
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