1. Please help me finish a purchases journal from the information above. JULY JO
ID: 2778162 • Letter: 1
Question
1. Please help me finish a purchases journal from the information above.
JULY JOURNAL TRANSACTIONS 1-Jul Issued 8,200 shares of common stock for $11 per share (Refer to Chart of Accounts GL for description of common stock). 1-Jul Signed a two year 14%, $216,000 note payable with Fifth Third Bank. 1-Jul Sold 1500 speakers on account to GM for $112 each, Invoice #2301 1-Jul Purchased 2800 rearview mirrors on credit from Gentex for $45 each. 2-Jul Rented idle warehouse space to a new tenant and received $15,000 for three months rent. (July - October) 2-Jul sold 250 rearview mirrors on account to Honda for $105 each, Invoice #2302 3-Jul Purchased 3450 speakers on credit from Bose for $72 each 3-Jul sold 1300 GPS units on account to Toyota for $65 each, Invoice #2303 4-Jul 60 defective speakers were returned from GM. A credit was issued to the customer. 5-Jul The 60 defective speakers were returned to Bose. 6-Jul paid $650 for equipment repair. Check # 7000 7-Jul Reimbursed employees for entertainment expenses totaling $300, Check #7001 8-Jul Paid June utility bill of $1850. Check # 7002 8-Jul Purchased office supplies from Staples on credit for $700. 11-Jul paid in full for the July 1 purchase from Gentex. Check #7003 11-Jul Received payment from GM on remaining balance for July 1st sale 12-Jul The Board of Directors declared a cash dividend of S0.50 per share for shareholders of record on July 14th, payable on July 20th.Explanation / Answer
The following are the journals for Purchase transactions as requested
Purchase returns and sales returns are not considered here since the format provided can accomodate purchase entries although purchase and sales returns are synonymus to sales and purchases in inverse sense.
Date Creditors Account Credited Other Account Debited Post ref A/P - Cr Inventory Dr Office Supplies Dr Other Dr 01-Jul 126000 126000 2301 - mirror 126000 126000 03-Jul 248400 248400 Speaker 248400 248400 08-Jul 700 700 Office supplies 700 700 12-Jul 86800 86800 GPS 86800 86800Related Questions
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