Apr. 1. Paid rent on office for month, $4,200. 2. Purchased office supplies on account, $1,090. 5. Paid insurance premiums, $3,020. 10. Received cash from clients on account, $20,980. 15. Purchased land for a future building site for $75,500, paying $8,300 in cash and giving a note payable for the remainder. 17. Paid creditors on account, $3,780. 20. Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $170. 23. Paid advertising expense, $1,680. Enter the following transactions on Page 19 of the two-column journal. 27. Discovered an error in computing a commission; received cash from the sales person for the overpayment, $840. 28. Paid automobile expense (including rental charges for an automobile), $1,260. 29. Paid miscellaneous expenses, $380. 30. Recorded revenue earned and billed to clients during the month, $25,180. 30. Paid salaries and commissions for the month, $5,460. 30. Withdrew cash for personal use, $840. 30. Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of $2,520.
Apr. 1. Paid rent on office for month, $4,200. 2. Purchased office supplies on account, $1,090. 5. Paid insurance premiums, $3,020. 10. Received cash from clients on account, $20,980. 15. Purchased land for a future building site for $75,500, paying $8,300 in cash and giving a note payable for the remainder. 17. Paid creditors on account, $3,780. 20. Returned a portion of the office supplies purchased on April 2, receiving full credit for their cost, $170. 23. Paid advertising expense, $1,680. Enter the following transactions on Page 19 of the two-column journal. 27. Discovered an error in computing a commission; received cash from the sales person for the overpayment, $840. 28. Paid automobile expense (including rental charges for an automobile), $1,260. 29. Paid miscellaneous expenses, $380. 30. Recorded revenue earned and billed to clients during the month, $25,180. 30. Paid salaries and commissions for the month, $5,460. 30. Withdrew cash for personal use, $840. 30. Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of $2,520.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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| Apr. 1. | Paid rent on office for month, $4,200. |
| 2. | Purchased office supplies on account, $1,090. |
| 5. | Paid insurance premiums, $3,020. |
| 10. | Received cash from clients on account, $20,980. |
| 15. | Purchased land for a future building site for $75,500, paying $8,300 in cash |
| and giving a note payable for the remainder. | |
| 17. | Paid creditors on account, $3,780. |
| 20. | Returned a portion of the office supplies purchased on April 2, receiving |
| full credit for their cost, $170. | |
| 23. | Paid advertising expense, $1,680. |
| Enter the following transactions on Page 19 of the two-column journal. | |
| 27. | Discovered an error in computing a commission; received cash from the sales person |
| for the overpayment, $840. | |
| 28. | Paid automobile expense (including rental charges for an automobile), $1,260. |
| 29. | Paid miscellaneous expenses, $380. |
| 30. | Recorded revenue earned and billed to clients during the month, $25,180. |
| 30. | Paid salaries and commissions for the month, $5,460. |
| 30. | Withdrew cash for personal use, $840. |
| 30. |
Rented land purchased on April 15 to local merchants association for use as a parking lot in May and June, during a street rebuilding program; received advance payment of $2,520.
|
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