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Listed below are selected transactions of Blue Department Store for the current year ending December 31. On December 5, the store received $5.30 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15 1 2 3. During December, cash sales totaled $805.350, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month On December 10, the store purchased for cash three delivery trucks for $122.200. The trucks were purchased in a state that

Listed below are selected transactions of Blue Department Store for the current year ending December 31. On December 5, the store received $5.30 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15 1 2 3. During December, cash sales totaled $805.350, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month On December 10, the store purchased for cash three delivery trucks for $122.200. The trucks were purchased in a state that

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare the journal entries

Listed below are selected transactions of Blue Department Store for the current year ending December 31. On December 5, the store received $5.30 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 1. 2 3. 4. During December, cash sales totaled $805,350, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month On December 10, the store purchased for cash three delivery trucks for $122.200. The trucks were purchased in a state that applies a 5% sales tax The store sold 28 gift cards for $100 per card. At year-end. 23 of the gift cards are redeemed. Blue expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each entry. For simplicity. assume that adjusting entries are recorded only once a year on December 31. (Ignore Cost of Goods Sold.) (If no entry is required, select
Transcribed Image Text:Listed below are selected transactions of Blue Department Store for the current year ending December 31. On December 5, the store received $5.30 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 1. 2 3. 4. During December, cash sales totaled $805,350, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month On December 10, the store purchased for cash three delivery trucks for $122.200. The trucks were purchased in a state that applies a 5% sales tax The store sold 28 gift cards for $100 per card. At year-end. 23 of the gift cards are redeemed. Blue expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each entry. For simplicity. assume that adjusting entries are recorded only once a year on December 31. (Ignore Cost of Goods Sold.) (If no entry is required, select
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