EBK ACCOUNTING PRINCIPLES
EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Chapter 2, Problem 8E
To determine

Introduction: Journal is a book of original entries in which the transactions (expressed in monetary terms) are recorded in a chronological sequence considering the accounts principles and after taking into account the rules of the double entry book-keeping system.

To prepare: The journal entries for the given transactions.

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Catherine’s Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger? Record the following transactions in the sales journal: Jan. 15 Invoice # 325, sold goods on credit for $2,400, to Maroon 4, account # 4501 Jan. 22 Invoice #326, sold goods on credit for $3,500 to BTS, account # 5032 Jan. 27 Invoice #327, sold goods on credit for $1,250 to Imagine Fireflies, account # 3896
Selected transactions for Oriole's Dog Care are as follows during the month of March. March 1 3 5 8 12 14 22 24 27 28 Paid monthly rent of $1,340. Performed services for $160 on account. Performed services for cash of $85. Purchased equipment for $670. The company paid cash of $90 and the balance was on account. Received cash from customers billed on March 3. Paid salaries and wages to employees of $590. Paid utilities of $80. Borrowed $1,680 from Grafton State Bank by signing a note. Paid $250 to repair service for plumbing repairs. Paid balance amount owed from equipment purchase on March 8. Paid $2,280 for six months of insurance. 30
Selected transactions for Concord’s Dog Care are as follows during the month of March. March 1   Paid monthly rent of $1,320. 3   Performed services for $150 on account. 5   Performed services for cash of $85. 8   Purchased equipment for $660. The company paid cash of $90 and the balance was on account. 12   Received cash from customers billed on March 3. 14   Paid wages to employees of $580. 22   Paid utilities of $80. 24   Borrowed $1,650 from Grafton State Bank by signing a note. 27   Paid $240 to repair service for plumbing repairs. 28   Paid balance amount owed from equipment purchase on March 8. 30   Paid $1,980 for six months of insurance. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
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