JOURNALIZE THE FOLLOWING TRANSACTIONS Invested $200,000 into JHJ Shoe Store Purchased $5,000 in supplies on account

Purchased 2,000 shoes at $10 each

Purchased 4,000 shoes at $20 each

Sales on account 3,000 shoes at $100 each

Purchased 6,000 shoes at $30 each

Cash sale, 3,000 pairs of shoes at $100.00 each

Purchased 6,000 shoes at $40 each

Sales on account of 3,000 shoes at $100 each

Paid $10,000 in dividends

Purchased $200,000 in equipment with a 10-year life, paying $20,000 in cash and placed the remaining balance on a note. Equipment salvage is estimated to be $20,000

Journalize adjusting entry for equipment depreciation, straight-line method

Ending supplies $1,000; make adjusting entry.

1. 1.Ending supplies $1,000; make adjusting entry
2. 2.Collections on sales on account $200,000
3. 3.Payment on account payable $200,000
4. 4.Payment on note payable, $5,000 interest and $15,000 principal
5. 5.Paid salary expense $200,000

*THE STORE UTILIZES WA INVENTORY METHOD* 

REQUIRED: PREPARE INVENTORY CHART PREPARE JOURNAL ENTRIES AND POST ALL ENTRIES TO LEDGER PREPARE TRIAL BALANCE PREPARE INCOME STATEMENT PREPARE STATEMENT OF RETAINED EARNINGS PREPARE BALANCE SHEET PREPARE CLOSING ENTRIES AND POST PREPARE CASH FLOW STATEMENT

Answer rating: 100% (QA)

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