The ledger accounts given below, with an identification number for each, are used by Kiner Company. Instructions:
Question:
The ledger accounts given below, with an identification number for each, are used by Kiner Company.
Instructions:
Prepare appropriate entries for the month of August by placing the appropriate identification number(s) in the debit and credit columns provided and the dollar amounts pertaining to each account in the adjoining columns.
1. Cash
2. Accounts Receivable
3. Notes Receivable
4. Merchandise Inventory
5. Office Supplies
6. Land
7. Accounts Payable
8. Sales Returns and Allowances
9. Sales Discounts
10. Sales
11. Cost of Goods Sold
12. Freight-out
Transcribed Image Text:
Account(s) Account(s) Debit Debited Credit Credited Amount(s) Entry Information Amount(s) 0. Aug. 1 Sold merchandise for cash $300. 10 $300 $300 The cost of the merchandise sold was $200. 11 4 200 200 1. Aug. 2 Purchased merchandise from ABC Co. on account for $5,000; terms 2/10, n/30. 2. Aug. 4 Sold excess land for $7,000 accepting a 2-year, 12% note. The land was purchased for S7,000 last year. 3. Aug. 6 Sold merchandise to D. Riley on account for $830, tems 2/10, n/30. D. Riley will pay $30 freight costs per the shipping tems. The merchandise sold cost $600. 4. Aug. 8 Accepted a sales retum of defective merchandise from D. Riley-credit granted was $280. The returned merchandise cost $200. 5. Aug.11 Purchased merchandise from Tanner Hardware on account for $2,000; tems 1/10, n/30. 6. Aug.12 Paid freight of $200 on the shipment from ABC Co. per the shipping tems. 7. Aug.15 Received payment in full from D. Riley. 8. Aug.19 Paid ABC Co. in full. 9. Aug.20 Paid Tanner Hardware in full. 10. Aug.27 Purchased office supplies for $250 cash.
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Related Book For
Accounting
ISBN: 978-0324662962
23rd Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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