Current Attempt in Progress For each of the following transactions, prepare journal entries: (Credit account titles...

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Current Attempt in Progress For each of the following transactions, prepare journal entries: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) a. Inventory costing $2,900 was purchased on account. b. A payment of $3,200 was made on accounts payable. C. Inventory costing $1,800 was sold on account for $2,400. (Hint: Two journal entries are required.) d. Accounts receivable of $1,800 were collected. e. Supplies costing $1,300 were purchased on account. f. g. h. i. The company issued common shares for $18,000. Supplies costing $600 were consumed during the period. New equipment costing $6,800 was purchased for cash. The company borrowed $13,000 from a bank. (Use Bank Loan Payable) j. Wages totalling $6,800 were earned by employees and paid to them. k. The company paid $2,000 on its bank loan, which included $160 of interest. 1. The company paid $2,600 for the monthly rent on its leased premises. m. Land costing $25,000 was purchased. The company paid $4,000 in cash and the remainder was financed with a mortgage (a long-term loan). (Use Mortgage Payable) Current Attempt in Progress For each of the following transactions, prepare journal entries: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) a. Inventory costing $2,900 was purchased on account. b. A payment of $3,200 was made on accounts payable. C. Inventory costing $1,800 was sold on account for $2,400. (Hint: Two journal entries are required.) d. Accounts receivable of $1,800 were collected. e. Supplies costing $1,300 were purchased on account. f. g. h. i. The company issued common shares for $18,000. Supplies costing $600 were consumed during the period. New equipment costing $6,800 was purchased for cash. The company borrowed $13,000 from a bank. (Use Bank Loan Payable) j. Wages totalling $6,800 were earned by employees and paid to them. k. The company paid $2,000 on its bank loan, which included $160 of interest. 1. The company paid $2,600 for the monthly rent on its leased premises. m. Land costing $25,000 was purchased. The company paid $4,000 in cash and the remainder was financed with a mortgage (a long-term loan). (Use Mortgage Payable)

Answer rating: 100% (QA)

Here are the journal entries for each transaction a Purchase of Inventory on Account Inventory 2900 ... View the full answer