Debit Credit Cash $17,700 Accumulated Depreciation-Equipment $3,000 Notes Receivable 2,000 Accounts Payable 6,200 Accounts Receivable 7,400...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66466ad3308fe_89866466ad282a26.jpg)
Transcribed Image Text:
Debit Credit Cash $17,700 Accumulated Depreciation-Equipment $3,000 Notes Receivable 2,000 Accounts Payable 6,200 Accounts Receivable 7,400 Owner's Capital 64,400 Inventory 16,600 $73,600 Prepaid Insurance 1,600 Equipment 28,300 $73,600 During December, the company completed the following transactions. Dec. 7 Received $3,700 cash from customers in payment of account (no discount allowed). 12 Purchased merchandise on account from Vance Co. $12,000, terms 1/10, n/30. 17 Sold merchandise on account $15,700, terms 2/10, n/30. The cost of the merchandise sold was $9,200. 19 Paid salaries $2,200. 22 Paid Vance Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17.. 31 Received $2,600 cash from customers in payment of account (no discount allowed). Adjustment data: MacBook Air (a) Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation (To record sales) esc 80 F3 F5 Debit MacBook Air Credit A DI 4 F7 FB F9 F10 Debit Credit Cash $17,700 Accumulated Depreciation-Equipment $3,000 Notes Receivable 2,000 Accounts Payable 6,200 Accounts Receivable 7,400 Owner's Capital 64,400 Inventory 16,600 $73,600 Prepaid Insurance 1,600 Equipment 28,300 $73,600 During December, the company completed the following transactions. Dec. 7 Received $3,700 cash from customers in payment of account (no discount allowed). 12 Purchased merchandise on account from Vance Co. $12,000, terms 1/10, n/30. 17 Sold merchandise on account $15,700, terms 2/10, n/30. The cost of the merchandise sold was $9,200. 19 Paid salaries $2,200. 22 Paid Vance Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17.. 31 Received $2,600 cash from customers in payment of account (no discount allowed). Adjustment data: MacBook Air (a) Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automatically indented when amount is entered. Do not indent manually Date Account Titles and Explanation (To record sales) esc 80 F3 F5 Debit MacBook Air Credit A DI 4 F7 FB F9 F10
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
At the current year-end, a company shows the following unadjusted balances for selected accounts. a. After an analysis of future sales discounts, the company estimates that the Allowance for Sales...
-
Silence is Golden is a division of Tranquility, Inc. The division produces relaxation tapes and is considered a prot center. The following budgeted and actual information is available for August...
-
For the following exercises, find the decomposition of the partial fraction for the irreducible non repeating quadratic factor. -2x + 10x + 4 (x - 1)(x + 3x + 8)
-
The Forensic Accounting Box of this chapter noted that forensic accounting techniques are being used to help pick stocks for investing. How might identifying accounting concerns be useful for...
-
Jamison Day Consultants has been entrusted with the task of evaluating a business plan that has been divided into four sections marketing, finance, operations, and human resources. Chris, Steve,...
-
Simms Corp. is considering a project that has the following cash flow data. The WACC of Simms is 14.64%. Using the IRR method, will Simms accept this project? Year 0 1 2 3 -$1,000 $425 $425 $425 Cash...
-
The company's financial year is the calendar year. Certain costs (incl. wages, rents, and taxes) of 210000 total are paid out in the middle of each month. The company's first financial year is,...
-
3. Use Java to implement the demonstrations of PIR (Private Information Retrieval) Protocol, where the number of items at server is n = 16. The functions and user interfaces of demonstrations can be...
-
Discussion Instruction: A competitive advantage is a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the...
-
use Excel and calculate the duration of a $1,000 bond in the following problem: Settlement: 1/1/2018 Maturity: 12/31/2020 Coupon: 8.00% Yield: 7.00% Frequency: 2 Basis: 1
-
Describe one inherent advantage and one disadvantage in measuring project duration in calendar days. and describe on inherent advantage and one disadvantage in measuring project duration in working...
-
Find the sum of the series 71=2 1 5n+1 1 1 572
-
What is an information glut or overload society? What are the different strategies pursued by elites in an "information glut" or "overdue" society?
-
You continue to work in the corporate office for a nationwide convenience store franchise that operates nearly 10,000 stores. The per- store daily customer count (i.e., the mean number of customers...
-
During 2019, Evans \& Sons, Inc., issued \(\$ 400\) million of zero-coupon bonds, due in 2026. The proceeds from the bond issuance were \(\$ 184.2\) million. Calculate the total interest expense that...
-
The Petaluma Daily Times Corporation (CDT) publishes a daily newspaper. A 52 -week subscription sells for \(\$ 260\). Assume that CDT sells 100 subscriptions on January 1. None of the subscriptions...
-
Clifford Company has just billed a customer for \(\$ 1,100\), an amount that includes an eight percent excise tax and a two percent state sales tax. a. What amount of revenue is recorded? b. Prepare...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App