Greatlob Company buys and sells home appliances and uses the perpetual inventory system. T company has...

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Greatlob Company buys and sells home appliances and uses the perpetual inventory system. T company has a year-end of December 31. Assume 13% HST on all purchase and sale transactic During 2020, the company had the following transactions. Jan Purchased vacuum cleaners worth $61,000 from VWholesalers, by signing a one-year, 5% 15 payable; interest is to be accrued on December 31 and paid at maturity plus principal. Feb Sold vacuum cleaners for $36,000 cash, which includes a 3-year warranty. Greatlob bough 4 these vacuum cleaners for $21,600. Recorded $15,000 of estimated warranty liability for the year. Feb 4 Feb Paid the full amount owing to V Wholesalers including accrued interest. 15 May Received utilities bill for $3,000, to be paid exactly after 15 days (disregard HST for this transaction). 8 May 23 Paid the utilities bill which was received on May 8. Jul Received $41,810 cash (including $4,810 HST) for the sale of vacuum cleaners which cost 11 company $22,200. The delivery is to be made on August 31. Delivered the vacuum cleaners paid for on July 11. Aug 31 Prepare journal entries to record the above transactions. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. For transactions with more than one debit or credit, enter the accounts in alphabetical order. Date Jan 15 Feb 4 Account Title and Explanation To record purchase of vacuum cleaners Debit Credit Con Date Jan 15 Feb 4 Feb 4 Feb 4 Feb 15 Account Title and Explanation To record purchase of vacuum cleaners To record cash sales O To record costs of goods sold ( To record estimated warranty liability Debit Credit Feb 15 May 8 May 23 Jul 11 Aug 31 Aug 31 To record payment to V Wholesalers To record utilities expense O To record payment of accounts payable To record the deposit of vacuum cleaners sale To record delivery of vacuum cleaners To record costs of goods sold Greatlob Company buys and sells home appliances and uses the perpetual inventory system. T company has a year-end of December 31. Assume 13% HST on all purchase and sale transactic During 2020, the company had the following transactions. Jan Purchased vacuum cleaners worth $61,000 from VWholesalers, by signing a one-year, 5% 15 payable; interest is to be accrued on December 31 and paid at maturity plus principal. Feb Sold vacuum cleaners for $36,000 cash, which includes a 3-year warranty. Greatlob bough 4 these vacuum cleaners for $21,600. Recorded $15,000 of estimated warranty liability for the year. Feb 4 Feb Paid the full amount owing to V Wholesalers including accrued interest. 15 May Received utilities bill for $3,000, to be paid exactly after 15 days (disregard HST for this transaction). 8 May 23 Paid the utilities bill which was received on May 8. Jul Received $41,810 cash (including $4,810 HST) for the sale of vacuum cleaners which cost 11 company $22,200. The delivery is to be made on August 31. Delivered the vacuum cleaners paid for on July 11. Aug 31 Prepare journal entries to record the above transactions. Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. For transactions with more than one debit or credit, enter the accounts in alphabetical order. Date Jan 15 Feb 4 Account Title and Explanation To record purchase of vacuum cleaners Debit Credit Con Date Jan 15 Feb 4 Feb 4 Feb 4 Feb 15 Account Title and Explanation To record purchase of vacuum cleaners To record cash sales O To record costs of goods sold ( To record estimated warranty liability Debit Credit Feb 15 May 8 May 23 Jul 11 Aug 31 Aug 31 To record payment to V Wholesalers To record utilities expense O To record payment of accounts payable To record the deposit of vacuum cleaners sale To record delivery of vacuum cleaners To record costs of goods sold

Answer rating: 100% (QA)

Answer Date Account Details and Explanation Debit Credit Jan 15 HST Recoverable 7930 Merchandise Inv... View the full answer