Prepare a journal (debits and credits) for the accounts listed below On December 31, 2021, StampCo had
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Prepare a journal (debits and credits) for the accounts listed below
| On December 31, 2021, StampCo had the following account balances: | ||||||||||
| Cash | 8,000 | |||||||||
| Retained earnings | 2,000 | |||||||||
| Common stock | 4,000 | |||||||||
| Inventory | 1,000 | |||||||||
| Note payable | 3,000 | |||||||||
| In January 2022, StampCo made the following transactions: | ||||||||||
| 1/2/22 | Purchases $19,000 of inventory on account | |||||||||
| 1/3/22 | Buys $4,000 of equipment for cash. | |||||||||
| 1/6/22 | Sells $6,000 worth of inventory for $13,000 cash. | |||||||||
| 1/5/22 | Pays $1,500 for maintenance. | |||||||||
| 1/6/22 | Pays $11,000 of what it owes for inventory. | |||||||||
| 1/7/22 | Sells $4,000 worth of inventory for $7,500 on account. | |||||||||
| 1/20/22 | Collects $4,100 of the 1/7/21 credit sales. | |||||||||
| 1/25/22 | Repurchased $900 of common stock. | |||||||||
| 1/26/22 | Declares and pays $620 cash dividend | |||||||||
| 1/28/22 | Incurs $32 of depreciation expense. | |||||||||
| 1/30/22 | Incurs and pays $250 of interest on note. | |||||||||
| 1/30/22 | Recognizes $300 of income tax expense. | |||||||||
Expert Answer:
Journal Entries for StampCo Transactions in January 2022 On January 2 2022 Purchases 19000 of invent... View the full answer
Related Book For 
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Posted Date:
