Prepare the journal entries for the transactions below:

Credit terms for all sales on account are 2/10, n/30. Huff Fitness uses a perpetual inventory system and therefore records the cost of merchandise sold as well as the sale.

Apr 27   Issued ch #2215 to Miami Water Supply for $340 in payment of the water bill for the month (charge Misc Admin Exp).

Apr 27   Issued ch #2216 for $5,419.40 to Fitness Network in payment of its invoice received April 20, less discount.

Apr 27   Issued ch #2217 for $2500 to Ralph Huff for personal use.

Apr 29   Issued check #2218 to ATT for $612 for the telephone bill for the month. (Misc Admin Exp, $204; Misc Selling Exp, $408).

Answer rating: 100% (QA)

Apr 27 Misc Admin Exp 340 Cash 340 Issued ch 2215 to Miami Water Supply for 340 in payment of the w... View the full answer