Question

Indicate the journal entries for the items below based on the chart of accounts. 9/3 You...

Indicate the journal entries for the items below based on the chart of accounts.

9/3 You ordered business cards and stationary from Marketing Media on account. The order totaled $250 and will be shipped FOB Destination. (Record all purchases of supplies in the Supplies on Hand account).

9/5 You went to the KEM Supply to purchase supplies for your business at a cost of $600. KEM opened a customer charge account for you. The payment terms on your account will be 2/10, net 30. The time period for determining the payment amount begins on the purchase date.

9/14 You paid KEM Supply by issuing check #102

9/16    Marketing Media delivered your business cards and stationary. Check #103 was issued to pay for the supplies.

Cash

105

Petty Cash

107

Accounts Receivable

110

Supplies on Hand

130

Prepaid Insurance

140

Computer Equipment

220

    Accumulated Depreciation – Computer Equipment

221

Cell Phone

230

     Accumulated Depreciation – Cell Phone

231

Vehicles

240

     Accumulated Depreciation - Vehicles

241

Accounts Payable

310

Customer Deposits (Unearned Revenue)

320

SUTA Payable

330

FICA Payable

332

FUTA Payable

334

Federal Income Tax Payable

336

State Income Tax Payable

338

Current Maturities of Long-Term Debt

375

Notes Payable (long-term)

410

Interest Payable

420

Salaries Payable

425

Common Stock ($2 par value)

520

Additional Paid-in Capital on Common Stock

521

Retained Earnings

550

Dividends

560

Engagement fees

605

Monthly Accounting Services Revenue

610

Hourly Accounting Services Revenue

620

Tax Services Revenues

612

Sales Discounts

614

Advertising & Promotion Expense

725

Depreciation Expense

727

Rent Expense

730

Insurance Expense

735

Supplies Expense

740

Meals & Entertainment

745

Taxes and Licenses

767

Telephone Expense

770

Utilities Expense

775

Fuel Expense

780

Interest Expense

820

Payroll Tax Expense

825

Salaries Expense

830

Homework Answers

Answer #1

9/3 ordered business card and stationery value $250

Business card and stationery Dr $250

Marketing Media $250

(Being order placed on account to marketing Media)

9/5 Purchase of supplies from KEM Supply valued $ 600 on a payment terms of 2/10, net 30

Supplies on Hand Dr $ 600

To KEM Supply $ 600

(Being purchase of supplies from KEM Supply)

9/14 Payment to KEM Supply within 10 days and therefore eligible for cash discount @ 2%

KEM Supply Dr $600

To Cash Discount $12

To Bank $588

(Being payment made within 10 days and cash discount received)

9/16 Payment made to Marketing Media through instrument no.#103

Marketing Media Dr $ 250

To Bank A/c $ 250

(Being payment made to Marketing Media)

Note: Payment terms 2/10 net 30 means if payment is made within 10 days due in 30 days then 2% cash discount wil be given otherwise payment due within 30 days.

  

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