Part 1 | ||||
Journalize the following transactions for the month of June for Quixote Company | ||||
using the following list of Accounts and Account numbers. | ||||
Record all entries to the nearest cent. | (26 points) | |||
Accounts | ||||
Cash | #110 | |||
Accounts Receivable | #112 | |||
Merchandise Inventory | #115 | |||
Estimated Returns Inventory | #116 | |||
Store Supplies | #117 | |||
Prepaid Insurance | #119 | |||
Store Equipment | #120 | |||
Accumulated Depreciation - Store Equipment | #121 | |||
Accounts Payable | #210 | |||
Salaries Payable | #211 | |||
Customer Refunds Payable | #212 | |||
Larkin, Capital | #310 | |||
Larkin, Drawing | #311 | |||
Sales | #410 | |||
Cost of Merchandise Sold | #510 | |||
Office Salaries Expense | #511 | |||
Sales Salaries Expense | #512 | |||
Rent Expense | #513 | |||
Depreciation Expense | #514 | |||
Insurance Expense | #515 | |||
Delivery Expense | #516 | |||
Misc. Selling Expense | #517 | |||
Misc. Administrative Expense | #518 | |||
1-Jun | Paid rent for June, $4000 | 1 pt. | ||
3-Jun | Purchased merchandise on account from ABC Company for $10000 | |||
Terms 2/10, n/30, FOB shipping point. | ||||
We were billed $150 for shipping which was added to our invoice. | 3 pts. | |||
4-Jun | Returned $2000 of the merchandise purchased on June 3 from ABC Company. | |||
2 pts | ||||
6-Jun | Sold $15000 of Merchandise on account to EFG Company, terms 1/20, n/30, | |||
FOB shipping point.The cost of merchandise sold was $5000 and we | ||||
paid $250 for shipping which was billed and added to the customer's invoice. | ||||
3 pts. | ||||
7-Jun | EFG company returned $1500 of the merchandise purchased on June 6. | |||
The cost of merchandise sold was $1000 | 2 pts. | |||
8-Jun | Paid Misc. Selling Expense of $500 and Misc. Administrative Expense of $100 | |||
2 pts. | ||||
9-Jun | Purchased on account $350 of Store Supplies. | 2 pts. | ||
13-Jun | Paid ABC Company for the purchase made on June 3rd, less the return of June 4th | |||
3 pts. | ||||
16-Jun | Purchased store supplies for $100 cash. | 2 pts. | ||
17-Jun | Received cash from EFG Company for the sale of June 6, | |||
less the return of June 7th. | 3 pts. | |||
25-Jun | Paid Sales Salaries Expense of $650 and Office Salaries Expense of $750 | |||
2 pts. | ||||
30-Jun | Owner withdrew $500 | 1 pt. | ||
Post | Page 1 | |||
Date | Journal Entries | Ref. | Debit | Credit |
1-Jun | Rent Expense | 4,000.00 | ||
Cash | 4,000.00 | |||
3-Jun | ||||
Post | Page 2 | |||
Date | Journal Entries | Ref. | Debit | Credit |
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