Question

Atkinson Building Supplies had the following transactions during August. Atkinson uses a perpetual inventory system. Using...

  1. Atkinson Building Supplies had the following transactions during August. Atkinson uses a perpetual inventory system. Using the accounts listed below and the journal paper provided, journalize the transactions in proper form. Indicate no entry if appropriate. Omit explanations.

Aug. 19 Wrote off a $150 customer account that was determined to be uncollectible.

Aug. 22 Received $750 in advance for work to be done in September.

Aug. 26 Paid $2,000 of wages to the office staff

Aug. 30 Distributed profits of $1,000 to stockholders.

Aug. 31 Record the adjusting entry necessary for each of the following: Expired insurance Depreciation on the equipment (assume a 5 year life, zero salvage value and the straight-line method) The supplies used assuming there were $50 of supplies on hand at the beginning of August and $250 of supplies left on hand at the end of August. Interest owed on the note payable

Aug. 31 Record the entries to close the Sales account and the Dividends account.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Atkinson Building Supplies had the following transactions during August. Atkinson uses a perpetual inventory system. Using...
Atkinson Building Supplies had the following transactions during August. Atkinson uses a perpetual inventory system. Using the accounts listed below and the journal paper provided, journalize the transactions in proper form. Indicate no entry if appropriate. Omit explanations. Aug. 6 Stockholders invested $15,000 cash in the business in exchange for 1,000 shares of $10 par value common stock. Aug. 8 Purchased merchandise on credit from Mitchell Company, terms n/30, FOB shipping point, $3,600. Aug. 9 Received utility bill for $200...
Abe's Printing Supply Company uses a perpetual inventory system. The company had the following transactions during...
Abe's Printing Supply Company uses a perpetual inventory system. The company had the following transactions during August 2019 Aug. 5: Purchased $2,900 Of merchandise on account: Freight and credit terms were FOB shipping point, 3/15, n/60. Aug. 9: Paid transportation costs of $440 for t}us Aug. 5 purchase. Aug. 10: Returned $600 of defective merchandise that had been purchased on Aug. 5. Aug. 15: Paid for the merchandise purchased on Aug. 5. Prepare journal entries for August 10 and 15....
Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the...
Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: Aug.1 Inventory on hand—3,900 units; cost $8.00 each. 8 Purchased 19,500 units for $7.40 each. 14 Sold 15,600 units for $13.90 each. 18 Purchased 11,700 units for $6.60 each. 25 Sold 14,600 units for $12.90 each. 31 Inventory on hand—4,900 units. 3. Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the cost of...
Entries for Uncollectible Receivables, using Allowance Method: Journalize the following transactions in the accounts of Sedona...
Entries for Uncollectible Receivables, using Allowance Method: Journalize the following transactions in the accounts of Sedona Interiors Company, a Restaurant Supply Company that uses the allowance method of accounting for uncollectible receivables: May 1. Sold merchandise on account to Palace Co., $17,300. The cost of the merchandise sold was $12,500. Aug. 30. Received $3,800 from Palace Co. and wrote off the remainder owed on the sale of May 1 as uncollectible. Dec. 8. Reinstated the account of Palace Co. that...
Journalize the following purchase transactions for Main Street Office Supplies using the periodic inventory system and...
Journalize the following purchase transactions for Main Street Office Supplies using the periodic inventory system and then using the same information, journalize the purchase transactions using the perpetual inventory system. Explanations are not required. May 12 Main Street buys $167,500 worth of merchandise inventory on account with credit terms of 2/10, n/30. May 16 Main Street returns $18,600 of the merchandise to the vendor due to damage during shipment. May 21 Main Street pays the amount due.
Entries Related to Uncollectible Accounts The following transactions were completed by The Wild Trout Gallery during...
Entries Related to Uncollectible Accounts The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,145 cash in full payment of Arlene’s account. Apr. 3. Wrote off the $12,290 balance owed by Premier GS Co., which is bankrupt. July 16. Received 40% of the $22,100 balance owed by Hayden...
Concord Repair Shop had the following transactions during the first month of business as a proprietorship....
Concord Repair Shop had the following transactions during the first month of business as a proprietorship. Journalize the transactions. Aug. 2 Invested $12,320 cash and $2,710 of equipment in the business. 7 Purchased supplies on account for $480. (Debit asset account.) 12 Performed services for clients, for which $1,193 was collected in cash and $722 was billed to the clients. 15 Paid August rent $580. 19 Counted supplies and determined that only $296 of the supplies purchased on August 7...
Required information Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory...
Required information Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: Aug.1 Inventory on hand—3,900 units; cost $8.00 each. 8 Purchased 19,500 units for $7.40 each. 14 Sold 15,600 units for $13.90 each. 18 Purchased 11,700 units for $6.60 each. 25 Sold 14,600 units for $12.90 each. 31 Inventory on hand—4,900 units. Required: 1. Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and...
Required information Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory...
Required information Altira Corporation uses a perpetual inventory system. The following transactions affected its merchandise inventory during the month of August 2018: Aug.1 Inventory on hand—3,900 units; cost $8.00 each. 8 Purchased 19,500 units for $7.40 each. 14 Sold 15,600 units for $13.90 each. 18 Purchased 11,700 units for $6.60 each. 25 Sold 14,600 units for $12.90 each. 31 Inventory on hand—4,900 units. 2. Determine the inventory balance Altira would report in its August 31, 2018, balance sheet and the...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: John’s purchased merchandise on account for $6,800. Freight charges of $1,200 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and John’s account was credited by the supplier. Merchandise costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT