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ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales...
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Transcript of ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales...
![Page 1: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/1.jpg)
ACCT 20100 Review Problem
Journal Entries
![Page 2: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/2.jpg)
Transaction 1
Account Debit Credit
Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash and $5,000 on account. The cost of goods sole was $5,000.
![Page 3: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/3.jpg)
Transaction 1
Account Debit Credit
Cash $10,000
Accounts Receivable $ 5,000
Sales $15,000
Cost of Goods Sold $5,000
Inventory $5,000
Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash and $5,000 on account. The cost of goods sole was $5,000.
![Page 4: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/4.jpg)
Transaction 2
Account Debit Credit
Mike Company purchased $15,000 of inventory. All purchases were on account.
![Page 5: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/5.jpg)
Transaction 2
Account Debit Credit
Inventory $15,000
Accounts Payable $15,000
Mike Company purchased $15,000 of inventory. All purchases were on account.
![Page 6: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/6.jpg)
Transaction 3
Account Debit Credit
Mike Company paid salaries, including $1,000 for this month and $1,500 that was payable from last month.
![Page 7: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/7.jpg)
Transaction 3
Account Debit Credit
Salary Expense $1,000
Salaries Payable $1,500
Cash $2,500
Mike Company paid salaries, including $1,000 for this month and $1,500 that was payable from last month.
![Page 8: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/8.jpg)
Transaction 4
Account Debit Credit
Mike Company purchased $500 of supplies. All of these purchases were on account.
![Page 9: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/9.jpg)
Transaction 4
Account Debit Credit
Supplies $500
Accounts Payable $500
Mike Company purchased $500 of supplies. All of these purchases were on account.
![Page 10: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/10.jpg)
Transaction 5
Account Debit Credit
Mike Company collected $2,500 cash from customers who had been granted credit. The entire amount collected relates to sales from last month.
![Page 11: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/11.jpg)
Transaction 5
Account Debit Credit
Cash $2,500
Accounts Receivable $2,500
Mike Company collected $2,500 cash from customers who had been granted credit. The entire amount collected relates to sales from last month.
![Page 12: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/12.jpg)
Transaction 6
Account Debit Credit
Mike Company paid utilities of $500.
![Page 13: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/13.jpg)
Transaction 6
Account Debit Credit
Utilities Expense $500
Cash $500
Mike Company paid utilities of $500.
![Page 14: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/14.jpg)
Transaction 7
Account Debit Credit
Mike Company paid $3,000 to its suppliers related to previous purchases on account.
![Page 15: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/15.jpg)
Transaction 7
Account Debit Credit
Accounts Payable $3,000
Cash $3,000
Mike Company paid $3,000 to its suppliers related to previous purchases on account.
![Page 16: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/16.jpg)
Transaction 8
Account Debit Credit
Mike Company paid $1,500 for this month’s rent.
![Page 17: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/17.jpg)
Transaction 8
Account Debit Credit
Rent Expense $1,500
Cash $1,500
Mike Company paid $1,500 for this month’s rent.
![Page 18: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/18.jpg)
Transaction 9
Account Debit Credit
Mike Company incurred depreciation expense for the month of $2,000.
![Page 19: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/19.jpg)
Transaction 9
Account Debit Credit
Depreciation Expense $2,000
Accumulated Depreciation $2,000
Mike Company incurred depreciation expense for the month of $2,000.
![Page 20: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/20.jpg)
Transaction 10
Account Debit Credit
After counting its supplies on hand, Mike Company determined that they had $1,000 in supplies on-hand as of the end of the month.
![Page 21: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/21.jpg)
Transaction 10
Account Debit Credit
Supplies Expense $1,500
Supplies $1,500
After counting its supplies on hand, Mike Company determined that they had $1,000 in supplies on-hand as of the end of the month.
![Page 22: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/22.jpg)
Transaction 11
Account Debit Credit
$1,000 of prepaid insurance expired.
![Page 23: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/23.jpg)
Transaction 11
Account Debit Credit
Insurance Expense $1,000
Prepaid Insurance $1,000
$1,000 of prepaid insurance expired.
![Page 24: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/24.jpg)
Transaction 12
Account Debit Credit
Mike Company paid $300 of interest on its long-term debt.
![Page 25: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/25.jpg)
Transaction 12
Account Debit Credit
Interest Expense $300
Cash $300
Mike Company paid $300 of interest on its long-term debt.
![Page 26: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/26.jpg)
Transaction 13
Account Debit Credit
Mike Company incurred $1,000 of salaries expense, but will pay this amount next month.
![Page 27: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/27.jpg)
Transaction 13
Account Debit Credit
Salaries Expense $1,000
Salaries Payable $1,000
Mike Company incurred $1,000 of salaries expense, but will pay this amount next month.
![Page 28: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/28.jpg)
Transaction 14
Account Debit Credit
Mike Company declared and paid $500 in dividends.
![Page 29: ACCT 20100 Review Problem Journal Entries. Transaction 1 AccountDebitCredit Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash.](https://reader035.fdocuments.in/reader035/viewer/2022062515/56649cf05503460f949c01a4/html5/thumbnails/29.jpg)
Transaction 14
Account Debit Credit
Retained Earnings $500
Cash $500
Mike Company declared and paid $500 in dividends.