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    Flo1231's Avatar
    Flo1231 Posts: 4, Reputation: 1
    New Member
     
    #1

    Mar 11, 2013, 05:40 PM
    Accounting solution
    GoodJob Ltd. Buys and sells home appliances and uses the perpetual inventory system. During the year 2011, the company had the following transactions:

    Jan 15
    Purchased vacuum cleaners worth $57,000 from V Wholesalers, on account.

    Feb 4
    Sold vacuum cleaners for $40,000 cash, which includes a 3-year warranty. GoodJob bought these vacuum cleaners for $26,667.

    Feb 4
    Recorded $11,000 of estimated warranty liability for the year.

    Feb 15
    Paid the full amount owing to V Wholesalers.

    May 8
    Received utilities bill for $4,500, to be paid exactly after 15 days.

    Jul 11
    Received $52,000 cash for the sale of vacuum cleaners which cost the company $37,143. The delivery is to be made on August 31.

    Aug 31
    Delivered the vacuum cleaners paid for on July 11.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #2

    Mar 11, 2013, 05:43 PM
    These are simple journalizing transaction problems. What is your question? Or do you not know how to journalize a transaction.

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