kgardner1 Posts: 1, Reputation: 1 New Member   #1 Dec 1, 2013, 04:37 PM

Can someone please help me journalize these so I can add them to T accounts? Cash... $8,850 A/R... 29,900 Allowance for Bad Debts... $268 Inventory.. 34,855 Office supplies... 1,000 A/P... … 19,700 Wages Payable... 3,200 Taxes Payable... 4,500 Common Stock (10,000 shares) 25,000 Retained Earnings... 21,937 Total $74,605 $74,605 periodic FIFO inventory method for YO-660 Layer/ Units /Price per Unit / Total Price 1 / 60 / $150 / $9,000 2 / 70 / 155 / 10,850 3 / 65 / 157 / 10,205 4 /30 /160 / 4,800 total 225 / $34,855 *The company uses the % of receivables method in estimating bad debts: 2% of the ending receivables balance is deemed to be uncollectible. *It conducts an actual physical count of its inventory and office supplies at the end of each month. *It rents its warehouse, office facilities, and computer equipment. Rent on the computer equipment is paid at the beg. Of each month. Rent on the warehouse and office space is paid on the 15th of each month. *Payroll is paid on the 5th and the 20th (pay period end on the 15th and the last day of the month). *Taxes payable represents payroll taxes that are due by the 5th of the following month. *All sales and all inventory purchases are on account. Jan 1. Paid rent on the computer equip. $1400 5 Recorded sales for the week, 130 units at $220 per unit (using the periodic inv. System) 5 Paid wages payable and taxes payable from the prior period. 5 Collected $15,000 from customers in acct. during the week. 8 Purchased office supplies for cash, $350. 10 Received 50 YO-660s from the manufacturer at a cost of $160 per unit 11 Paid A/P $17,500 12 Collected $22,000 from customers on acct. during the week. 12 Recorded sales for the week, 120 units at $220 per unit. 15 Paid monthly rent for the office and warehouse $2,000. 15 Received 140 YO-660s from the manufacturer at a cost of $162 per unit 18 A customer returned a YO-660 for a refund, Check immediately refunded for $220. 19 Collected $40,000 from customers on acct, during the week. 19 Recorded sales for the week, 140 units at $220 per unit. 20 Paid semi-monthly payroll for the period ending on Jan 15. Salaries and wages total $5,300 and payroll taxes were as follows: FICA taxes payable-employee $405;FICA taxes payable-employer $405, State withholding taxes payable $280; fed withholding taxes payable $810; fed unemployment taxes payable $50; state unemployment taxes payable $150. 23 Paid the taxes payable from the payroll on Jan 20. 24 Received 200 YO-660s from manufacturer at a cost of $160 per unit. 25 Purchase office supplies for cash $730. 25 Paid A/P $42,000 26 Collected $44,500 on acct during the week 26 Recorded sales for the week 140 units at $225 per unit 30 Received 120 YO-660s from manufacturer at a cost of $160 per unit 31 Collected $21,800 from cust on acct. 31 Recorded sales for the partial week 70 units at $225 per unit 31 Accrued the semi-monthly and payroll for the period ending Jan 31. Salaries and wages total $5,400 and payroll taxes were: FICA taxes payable-employee $410; FICA-employer $410; state withholding taxes payable $285; Fed withholding taxes payable $820; fed unemployment $55; state unemployment taxes payable $160. A) record bad debt expenses for the period Current Accts Rec balance after posting Jan transactions multiplied by 2% The amount calculated as uncollectable is the ending bal in the Allow for Bad Debts Acct. B) A count of inventory revealed 135 YO-660s on hand at Jan 31, 2009.Compute the dollar amount of ending inventory remaining at 1/31/09. Prepare entry to close the temp purchase related accts to the inventory acct and adjust inventory balance to current level. C) A count of office supplies revealed supplies valued at $700 remaining at 1/31/09. Prepare an entry to adjust the office supplies acct to the proper balance

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