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-   -   Journal Entries & Adjusting Journal Entries (https://www.askmehelpdesk.com/showthread.php?t=153429)

  • Nov 18, 2007, 12:41 PM
    Courtney13563
    Journal Entries & Adjusting Journal Entries
    Nov. 15-
    Purchased $1,600 of merchandise on account from Martin Co, terms 1/30; paid $60 of associated freight charges in cash.
    My answer:
    Merchandise Inventory $1600
    Accounts Payable $1600
    Cash $60
    Freight Expense $60

    Nov. 17-
    Riverside Company returned $200 (cost $120) of merchandise (from the 11/12 transaction) for credit to its account.

    My answer:
    Sales returns & allowances $200
    Sales of merchandise-charge $200

    Nov. 18-
    Purchased land for a future building site for $6000. Made a $2000 down payment and signed a 12%, 90-day note payable for the balance.

    My answer:
    Land $6000
    Cash $2000
    Notes Payable $4000
    ??

    Nov. 22-
    Collected the Riverside Company account for the 11/12 sale less the return (11/17) and the cash discount. 11/12 sale $23000 terms 2/10; net 30

    My answer:
    Cash $22340
    A/R $22340

    Please let me know if I am correct and help please on Nov. 18th!
  • Aug 15, 2010, 08:23 PM
    spiledone
    1-Jun-10 OR 0001 Transferred funds from the personal savings account of the owner [Mr. Buck Valdez] to the company's checking account as additional invesment to cover expenses for the month. 500,000
  • Feb 17, 2012, 12:47 AM
    jeevaananth.m
    1.4.2010 contribured capital
    Cash :jeeva capital Rs300000
    Ananth capital Rs200000
    Naveen capital Rs70000
    Land :naveen capital Rs50000

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