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Issued stock for $6 cash (example).
b. Purchased equipment costing $6,320, paying $4,893 in cash and charging the rest on account.
c. Paid $513 in principal and $91 in interest expense on long-term debt.
d. Earned $88,988 in sales revenue; collected $87,949 in cash with the customers owing the rest on account.
e. Incurred $10,766 in shipping expenses, all on credit. F. Paid $28,241 cash on accounts owed to suppliers. G. Incurred $4,332 in marketing expenses; paid cash. H. Collected $620 in cash from customers paying on account. I. Borrowed $6,359 in cash as long-term debt. J. Used inventory costing $62,752 when sold to customers. K. Paid $177 in income tax recorded as an expense in the prior year.

Respuesta :

                      Cash..................................... DR  $6

                              To Common Stock.................................. $6

(Being Shares issued for cash)

                 Equipment............................DR $6320

                      To Cash.......................................................... $4893

                      To Accounts Payable................................ $1427

(Being Equipment Purchased partly for cash and partly on credit)

                  Long Term Debt...................................... $513

                 Interest Expense........................................$91

                          To Cash ............................................................... $604

(Being Loan Installment repaid)

                  Cash....................................DR  $87949

                  Accounts Receivable......DR $1039

                           To Sales..................................................$ 88988

(Being sales made partly in cash and partly on credit)

                Shipping Expense.......................... DR $10766

                  To Accounts Payable..................................$10766

(Being Shipping Expenses Incurred)

              Accounts Payable.............................DR $28241

                     to Cash............................................................... $28241

(Being Accounts Payables Paid off)

              Marketing Expenses........................DR $4332

                         To Cash......................................................... $4332

(Being Marketing Expenses incurred)

               Cash...............................DR $620

                   To Accounts Receivable......................$620

(Being Accounts Receivables Paid off)

             Cash...............................DR $6359

                   To Long term Debt............................... $6359

(Being Long Term Debt Borrowed)

                Cost of Goods Sold................DR $62752

                       To Merchandise Inventory..........................$62752

(Being Cost of Goods sold Recorded)

                Income tax Payable.....................DR $177

                  To Cash........................................................................$177

(Being Tax Payable Paid off)


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