HW1 - $750(Wrote off $750 of bad debts 31-Dec Dividends...

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Jack Meehan Accounting 152 CP, p.5 Astor Co. 8/30/2007 Astor Company General Journal 2006 2-Jan Plant and equipment $6,000 Cash $6,000 (Purchase equipment for cash) 31-Dec Inventory $72,000 Accounts Payable $72,000 (Purchased merchandise on account) 31-Dec COGS $36,000 Inventory $36,000 (Sold inventory) 31-Dec Cash $40,000 Accounts Receivable $55,000 Sales $95,000 (Record Sales on previous entry) 31-Dec Operating Expenses $23,000 Cash $23,000 (Paid expenses with cash) Nov Interest Expense $1,200 Interest Payable $1,200 (Record interest incurred on notes) Nov Notes Payable $16,000 Interest Payable $1,200 Cash $17,200 (Paid notes and interest with cash) 1-Dec Cash $25,000 Notes Payable $25,000 31-Dec Cash $63,000 Accounts Receivable $63,000 (Collected cash on A/R) 31-Dec Accounts Payable $75,000 Cash $75,000 (Paid cash on A/P) 31-Dec Bad Debts Expense $750 Accounts Receivable
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Unformatted text preview: $750 (Wrote off $750 of bad debts) 31-Dec Dividends Expense $1,500 Dividends Payable $1,500 (Declared dividends) T-Accounts Cash A/R Inventory Plant an 10000 balance 14000 balance 20000 balance $120,000 6000 1 55000 4 72000 2 $6,000 40000 4 63000 9 36000 3 23000 5 750 11 17200 7 25000 8 63000 9 75000 10 16800 5250 56000 126000 A/P Notes Payable Common Stock R/ 12000 balance 16000 balance 80000 balance 72000 2 16000 7 75000 10 25000 8 9000 25000 80000 Interest Expense Bad Debts Expense Dividends Exp. Interest 1200 6 750 11 1500 12 1200 750 1500 1200 COGS Sales 36000 3 95000 4 36000 95000 nd Equip Accum. Deprec. balance 26000 balance 1 26000 /E Dividends Payable $30,000 balance 1500 12 $30,000 1500 t Payable Op. Expenses 1200 6 23000 5 7 23000...
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This note was uploaded on 04/07/2008 for the course ACCT 152 taught by Professor Bayak during the Spring '07 term at Lehigh University .

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HW1 - $750(Wrote off $750 of bad debts 31-Dec Dividends...

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