AcctP3-15(1) - Date 2010 Dec. 4 Account Title and...

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Date Account Title and Explanation Debit Credit 2010 Dec. 4 Cash 3,000 Sales Revenue 3,000 Made cash sales. 4 COGS 1,800 Inventory 1,800 To record cost of sales. 7 Inventory 2,400 Accounts payable 2,400 Purchased inventory on credit. 11 Sales returns and allowances 600 A/R 600 Customer returned inventory for credit. 11 Inventory 360 COGS 360 To recored inventory returned. 14 Cash 900 A/R 900 Collected A/R 18 Cash 7,800 Land 5,000 Gain on sale of land 2,800 Sold land at a gain. 20 A/R 4,000 Sales Revenue 4,000 Made sales on credit. 20 COGS 2,400 Inventory 2,400 To record cost of sales. 21 A/P 360 Inventory 360 Returned defective merchandise for credit. 27 Inventory 1,250 Cash 1,250 Purchased inventory. 28 A/P 1,100 Cash 1,100 Paid A/P. 31 Land 6,000 Cash 1,000 Notes payable 5,000 Purchased land with $1,000 down payment and a 2 year 12% note.
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Cash Accounts receivable Allowance for Doubtful Accounts Bal Dec 1 3,090 12/27 1,250 Bal Dec 1 9,900 12/11 600 Bal Dec 1 100 12/4 3,000 12/28 1,100 12/20 4,000 12/14 900 100 12/14 900 12/31 1,000 12,400 12/18 7,800 11,440 Inventory Supplies Land Bal Dec 1 17,750 12/4 1,800 Bal Dec 1 1,400 Bal Dec 1 9,000 12/18 5,000 12/7 2,400 12/20 2,400 1,400 12/31 6,000 12/11 360 12/21 360 10,000 12/27 1,250 17,200 Building and Equipment Accumulated Depreciation Accounts Payable Bal Dec 1 42,000 Bal Dec 1 4,200 12/21 360 Bal Dec 1 10,700 42,000 4,200 12/28 1,100 12/7 2,400 11,640 Capital Stock, no par (2,000 shares) Retained Earnings (1/1/2010)
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AcctP3-15(1) - Date 2010 Dec. 4 Account Title and...

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