514_633891597320573057_FluffYear3_journal_entries

514_6338915973205730 - FL3 1 Accounts Payable Cash To record payment of accounts payable 2 Cash Accounts Receivable To record collection of

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Unformatted text preview: FL3 1 Accounts Payable Cash To record payment of accounts payable 2 Cash Accounts Receivable To record collection of accounts receivable 3 Inventory Cash Accounts Payable To record purchase of 12 Fluffs @ $4,000 each (25%down) 4 Cash Accounts Receivable Sales To record sale of 11 Fluffs @ $8,000 each (60% down) 5 Cost of Goods Sold Inventory To record cost of inventory sold (5 @ 3,000) + (6 @ 4,000) 6 Furniture & Fixtures Cash To record purchase of computer on January 1 7 Insurance Expense Prepaid Insurance Cash To record purchase of 2-year insurance policy on 6/30/x3 8 Wages Payable Wage Expense Cash Wages Payable To record payment of wages 9 Rent Expense Prepaid Rent Cash To record payment of rent 10 Retained Earnings Cash To record dividend paid to shareholders. 11 Cash Common Stock To record issuance of 10 shares of common stock 12 Interest Expense Cash To record payment of interest to Uncle Mike 13 Depreciation Expense Accumulated Depreciation-Furniture & Fixtures To record depreciation expense for year (2,000 - 0)/5 14 Taxes Payable Cash To record payment of 20x2 taxes 15 Tax Expense Taxes Payable To record x4 taxes 16 Sales Cost of Goods Sold Rent Expense Wage Expense Insurance Expense Interest Expense Depreciation Expense Tax Expense Retained Earnings To close books 31,500 31,500 33,600 33,600 48,000 12,000 36,000 52,800 35,200 88,000 39,000 39,000 2,000 2,000 1,250 3,750 5,000 1,000 9,000 8,000 2,000 12,000 1,000 13,000 5,000 5,000 3,000 3,000 1,000 1,000 400 400 2,100 2,100 7,605 7,605 88,000 39,000 12,000 9,000 1,250 1,000 400 7,605 17,745 ...
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This note was uploaded on 09/12/2010 for the course ACCT 101 taught by Professor Drkirch during the Spring '10 term at Ohio University- Athens.

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514_6338915973205730 - FL3 1 Accounts Payable Cash To record payment of accounts payable 2 Cash Accounts Receivable To record collection of

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