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514_633891597320573057_FluffYear3_journal_entries

514_633891597320573057_FluffYear3_journal_entries - FL3 1...

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FL3 1 Accounts Payable 31,500 Cash 31,500 To record payment of accounts payable 2 Cash 33,600 Accounts Receivable 33,600 To record collection of accounts receivable 3 Inventory 48,000 Cash 12,000 Accounts Payable 36,000 To record purchase of 12 Fluffs @ $4,000 each (25%down) 4 Cash 52,800 Accounts Receivable 35,200 Sales 88,000 To record sale of 11 Fluffs @ $8,000 each (60% down) 5 Cost of Goods Sold 39,000 Inventory 39,000 To record cost of inventory sold (5 @ 3,000) + (6 @ 4,000) 6 Furniture & Fixtures 2,000 Cash 2,000 To record purchase of computer on January 1 7 Insurance Expense 1,250 Prepaid Insurance 3,750 Cash 5,000 To record purchase of 2-year insurance policy on 6/30/x3 8 Wages Payable 1,000 Wage Expense 9,000 Cash 8,000 Wages Payable 2,000 To record payment of wages 9 Rent Expense 12,000 Prepaid Rent
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