JK Furniture Practice Set-Entries

JK Furniture Practice Set-Entries - TRANSACTIONS 1. 2...

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TRANSACTIONS 1. Received a check for $8 , 820 from Wallton Apartments Inc. a s payment on their account less discoun t , Sales Invoi c e No . 611 . 2 Exchang e d an old delivery truck and signed a $15,000, 4 % , 3 -m onth note payable for a similar new delivery truck . The old truck origi- nally cos t $36,000 and had accumulated depr ec i a tion of $9, 000 a n d a fair value of $28,000. 3 Issued Check No . 525 to Cabbot Recliners, I nc . , in paym e nt on account, April 19 purchase, $4,000. 3 Recorded cash sales for week ending May 3: Cash sales . .................... $43,20 0 Spendacard sales . ............... 8 , 000 Total cash sales . ............. $51,200 3 Cash deposited in bank, $60,020. [Enter this amount on a separate line in the c a s h receipts j o urnal under th e Bank Deposit column . All the cash making up t his deposit has already been recorded (May 1 and 3 receipts) when the items were re ce ived.] 6 Received a check for $1 , 470 from Bell and Ga te way, CPAs as pay - ment on their account less discount, Sales Invoi c e N o. 612. 6 Issued Check No. 526 to Zeekle Auto Shop in the amount o f $ 550 for repairs done on d e livery truck . 6 Received a check for $5,096 from Tollson Mote l as payment on t heir a c count less discount, Sales Invoice No. 613. 6 Received a check for $2 , 009 from C a rthag e Co mmu nity Col lege a s payment on their account less dis c oun t, Sales I nvo ice N o . 614. 7 Purchas e d dining room furniture on account f or $ 2 2,20 0 fro m Lexis Fine Furniture. Terms: 1/15, n/30. 7 Sold merchandise to Willington Hotels for $9,10 0 on a c coun t , Sales Invoice No. 621 . Terms: 2/10, n/30. 8 Issued Check No. 527 to Wallace Office Superst o re in paym e nt on a c count, April 28 purchase, $500. 8 Received a check for $9,016 from Willington H ote ls as pay ment on their a c count less dis c ount, Sales Invoi c e No. 6 1 7 . 9 Issued Check No. 528 for $2,900 to Eastern Fr e i g ht lines for f reight c harges on merchandise purchased.
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9 Received a check for $1 , 960 from B e ll and Gat e way, CPAs as paymen t on their account less discount, Sales Invoic e No. 619 10 Recorded c ash sales for w e ek ending May 10: Cash sales . .............................. $ 27,500 Spendacard sales……………… 3 , 500 Total cash sales . ....................... $31 , 000 10 Cash deposited in bank, $50 , 55l . 10
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This note was uploaded on 01/19/2011 for the course ACCT 3120 taught by Professor Fesslor during the Spring '10 term at UCM.

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JK Furniture Practice Set-Entries - TRANSACTIONS 1. 2...

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