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COMPREHENSIVE PROBLEM 3 - COMPREHENSIVE PROBLEM 3 1 Jan Apr...

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COMPREHENSIVE PROBLEM 3 1. Jan. 2 Petty Cash ........................................................................ 800 Cash ............................................................................ 800 Mar. 1 Office Supplies ................................................................. 265 Miscellaneous Selling Expense ........................................ 304 Miscellaneous Administrative Expense ........................... 158 Cash ............................................................................ 727 Apr. 5 Merchandise Inventory .................................................... 10,000 Accounts Payable ....................................................... 10,000 May 5 Accounts Payable ............................................................. 10,000 Cash ............................................................................ 10,000 10 Cash .................................................................................. 8,480 Cash Short and Over ........................................................ 10 Sales ........................................................................... 8,490 June 2 Notes Receivable ............................................................. 50,000 Accounts Receivable .................................................. 50,000 Aug. 1 Cash .................................................................................. 50,600 Notes Receivable ....................................................... 50,000 Interest Revenue ......................................................... 600* *$50,000 × 7.2% × 60/360 = $600 3 Cash .................................................................................. 1,400 Allowance for Doubtful Accounts ................................... 600 Accounts Receivable .................................................. 2,000 28 Accounts Receivable ........................................................ 600 Allowance for Doubtful Accounts ............................. 600 28 Cash .................................................................................. 600 Accounts Receivable .................................................. 600 Sept. 2 Land ................................................................................. 118,200 Interest Expense ............................................................... 1,800 Notes Payable ............................................................. 120,000 Oct. 2 Office Equipment ............................................................. 130,000 Accumulated Depreciation—Office Equipment .............. 35,000 Office Equipment ....................................................... 96,000 Notes Payable ............................................................. 69,000 Nov. 30 Sales Salaries Expense ..................................................... 42,500 Office Salaries Expense ................................................... 22,500 Employees Federal Income Tax Payable ................... 13,650 Social Security Tax Payable ...................................... 3,770 Medicare Tax Payable ................................................ 975 Salaries Payable ......................................................... 46,605 30 Payroll Taxes Expense ..................................................... 4,791 Social Security Tax Payable ...................................... 3,770 Medicare Tax Payable ................................................ 975 State Unemployment Tax Payable ............................. 38
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