I have some journal entries but I am not sure if they are right. here is the inf
ID: 2344863 • Letter: I
Question
I have some journal entries but I am not sure if they are right.here is the info and then my journal entries. I could really use someone's help in determining if I correctly listed them. thanks
all of these are June dates
3 Sold for $700 office equipment that had cost $2,000 and has associated accumulated depreciation of $1,500
7 Made sales of $2,000 on credit; the cost of the inventory sold was $1,200.
10 Purchased $1,000 of inventory for cash
15 Purchased new office equipment costing $4,000, paying $1,500 and signing a 90 day note for the balance
16 Received check for June 7 credit sale
17 Made cash sales of $4,200; the cost of the inventory sold was $2,300
20 Purchased $2,600 of inventory on credit
24 Returned $200 of defective inventory from the June 20 purchase for a credit to its account
29 Paid for the June 20 purchase less the return.
30 Paid the monthly utility bill, $210.
that is what I put. Am I right?
Cash 700
Accumlated Depreciation 1,500
Office Equipment 2,000
Gain 200
Accounts Receivable 2,000
Sales Revenue 2,000
Cost of Goods Sold 1,200
Inventory 1,200
Inventory 1,000
Cash 1,000
Office Equipment 4,000
Cash 1,500
Note Payable 2,500
Cash 2,000
Accountas Receivable 2,000
Cash 4,200
Sales Revenue 4,200
Cost of Goods Sold 2,300
Inventory 2,300
Inventory 2,600
Accounts Payable 2,600
Sales Returns & Allowances 200
Inventory 200
Accounts Payable 2,400
Sales returns & Allowances 200
Inventory 2,600
Utility Expense 210
Cash 210
Explanation / Answer
yes its ok