I have some journal entries but I am not sure where they go all of these are Jun
ID: 2344876 • Letter: I
Question
I have some journal entries but I am not sure where they goall 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.
Explanation / Answer
3 Sold for $700 office equipment that had cost $2,000 and has associated accumulated depreciation of $1,500 Debit Cash 700 Debit Accumulated Depreciation, office equipment 1500 Credit Office equipment 2000 Credit Gain on sale 200 7 Made sales of $2,000 on credit; the cost of the inventory sold was $1,200. Debit accounts receiviable 2000 Credit Sales revenue 2000 Debit cost of goods sold 1200 Credit merchandise inventory 1200 10 Purchased $1,000 of inventory for cash Debit merchandise inventory 1000 Credit Cash 1000 15 Purchased new office equipment costing $4,000, paying $1,500 and signing a 90 day note for the balance Debit Office equipement 4000 Credit cash 1500 Credit notes payable 2500 16 Received check for June 7 credit sale Debit cash 2000 Credit Accounts receivable 2000 17 Made cash sales of $4,200; the cost of the inventory sold was $2,300 Debit cash 4200 Credit Sales revenue 4200 Debit Cost of goods sold 2300 Credit merchandise inventory 2300 20 Purchased $2,600 of inventory on credit Debit Merchandise inventory 2600 Credit Accounts payable 2600 24 Returned $200 of defective inventory from the June 20 purchase for a credit to its account Debit Acounts payable 200 Credit Merchandise inventory 200 29 Paid for the June 20 purchase less the return. Debit Accounts payable 2400 Credit cash 2400 30 Paid the monthly utility bill, $210. Debit Utilities expense 210 Credit cash 210