Chart of Accounts Current Assets Long-Term Liabilities 27000 27100 Note Payable
ID: 2397492 • Letter: C
Question
Chart of Accounts Current Assets Long-Term Liabilities 27000 27100 Note Payable Cash 10000 11000 Accounts Receivable ?2000 12100 13100 Supplies (Ribbon, Sticks, Mortgage Payable Inventory-Cookies Stockholders' Equity Inventory- Baskets Cellophane) Prepaid Rent 39003 Common Stock 39005 Retained Earnings 39007 Dividends paid 13200 Shipping Supplies Revenue 14100 Prepaid Insurance 40000 Sales 14200 Prepaid Advertising Long-Term Assets 15000 Computer Equipment 17000 Accumulated Depreciation Expenses Cost of Goods Sold Legal Expense Supplies Expense Computer Equipment 60100 15100 Delivery Van 0150 60200 Shipping Supplies Expense 17100 Accumulated Insurance Expense Wages Expense Depreciation-Delivery Van 60350 60400 Credit Card Expense 0500 Advertising and Promotion Current Liabilities 20000 Accounts Payable 21100 Note Payable-Wells Fargo Expense 60550Utility Expense 0600 Rent Expense Bank 21200 Note Payable-Office Mart 60650 Depreciation Expense 23100 Wages Payable 23200 Interest Payable Sales Tax Payable 60700Interest Expense 60750 Bank Service Fee 23300Explanation / Answer
Since you have mentioned you need only journal entries I am posting only the journal entries
Account Debit Credit 1 No entry 2 Cash a/c 35000 To Common stock a/c 35000 3 Prepaid rent A/c 2400 To cash A/c 2400 4 Prepaid Insurance A/c 2700 To cash A/c 2700 5 Computer Equipment A/c 3600 To Notes Payable - Office Mart A/c 3600 6 Cash A/c 10000 To Notes Payable- Well Fargo A/c 10000 7 Delivery Van A/c 16000 To Cash A/c 16000 8 Delivery Van A/c 600 To Cash A/c 600 9 Prepaid Advertising A/c 500 To Cash A/c 500 10 Inventory - Cookies A/c 6200 To Accounts Payable A/c 6200 11 Inventory - Baskets A/c 2900 To Accounts Payable A/c 2900 12 Legal Fees A/c 800 To Cash a/c 800 13 No Entry 14 Supplies (Cellophane, ribbon & sticks) 300 To Accounts Payable A/c 300 15 Shippling Supplies A/c 400 To Cash A/c 400 16 Accounts Receivable A/c 4000 To Sales A/c 4000 Cost of Goods Sold A/c 1700 Basket Expense A/c 500 Supplies Expense A/c 50 To Inventory - Cookies A/c 1700 To Inventory - Baskets A/c 500 To Supplies (Cellophane, ribbon & sticks) 50 17 Inventory - Cookies A/c 5500 To Accounts Payable A/c 5500 18 Cash A/c 6480 To Sales A/c 6000 To Sales Tax Payable A/c 480 Cost of Goods Sold A/c 3900 Basket Expense A/c 300 To Inventory - Cookies A/c 3900 To Inventory - Baskets A/c 300 19 Accounts Payable A/c 300 To Cash A/c 300 20 Advertising and Promotion Expense A/c 700 To Inventory - Cookies A/c 600 To Inventory - Baskets A/c 100 21 Cash A/c 4000 To Accounts Receivable A/c 4000 22 Credit Card Expense A/c 350 To Cash A/c 350 23 Accounts Payable A/c 2900 To Discount received A/c (2900*2%) 58 To cash A/c 2842 24 Cash A/c 7560 To Sales A/c 7000 To Sales Tax Payable A/c 560 Cost of Goods Sold A/c 3500 Basket Expense A/c 1000 To Inventory - Cookies A/c 3500 To Inventory - Baskets A/c 1000 25 Accounts Payable A/c 11700 To Discount received A/c (11700*2%) 234 To cash A/c 11466 26 Cash A/c 2484 To Sales A/c 2300 To Sales Tax Payable A/c 184 Cost of Goods Sold A/c 1680 Basket Expense A/c 220 To Inventory - Cookies A/c 1680 To Inventory - Baskets A/c 220 27 Utility Expense A/c 120 To Accounts Payable A/c 120 28 Notes Payable - Office Mart A/c 300 Interest Expense A/c 36 To Cash A/c 336 29 Inventory - Cookies A/c 3400 To Accounts Payable A/c 3400 30 Sales Tax Payable a/c 1224 To Cash A/c 1224 31 Retained Earnings A/c 100 To Dividend Paid A/c 100 Dividend Paid A/c 100 To Cash A/c 100