Reined company \'s chart of accounts includes the following select accounts cash
ID: 2471505 • Letter: R
Question
Reined company 's chart of accounts includes the following select accounts cash inventory prepaid insurance Equipment Accounts patable Owner's Drawings Cost Goods Sold on october 1, the accounts payments ledger of Rosineke .Company showed the following balancwe: Uggle Company 42,700,orr co ,$2.500, Rosenthal co $14,800,800 and cleverger compoany $3,700.The october transation involing the payment of cash as folloes oct purchased merchandiese, check no. 63,$300 purchased equipment, check no ,64,$800 paid uggle company balance due of $2,700,iess 2 degree discount, check no 65, $2,646 purchased merchandise, check no 66$2,550. paid Rosenthal Co .balance due of $1,800 check no.67. paid orr Co in full for invoice no .610,$2000 less 2 degree cash discount, check no.69,$1,960. paid Clevenger company in full for invoice no.264,$2,500,check no . 70.Explanation / Answer
a)Journal Enteries:-
Oct-1
Debit Inventory = 300
Credit Cash = 300
..
Oct-3
Debit Equipment = 800
Credit Cash = 800
..
Oct-5
Debit Uggla Company = 2700
Credit CAsh = 2646
Credit Discount Received = 54
..
Oct-10
Debit Inventory = 2550
Credit Cash = 2550
..
Oct-15
Debit Rosenthal Co. = 1800
Credit Cash = 1800
..
Oct-16
Debit Owner's Drawings = 400
Credit Cash = 400
..
Oct-19
Debit Orr Co. = 2000
Credit Cash = 1960
Credit Discount Received = 1960
..
OCt-29
Debit Clevenger Co = 2500
Credit Cash = 2500