Part 1 Journalize the following transactions for the month of June for Quixote C
ID: 2535778 • Letter: P
Question
Part 1 Journalize the following transactions for the month of June for Quixote Company using the following list of Accounts and Account numbers. Record all entries to the nearest cent. (26 points) Accounts Cash #110 Accounts Receivable #112 Merchandise Inventory #115 Estimated Returns Inventory #116 Store Supplies #117 Prepaid Insurance #119 Store Equipment #120 Accumulated Depreciation - Store Equipment #121 Accounts Payable #210 Salaries Payable #211 Customer Refunds Payable #212 Larkin, Capital #310 Larkin, Drawing #311 Sales #410 Cost of Merchandise Sold #510 Office Salaries Expense #511 Sales Salaries Expense #512 Rent Expense #513 Depreciation Expense #514 Insurance Expense #515 Delivery Expense #516 Misc. Selling Expense #517 Misc. Administrative Expense #518 1-Jun Paid rent for June, $4000 1 pt. 3-Jun Purchased merchandise on account from ABC Company for $10000 Terms 2/10, n/30, FOB shipping point. We were billed $150 for shipping which was added to our invoice. 3 pts. 4-Jun Returned $2000 of the merchandise purchased on June 3 from ABC Company. 2 pts 6-Jun Sold $15000 of Merchandise on account to EFG Company, terms 1/20, n/30, FOB shipping point.The cost of merchandise sold was $5000 and we paid $250 for shipping which was billed and added to the customer's invoice. 3 pts. 7-Jun EFG company returned $1500 of the merchandise purchased on June 6. The cost of merchandise sold was $1000 2 pts. 8-Jun Paid Misc. Selling Expense of $500 and Misc. Administrative Expense of $100 2 pts. 9-Jun Purchased on account $350 of Store Supplies. 2 pts. 13-Jun Paid ABC Company for the purchase made on June 3rd, less the return of June 4th 3 pts. 16-Jun Purchased store supplies for $100 cash. 2 pts. 17-Jun Received cash from EFG Company for the sale of June 6, less the return of June 7th. 3 pts. 25-Jun Paid Sales Salaries Expense of $650 and Office Salaries Expense of $750 2 pts. 30-Jun Owner withdrew $500 1 pt. Post Page 1 Date Journal Entries Ref. Debit Credit 1-Jun Rent Expense 4,000.00 Cash 4,000.00 3-Jun Post your Journal entries to the ledgers. Be sure to balance the ledger after each entry. Ledgers Cash #110 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 40,000.00 Check Answer Cash = 38,775.00 Accounts Receivable #112 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 3,500.00 Merchandise Inventory #115 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 6,000.00 Estimated Returns Inventory #116 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 4,300.00 Store Supplies #117 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 500.00 Prepaid Insurance #119 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 300.00 Store Equipment #120 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 2,000.00 Accumulated Depreciation - Store Equipment #121 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 200.00 Accounts Payable #210 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 1,700.00 Salaries Payable #211 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. Customer Refunds Payable #212 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. 1-Jun Balance 9,000.00 Larkin, Capital #310 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 40,400.00 Larkin, Drawing #311 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 2,000.00 Sales #410 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 15,700.00 Cost of Merchandise Sold #510 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 5,000.00 Office Salaries Expense #511 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 2,000.00 Sales Salaries Expense #512 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 1,000.00 Rent Expense #513 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. Depreciation Expense #514 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 100.00 Insurance Expense #515 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. Delivery Expense #516 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. Misc. Selling Expense #517 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 200 Misc. Administrative Expense #518 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 100 Part 1 Journalize the following transactions for the month of June for Quixote Company using the following list of Accounts and Account numbers. Record all entries to the nearest cent. (26 points) Accounts Cash #110 Accounts Receivable #112 Merchandise Inventory #115 Estimated Returns Inventory #116 Store Supplies #117 Prepaid Insurance #119 Store Equipment #120 Accumulated Depreciation - Store Equipment #121 Accounts Payable #210 Salaries Payable #211 Customer Refunds Payable #212 Larkin, Capital #310 Larkin, Drawing #311 Sales #410 Cost of Merchandise Sold #510 Office Salaries Expense #511 Sales Salaries Expense #512 Rent Expense #513 Depreciation Expense #514 Insurance Expense #515 Delivery Expense #516 Misc. Selling Expense #517 Misc. Administrative Expense #518 1-Jun Paid rent for June, $4000 1 pt. 3-Jun Purchased merchandise on account from ABC Company for $10000 Terms 2/10, n/30, FOB shipping point. We were billed $150 for shipping which was added to our invoice. 3 pts. 4-Jun Returned $2000 of the merchandise purchased on June 3 from ABC Company. 2 pts 6-Jun Sold $15000 of Merchandise on account to EFG Company, terms 1/20, n/30, FOB shipping point.The cost of merchandise sold was $5000 and we paid $250 for shipping which was billed and added to the customer's invoice. 3 pts. 7-Jun EFG company returned $1500 of the merchandise purchased on June 6. The cost of merchandise sold was $1000 2 pts. 8-Jun Paid Misc. Selling Expense of $500 and Misc. Administrative Expense of $100 2 pts. 9-Jun Purchased on account $350 of Store Supplies. 2 pts. 13-Jun Paid ABC Company for the purchase made on June 3rd, less the return of June 4th 3 pts. 16-Jun Purchased store supplies for $100 cash. 2 pts. 17-Jun Received cash from EFG Company for the sale of June 6, less the return of June 7th. 3 pts. 25-Jun Paid Sales Salaries Expense of $650 and Office Salaries Expense of $750 2 pts. 30-Jun Owner withdrew $500 1 pt. Post Page 1 Date Journal Entries Ref. Debit Credit 1-Jun Rent Expense 4,000.00 Cash 4,000.00 3-Jun Post your Journal entries to the ledgers. Be sure to balance the ledger after each entry. Ledgers Cash #110 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 40,000.00 Check Answer Cash = 38,775.00 Accounts Receivable #112 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 3,500.00 Merchandise Inventory #115 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 6,000.00 Estimated Returns Inventory #116 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 4,300.00 Store Supplies #117 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 500.00 Prepaid Insurance #119 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 300.00 Store Equipment #120 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 2,000.00 Accumulated Depreciation - Store Equipment #121 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 200.00 Accounts Payable #210 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 1,700.00 Salaries Payable #211 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. Customer Refunds Payable #212 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. 1-Jun Balance 9,000.00 Larkin, Capital #310 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 40,400.00 Larkin, Drawing #311 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 2,000.00 Sales #410 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 15,700.00 Cost of Merchandise Sold #510 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 5,000.00 Office Salaries Expense #511 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 2,000.00 Sales Salaries Expense #512 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 1,000.00 Rent Expense #513 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. Depreciation Expense #514 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 100.00 Insurance Expense #515 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. Delivery Expense #516 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. Misc. Selling Expense #517 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 200 Misc. Administrative Expense #518 Balance Date Item Post Ref. Dr. Cr. Dr. Cr. June 1 Balance 100Explanation / Answer
Ledger Balance:Cash Account
Date
Journal Entries
Debit
Credit
1-Jun
Rent Expense
4,000.00
Cash
4,000.00
3-Jun
Merchandise Inventory
10000
Delivery Expense
150
To Accounts Payable (ABC)
10150
3-Jun
Accounts Payable
150
Cash
150
4 June
Accounts Payable (ABC)
2000
Merchandise Inventory
2000
6June
Accounts Receivable
15250
Sales
15000
Cash
250
Profit and Loss
10000
7 June
Merchandise Inventory
1000
Profit and Loss
500
Accounts Receivable
1500
8th June
Misc. Selling Expense
500
Misc Admin Expense
100
Cash
600
9th June
Store Supplies
350
Cash
350
13 June
Accounts Payable
8000
Profit and Loss (Discount of 2 Percent as payment made in 10 days)
1600
Cash
6400
16 June
Store Supplies
100
Cash
100
17 June
Cash
12150
Discount on Sales
1350
Accounts Receivable
13500
25 June
Sales Salaries Expense
650
Office Salaries expense
750
Cash
1400
30 June
Larkin Drawing
500
Cash
500
Date Particular Amount Date Particular Amount 17.06. Accounts Receivable 12150 01.06. Rent Expense 4000 Balance b/d 1450 06.06 Accounts Receivable 250 08.06. Misc Exp Selling 500 08.06. Misc Admin Exp 100 09.06. Store Supplies 350 13.06 Accounts Payable 6400 16.06 Store Supplies 100 25.06. Sales Salary Exp 650 25.06 Office Salary 750 30.06. Lurkin Drawing 500 03.06. Accounts payable 150