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Intermediate Accounting Reporting Analysis (with The FASB's Accounting Standards Codification: A User-Friendly Guide)(1st Edition)View more editions
Solutions for Chapter 3 Problem 6P
Problem 6P: Journal Entries, Posting, and Trial Balance Luke Unlimited Comp...
2077 step-by-step solutionsSolved by professors & experts iOS, Android, & webGET SOLUTIONS
CH1CH1TVMCH2CH3CH4CH5CH6CH7CH8CH9CH10CH11CH12CH13CH14CH15CH16CH17CH18CH19CH20CH21CH22 1E1P1Q1RE2E2P2Q2RE3E3P3Q3RE4E4P4Q4RE5E5P5Q5RE6E6P6Q6RE7E7P7Q7RE8E8P8Q8RE9E9P9Q9RE10E10P10Q10RE11E11P11Q11RE12E12P12Q13E13P13Q14E14P14Q15E15P15Q16P16Q17P17Q18Q19Q20Q21Q22Q23Q24Q25Q26Q27Q28Q29Q30Q
Journal Entries, Posting, and Trial Balance Luke Unlimited Company’s account balances on November 1,2013, are as follows:
During the month of November, the following transactions took place:
Required:
1. Prepare general journal entries to record the preceding transactions.
2. Post to general ledger T-accounts.
3. Prepare a trial balance on November 30, 2013.
Step-by-Step Solution:
100% (3 ratings)
Step 1 of 3
1.
Prepare the journal entries to record the transactions of LUC as on Nov 30:
Date
Particulars
Debit
Credit
Nov 2
Cash
Sales Revenue
(Being Cash sales made)
3,400
3,400
Nov 3
Cost of goods sold
Inventory
(Being inventory sold)
2,040
2,040
Nov3
Inventory
Cash
(Being inventory purchased for credit)
900
900
Nov5
Cash
Land
Profit on sale of land
(Being ½ acre of land sold for profit)
4,000
3,650
350
Nov8
Insurance
Cash
(Being 2-years insurance policy purchased)
528
528
Nov 12
Cash
Unearned Rent
Being 6 months rent advance collected)
1,320
1,320
Nov13
Accounts Receivable
Sales
(Being credit sales made)
2,300
2,300
Nov13
Cost of goods sold
Inventory
(Being inventory sold)
1,400
1,400
Nov 16
Cash
Interest received
Note receivable
(Being amount received along with interest against notes receivable)
230
30
200
Nov 17
Inventory
Accounts payable
(Being inventory purchased on credit)
1,600
1,600
Nov 19
Sales Returns
Accounts Receivable
(Being allowance given for defective inventory)
200
200
Nov 20
Land
Cash
Notes Payable
(Being land purchased for cash and notes payable)
8,000
2,000
6,000
Nov 23
Cash
Accounts Receivable
(Being accounts receivable collected)
2,100
2,100
Nov 26
Accounts Payable
Cash
(Being paid to creditors for purchase of inventory on Nov 17)
1,600
1,600
Nov 27
Advertising Expenses
Cash
(Being advertising expenses during November)
420
420
Nov 30
Salaries
Cash
(Being sales persons salaries paid)
520
520
Nov 30
Salaries
Cash
(Being sales persons salaries paid)
390
390
Chapter 3, Problem 6P is solved.VIEW THIS ANSWERView a sample solution
Solutions for Problems in Chapter 3
Need an extra hand? Browse hundreds of Accounting tutors.
home / study / business / accounting / accounting...
Intermediate Accounting Reporting Analysis (with The FASB's Accounting Standards Codification: A User-Friendly Guide)(1st Edition)View more editions
Solutions for Chapter 3 Problem 6P
Problem 6P: Journal Entries, Posting, and Trial Balance Luke Unlimited Comp...
2077 step-by-step solutionsSolved by professors & experts iOS, Android, & webGET SOLUTIONS
CH1CH1TVMCH2CH3CH4CH5CH6CH7CH8CH9CH10CH11CH12CH13CH14CH15CH16CH17CH18CH19CH20CH21CH22 1E1P1Q1RE2E2P2Q2RE3E3P3Q3RE4E4P4Q4RE5E5P5Q5RE6E6P6Q6RE7E7P7Q7RE8E8P8Q8RE9E9P9Q9RE10E10P10Q10RE11E11P11Q11RE12E12P12Q13E13P13Q14E14P14Q15E15P15Q16P16Q17P17Q18Q19Q20Q21Q22Q23Q24Q25Q26Q27Q28Q29Q30Q
Journal Entries, Posting, and Trial Balance Luke Unlimited Company’s account balances on November 1,2013, are as follows:
During the month of November, the following transactions took place:
Required:
1. Prepare general journal entries to record the preceding transactions.
2. Post to general ledger T-accounts.
3. Prepare a trial balance on November 30, 2013.
Step-by-Step Solution:
100% (3 ratings)
Step 1 of 3
1.
Prepare the journal entries to record the transactions of LUC as on Nov 30:
Date
Particulars
Debit
Credit
Nov 2
Cash
Sales Revenue
(Being Cash sales made)
3,400
3,400
Nov 3
Cost of goods sold
Inventory
(Being inventory sold)
2,040
2,040
Nov3
Inventory
Cash
(Being inventory purchased for credit)
900
900
Nov5
Cash
Land
Profit on sale of land
(Being ½ acre of land sold for profit)
4,000
3,650
350
Nov8
Insurance
Cash
(Being 2-years insurance policy purchased)
528
528
Nov 12
Cash
Unearned Rent
Being 6 months rent advance collected)
1,320
1,320
Nov13
Accounts Receivable
Sales
(Being credit sales made)
2,300
2,300
Nov13
Cost of goods sold
Inventory
(Being inventory sold)
1,400
1,400
Nov 16
Cash
Interest received
Note receivable
(Being amount received along with interest against notes receivable)
230
30
200
Nov 17
Inventory
Accounts payable
(Being inventory purchased on credit)
1,600
1,600
Nov 19
Sales Returns
Accounts Receivable
(Being allowance given for defective inventory)
200
200
Nov 20
Land
Cash
Notes Payable
(Being land purchased for cash and notes payable)
8,000
2,000
6,000
Nov 23
Cash
Accounts Receivable
(Being accounts receivable collected)
2,100
2,100
Nov 26
Accounts Payable
Cash
(Being paid to creditors for purchase of inventory on Nov 17)
1,600
1,600
Nov 27
Advertising Expenses
Cash
(Being advertising expenses during November)
420
420
Nov 30
Salaries
Cash
(Being sales persons salaries paid)
520
520
Nov 30
Salaries
Cash
(Being sales persons salaries paid)
390
390
Chapter 3, Problem 6P is solved.VIEW THIS ANSWERView a sample solution
Solutions for Problems in Chapter 3
Need an extra hand? Browse hundreds of Accounting tutors.
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