Journal entry worksheet


Journal entry worksheet<br>< 1 2 3 4 5<br>Record the payment of $520,000 to inventory suppliers on accounts payable.<br>Note: Enter debits before credits.<br>Date<br>General Journal<br>Debit<br>Credit<br>January 24<br>Record entry<br>Clear entry<br>Mew general Journal<br>10<br>

Extracted text: Journal entry worksheet < 1="" 2="" 3="" 4="" 5="" record="" the="" payment="" of="" $520,000="" to="" inventory="" suppliers="" on="" accounts="" payable.="" note:="" enter="" debits="" before="" credits.="" date="" general="" journal="" debit="" credit="" january="" 24="" record="" entry="" clear="" entry="" mew="" general="" journal="">
On Januory 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances:<br>Accounts<br>Cash<br>Debit<br>Credit<br>$ 23,300<br>Accounts Receivable<br>Allowance far Uncollectible Accounts<br>48,e0e<br>$ 4, s8e<br>Inventory<br>Land<br>Accounts Payable<br>Notes Payable (6x, due in 3 ycars)<br>37,e00<br>72,100<br>28,980<br>37,eee<br>63,0ee<br>39,0ee<br>Comnon Stock<br>Retained Earnings<br>Totals<br>$172,488 $172,480<br>The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During January 2021, Big Blast<br>Fireworks had the following inventory transections:<br>January 3 Purchase 1,68e units for $168, 800 on account ($105 each).<br>January 8 Purchase 1,78e units for S187,800 on account ($110 cach).<br>January 12 Purchase 1,80e units for $207,000 on account ($115 cach).<br>January 15 Return 135 of the units purchased on January 12 because of defects.<br>January 19 Sell 5,200 units on account for $788,8ee. The cost of the units sold is deternined using a FIFD perpetual<br>inventory systen.<br>January 22 Receive $753, eee from custoners on accounts receivable.<br>January 24 Pay $520,0ee to inventory suppliers on accounts payable.<br>January 27 rite off accounts receivable as uncollectible, $3,200.<br>January 31 Pay cash for salaries during January, $121,e0e.<br>The following information is available on January 31, 2021.<br>a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for<br>only $100 each.<br>b. The company estimates future uncollectible sccounts. The compony determines $4,700 of accounts receivoble on<br>January 31 are psst due, and 35% of these accounts are estimsted to be uncollectible. The remaining sccounts<br>receivable on January 31 are not past due, and 5% of these accounts are estimsted to be uncollectible. (Hint: Use the<br>January 31 accounts receivable balance calculated in the general ledger.)<br>C. Accrued interest expense on notes payable for January. Interest is expected to be paid esch December 31.<br>d. Accrued income taxes ot the end of January are $13,000.<br>Required:<br>- Record esch of the transactions listed above, assuming a FIFO perpetuel inventory system. (If no entry Is required for a<br>ransaction/event, select

Extracted text: On Januory 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: Accounts Cash Debit Credit $ 23,300 Accounts Receivable Allowance far Uncollectible Accounts 48,e0e $ 4, s8e Inventory Land Accounts Payable Notes Payable (6x, due in 3 ycars) 37,e00 72,100 28,980 37,eee 63,0ee 39,0ee Comnon Stock Retained Earnings Totals $172,488 $172,480 The $37,000 beginning balance of inventory consists of 370 units, eoch costing $100. During January 2021, Big Blast Fireworks had the following inventory transections: January 3 Purchase 1,68e units for $168, 800 on account ($105 each). January 8 Purchase 1,78e units for S187,800 on account ($110 cach). January 12 Purchase 1,80e units for $207,000 on account ($115 cach). January 15 Return 135 of the units purchased on January 12 because of defects. January 19 Sell 5,200 units on account for $788,8ee. The cost of the units sold is deternined using a FIFD perpetual inventory systen. January 22 Receive $753, eee from custoners on accounts receivable. January 24 Pay $520,0ee to inventory suppliers on accounts payable. January 27 rite off accounts receivable as uncollectible, $3,200. January 31 Pay cash for salaries during January, $121,e0e. The following information is available on January 31, 2021. a. At the end of January, the company estimates that the remaining units of inventory are expected to sell in February for only $100 each. b. The company estimates future uncollectible sccounts. The compony determines $4,700 of accounts receivoble on January 31 are psst due, and 35% of these accounts are estimsted to be uncollectible. The remaining sccounts receivable on January 31 are not past due, and 5% of these accounts are estimsted to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) C. Accrued interest expense on notes payable for January. Interest is expected to be paid esch December 31. d. Accrued income taxes ot the end of January are $13,000. Required: - Record esch of the transactions listed above, assuming a FIFO perpetuel inventory system. (If no entry Is required for a ransaction/event, select "No Journal entry required" In the first account field.) View transaction lst Journal entry worksheet < 1 2 3 4 9 10 5 7 8 record the receipt of $753,000 from customers on accounts receivable. note: enter debits before credits. date general joumal debit сredit january 22 record entry clear entry vew general joumal co 1="" 2="" 3="" 4="" 9="" 10="" 5="" 7="" 8="" record="" the="" receipt="" of="" $753,000="" from="" customers="" on="" accounts="" receivable.="" note:="" enter="" debits="" before="" credits.="" date="" general="" joumal="" debit="" сredit="" january="" 22="" record="" entry="" clear="" entry="" vew="" general="" joumal="">
Jun 11, 2022
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