Financial Accounting - Journal Entries
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Dec. 1 Established petty cash account with $400
Dec. 1 Paid rent expense of $5000 for the month of December
Dec. 1 Issued $100,000 bonds at par with an interest rate of 6%
Dec. 3 Purchased $400,000 of inventory on account under the terms 2/10, net 30
Dec. 5 Sold land for cost, $25,000
Dec. 9 Sold equipment with an original cost of $30,000, accumulated depreciation of $15,000 for $12,000 cash.
Dec. 10 Sold inventory on account for $400,000 with a cost of $200,000.
Dec. 10 Allowance for doubtful accounts is 3% of net sales rounded to the nearest dollar. (see Dec. 10th sales.)
Dec. 11 Paid inventory purchased on December 3
Dec. 12 Replenished petty cash receipts. $100 postage expense; $200 Miscellaneous expense; $85 Entertainment expense. Cash in box $13
Dec. 18 Wrote off uncollectible account $15,000
Dec. 20 Received payment in full for sale on December 10.
Dec. 31 Paid salaries and wages expense of $5,000
Dec. 31 Accrued for interest expense on bonds issues on December 1.
Dec. 31 Prepaid insurance of $400 expired in December.
Dec. 31 Record depreciation expense of $1,500.
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