Question

Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May:

Date	Transaction
May 1	Made cash sales of $8,100; the cost of the inventory was $3,100.
5	Purchased $2,400 of inventory on credit.
9	Made credit sales of $3,500; the cost of the inventory sold was $2,100.
13	Paid sales salaries of $800 and office salaries of $500.
14	Paid for the May 5 purchases.
18	Purchased sales equipment costing $5,100; made a down payment of $1,200 and agreed to pay the balance in 60 days.
21	Purchased $900 of inventory for cash.
27	Sold land that had originally cost $1,800 for $2,800.

Required:

Record the preceding transactions in a general journal.

CHART OF ACCOUNTS
Mead Company
General Ledger
ASSETS 111 Cash 121 Accounts Receivable 141 Inventory 152 Prepaid Insurance 180 Land 181 Equipment 189 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Sales Salaries Payable 232 Office Salaries Payable 250 Unearned Revenue 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings	REVENUE 411 Sales Revenue 451 Gain on Sale of Land EXPENSES 500 Cost of Goods Sold 511 Insurance Expense 512 Utilities Expense 521 Sales Salaries Expense 522 Office Salaries Expense 532 Bad Debt Expense 540 Interest Expense 541 Depreciation Expense 559 Miscellaneous Expenses 910 Income Tax Expense

Record the May transactions in a general journal.

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

Answer 1

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