What would be the journal entry for the following transactions (include account, amount, debit or credit):...

What would be the journal entry for the following transactions (include account, amount, debit or credit):

Jan 7 Issued common stock for $50,000

Feb 14 Purchased supplies on account for $3,750

Feb 20 Paid the invoice for Supplies that were purchased on Feb 14th

Apr 3 Issued additional common stock for $30,000.

Apr 8 Purchased merchandise of 6,000 yo-yos at $2.00 per yo-yo on account, terms 1/10, n/30.

May 8 Paid the invoice of April 8

May 11 Sold 2,000 of the yo-yos on account to Target, terms 2/10, n30, FOB for $3.00 per yo-yo.

May 20 Received cash from the sale on May 11.

Jun 2 Issued a 60-day, 12% note to $5,000 from Bob Smith, one of our managers, who stumbled upon some legal trouble.

July 1 Sold 4,000 yo-yos on account to Walmart, terms 2/10, n30, for $3.00 per yo-yo.

July 1 Paid sales salaries of $1,500 and office salaries of $1,000, utilities of $250, insurance expense of $400 and travel expenses of $200

July 7 Purchased store equipment by paying $4,000 in cash and signing a 90-day, 6% note for $9,000.

Expert Solution

Journal entries

Date	General Journal	Debit	Credit
Jan 7	Cash	50000
	Common Stock		50000

Feb 14	Supplies	3750
	Account payable		3750

Feb 20	Account payable	3750
	Cash		3750

Apr 3	Cash	30000
	Common Stock		30000

Apr 8	Merchandise inventory (6000*2)	12000
	Account payable		12000

May 8	Account payable	12000
	Cash		12000

May 11	Account receivable (2000*3)	6000
	Sales revenue		6000

May 20	Cash (6000*98%)	5880
	Sales discount	120
	Account receivable		6000

Jun 2	Cash	5000
	Notes payable		5000

July 1	Account receivable	12000
	Sales revenue		12000

July 1	Sales salaries	1500
	Office salaries	1000
	Utilities expense	250
	Insurance expense	400
	Travel expense	200
	Cash		3350

July 7	Equipment	13000
	Cash		4000
	Notes payable		9000

ekkarill92 answered 1 year ago

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What would be the journal entry for the following transactions (include account, amount, debit or credit):...

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