In: Accounting
1. Journal & T Account
• June 3 Sold for $700 office equipment that had cost $2000 and has associated accumulated depreciation of $1,500
• June 7 Made sales of $2000 on credit; the cost of the inventory sold was $1200
• June 10 Purchased $1000 of inventory for cash
• June 15 Purchased new office equipment costing $4000 paying $1500 and signing a 90-day note for the balance
• June 16 Received check for June 7 credit sale
• June 17 Made cash sales of $4200; the cost of the inventory sold was $2300
• June 20 Purchased $2600 of inventory on credit
• June 24 Returned $200 of defective inventory from the June 20 purchase for a credit to its account
• June 29 Paid for the June 20 purchase minus the return
June 30 Paid the June utility bill, $210
Debit |
Credit |
|
Cash |
12,523 |
|
Accounts Receivables |
23,052 |
|
Inventory |
16,300 |
|
Office Equipment |
35,860 |
|
Accumulated Depreciation |
10,540 |
|
Notes Payable |
3,400 |
|
Accounts Payable |
3,500 |
|
Sales Revenue |
47,872 |
|
Gain on Sale of O.E. |
400 |
|
Cost of Goods Sold |
22,354 |
|
Utilities Expense |
1,124 |