1. Journal & T Account • June 3 Sold for $700 office equipment that had cost...

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

Expert Solution

ekkarill92 answered 2 years ago

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