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In: Accounting

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

    Solutions

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