In: Accounting
Use the horizontal model, or write the journal entry, for each of the following transactions and adjustments that occurred during the first year of operations at Kissick Co.
Required:
Answer:
Transaction | General Journal | Debit | Credit |
a. | Cash | $ 14,00,000 | |
Common Stock | $ 14,00,000 | ||
b. | Cash | $ 5,10,000 | |
Note Payable | $ 5,10,000 | ||
c. | Salaries expense | $ 3,80,000 | |
Cash | $ 3,80,000 | ||
d. | Merchandise Inventory | $ 7,30,000 | |
Accounts payable | $ 7,30,000 | ||
e-1. | Accounts Receivable | $ 9,20,000 | |
Sales | $ 9,20,000 | ||
e-2. | Cost of goods sold | $ 6,30,000 | |
Merchandise Inventory | $ 6,30,000 | ||
f. | Rent Expense | $ 1,10,000 | |
Cash | $ 1,10,000 | ||
g. | Equipments | $ 1,50,000 | |
Cash | $ 51,000 | ||
Accounts Payable | $ 99,000 | ||
h. | Accounts Payable | $ 6,10,000 | |
cash | $ 6,10,000 | ||
i. | Utilities Expense | $ 42,000 | |
Cash | $ 42,000 | ||
j. | Cash | $ 8,25,000 | |
Accounts Receivable | $ 8,25,000 | ||
k. | Interest Expense | $ 56,100 | |
Interest Payable | $ 56,100 | ||
l. | Rent Expense | $ 10,000 | |
Rent Payable | $ 10,000 |