Reference no: EM132778921
MERCHANDISE COMPANY
Oct. 1: Owner invests cash $35,000 and a building worth $62,000
7: Buy supplies on account, $2,700
8: Pay $800 of the amount due on the supplies
15: Purchase $11,000 of merchandise on account
19: Return $1,700 of the merchandise
25: Pay for the purchase (2/10 N/30)
27: Sell some merchandise for $17,000 on account (Cost = 2,800)
29: Draw $3,200 cash
30: Pay advertising, $600 cash
INSTRUCTIONS
Problem A. Journalize the above transactions
Problem B. Post to the T-accounts
Problem C. do trial balance (dated Oct. 31st)
Problem D. Do adjusting journal entries, as follows:
1. Building depreciation is $3,300
2. Supplies used = $1,400
3. Receive telephone bill, $650 (not paying now)
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