Journal Entries - The following are selected accounts and account balances of the Sawyer Company on May 31: Debit (Credit) Cash $12,523 Accounts receivable 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 office equipment -400 Cost of goods sold 22,354 Utility expense 1,124 The Sawyer Company entered into the following transactions during June: Date Transaction 3-Jun Sold for $700 office equipment that had cost $2,000 and has associated accumulated depreciation of $1,500. 7 Made sales of $2,000 on credit; the cost of the inventory sold was $1,200. 10 Purchased $1,000 of inventory for cash. 15 Purchased new office equipment costing $4,000, paying $1,500 and signing a 90-day note for the balance. 16 Received check for June 7 credit sale. 17 Made cash sales of $4,200; the cost of the inventory sold was $2,300. 20 Purchased $2,600 of inventory on credit. 24 Returned $200 of defective inventory from the June 20 purchase for a credit to its account. 29 Paid for the June 20 purchase less the return. 30 Paid the monthly utility bill, $210. Required 1. Record the preceding transactions in a general journal. 2. Post to the accounts.

Journal Entries - The following are selected accounts and account balances of the Sawyer Company on May 31: Debit (Credit) Cash $12,523 Accounts receivable 23,052 Inventory 16,300 Office equipment...

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Journal Entries - The following are selected accounts and account balances of the Sawyer Company on May 31:

Debit (Credit)
Cash	$12,523
Accounts receivable	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 office equipment	-400
Cost of goods sold	22,354
Utility expense	1,124

The Sawyer Company entered into the following transactions during June:

Date	Transaction
3-Jun	Sold for $700 office equipment that had cost $2,000 and has associated accumulated depreciation of $1,500.
7	Made sales of $2,000 on credit; the cost of the inventory sold was $1,200.
10	Purchased $1,000 of inventory for cash.
15	Purchased new office equipment costing $4,000, paying $1,500 and signing a 90-day note for the balance.
16	Received check for June 7 credit sale.
17	Made cash sales of $4,200; the cost of the inventory sold was $2,300.
20	Purchased $2,600 of inventory on credit.
24	Returned $200 of defective inventory from the June 20 purchase for a credit to its account.
29	Paid for the June 20 purchase less the return.
30	Paid the monthly utility bill, $210.

Required

1. Record the preceding transactions in a general journal.

2. Post to the accounts.

Answered Same Day Dec 24, 2021

Robert answered on Dec 24 2021

118 Votes

SOLUTION.PDF