Reference no: EM132736787

Question: Happy Toy Inc. is a toy store that sells a wide selection of toys in Waterloo. You have been hired as the accountant and have been asked to prepare journal entries for the following November 2018 transactions. The company's fiscal year end is November 30. During November 2018, the company incurred the following transactions:

A) On November 1, Happy Toy borrowed $60,000 as a note payable from the bank.

B) On November 2, Happy Toy paid $12,000 for toys received in September delivered by its supplier, Super Toy Factory.

C) On November 11, Happy Toy received $500 from a customer for a purchase in October.

D) On November 15, Happy Toy paid employees' salaries of $2,200, covering the Nov1-Nov15 pay period.

E) On November 23, Happy Toy purchased $8,000 toy inventories from Super Toy Factory, paying $2,500 in cash and the remainder on account.

F) On November 28, Happy Toy paid its owners a cash dividend of $800.

G) On November 29, Happy Toy paid $1,800 for property insurance covering 2019.

Required: Provide the journal entries required for each of the above transactions in the chart provided on page 7. The number of lines provided in the chart is not necessarily representative of the number of lines required - use what you need. You do not need to include explanations for the journal entries; however, note the letter of the transaction and the date of the entry.

Please prepare journal entries for each transaction in the following table: Transaction Letter and Date, Account, Debit, Credit