Making the journal entries to record merchandising

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Reference no: EM13356377

Making the journal entries to record merchandising operation's activities.

Make the journal entries necessary to record the following eight transactions.

1. Purchased inventory on account for $130,000.
2. Sold goods for $100,000 cash. The goods originally cost $65,000.
3. Paid $27,000 cash for employee wages.
4. Paid $12,500 cash for advertising.
5. Sold goods for $25,000 cash and $60,000 on account (a total of $85,000). The goods originally cost $57,000.
6. Collected cash of $47,000 from the $60,000 receivable on account; the remaining $13,000 is expected to be collected later.
7. Paid cash of $55,000 on the $130,000 payable on account; the remaining $75,000 is expected to be paid later.
8. Paid cash dividends of $8,500.

Reference no: EM13356377

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