Reference no: EM13913524
1. Managers and accountants often encounter transactions with which they are unfa- miliar. Use your analytical skills to analyze and prepare journal entries for the following transactions, which have not yet been discussed in the text.
May 1 Purchased merchandise inventory on account, $1,200.
2 Purchased marketable securities for cash, $2,800.
3 Returned part of merchandise inventory purchased for full credit, $250.
4 Sold merchandise inventory on account, $800 (record sale only).
5 Purchased land and a building for $300,000. Payment is $60,000 cash, and there is a 30-year mortgage for the remainder. The purchase price
is allocated as follows: $100,000 to the land and $200,000 to the building.
6 Received an order for $12,000 in services to be provided. With the order was a deposit of $4,000.
Trial Balance
2. After recording the transactions in E6A, prepare a trial balance in proper sequence for Ferdinand Repair Service, Inc., as of June 30, 2014.
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: After recording the transactions in E6A, prepare a trial balance in proper sequence for Ferdinand Repair Service, Inc., as of June 30, 2014.
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