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Post the July, August, and September Journal Entries on T-ACCOUNTS
Peyton Approved
General Journal Entries
Jul-14
Date
Accounts
Debit
Credit
1-Jul
Cash
15,000.00
Common Stock
Contributed cash for common stock
Baking Supplies
8,500.00
Accounts payable
Purchased baking goods on account
3-Jul
10,000.00
Notes Payable
To record two-year 6% noted payable issued
7-Jul
Prepaid expense
3,000.00
cash
to prepay rent
10-Jul
Business license
375.00
purchase of business license
11-Jul
Misc Expense
250.00
to record purchase of cash register
13-Jul
Baking equipement
5,000.00
common stock
transfer of baking equipement to business
advertising expense
200.00
to record advertising expense incurred
14-Jul
misc Supplies
300.00
to record purchase of misc supplies
15-Jul
no entry
Part time help
30-Jul
Telephone expense
45.00
accounts payable
to record telephone bill due in August
31-Jul
Prepaid Insurance
1,200.00
to record prepaid insurance
Salary expense
120.00
salary payable
to record salary paid
accounts receivable
Sales
Aug-14
5-Aug
Salary paid
8-Aug
3,200.00
10-Aug
to pay telephone bill
15-Aug
supplies (vendor)
salary expense
480.00
Rent expense
1,500.00
18-Aug
1,000.00
20-Aug
to record purchase of baking supplies
22-Aug
misc supplies
31-Aug
telephone expense
420.00
12,500.00
7,500
sales
$ 20,000.00
Sep-14
1-Sep
Dividends
5-Sep
7-Sep
Merchandise Inventory (10 x $6)
60.00
Cash purchased inventory
8-Sep
4,000.00
accounts Receivable
10-Sep
11-Sep
7,000.00
13-Sep
vendor payment on account
15-Sep
456.00
rent expense
Cash (8 x$8.50)
68.00
Merchandise Sales Revenue
to record sale of inventory
Cost of Goods Sold (8 x $6)
48.00
Merchandise Inventory
recorded the cost of goods sold
20-Sep
Merchandise Inventory (20 x $6.10)
122.00
24-Sep
Cash (18 x 8.50)
153.00
Record sale of inventory
Cost of Goods Sold (2x $6) + (16 x $6.10)
109.60
Recorded the cst of goods sold
30-Sep
Merchandise Inventory (25 x $6.05)
151.25
19,000.00
6,000.00
25,000.00
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