Book 2 - Chapter 24

Reinforcement Problems
LG 24-1.

Transaction		Journal
1.	Owner invested $5,000 in her business.	CR
2.	Sold $1,000 of merchandise on account.	S
3.	Sold $300 of excess office supplies on account.	J
4.	Paid $2,000 cash to pay accounts payable.	CP
5.	Bought $3,000 of merchandise on account.	P
6.	Made a $500 cash sale of merchandise.	CR
7.	Customer returned $100 of defective merchandise.	J
8.	Purchased computer for $4,000; paid $500 cash and signed a note payable for the balance.	CP
9.	Sold the company van; received $7,000 cash and a $7,000 note receivable for the balance.	CR
10.	Bought $5,000 of merchandise, terms 2/10, n/30.	P
11.	Bought $250 of office supplies on account.	P
12.	Sold $275 of merchandise, terms 2/10, n/30.	S
13.	Returned the merchandise purchased in transaction #12, above.	J
14.	Owner withdrew $1,000 from the business.	CP
15.	Received $650 payment from customer for amount owing from previous month’s sale.	CR
16.	Bought $100 of supplies for cash.	CP
17.	Made adjusting and closing entries.	J

Learning Goal 24, continued

SOLUTIONS

Section IV · Accounting Systems

Home

Home || Book Publications || Professor’s Office || Student Info & Resources || Useful Links

Worthy & James Publishing is a provider of basic accounting books covering fundamental accounting principles, business accounting, and business math. Topics in financial accounting and business accounting covered include the balance sheet, the income statement, financial ratios, and bank reconciliation.