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Lunna [17]
3 years ago
12

The following transactions occurred during January 2021:

Business
1 answer:
Fiesta28 [93]3 years ago
7 0

Answer and Explanation:

According to the scenario, journal entry of the given data are as follow:-

Journal Entry

On Jan 1  

Cash A/c      Dr.   $2,600

   To Sales revenue A/c     $2600

(Being the sales is recorded)

  Cost of goods sold A/c     Dr.   $1,100

   To Merchandise Inventory A/c      $1,100

(Being the cost of goods sold is recorded)

On Jan 2  

Equipment A/c         Dr.  $4,600

   To Accounts payable A/c     $4,600

(Being the purchase of equipment on account is recorded)

On Jan 4

  Advertisement expenses A/c      Dr.   $200

   To Accounts payable A/c     $200

(Being the advertising expense is recorded)

On Jan 8

Accounts receivable A/c     Dr.   $4,800

    To Sales revenue A/c     $4,800

(Being the sales is recorded)

Cost of goods sold A/c      Dr.    $2,600

   To Merchandise  Inventory A/c      $2,600

(Being the cost of goods sold)

On Jan 10

Merchandise  Inventory A/c       Dr.    $9,400

   To Accounts payable A/c    $9,400

(Being the purchase of merchandise on account)

On Jan 13

Equipment A/c         Dr.    $800

     To cash A/c      $800

(Being purchase of equipment is recorded)

On Jan 16

 Accounts payable A/c         Dr.   $4,600

      To Cash A/c      $4,600

(Being the cash paid is recorded)

On Jan 18  

Cash A/c          Dr.   $3,800

       To Accounts receivable A/c    $3,800

(Being the cash received is recorded)

On Jan 20

Rent expense A/c          Dr.   $800

       To cash A/c      $800

(Being the rent expense is recorded)

On Jan 30

Salaries and wages expense A/c    Dr.  $2,800

        To cash A/c      $2,800

(Being the salaries and wages expense is recorded)

On Jan 31

Dividends A/c            Dr.  $1,000  

         To cash A/c      $1,000

(Being the cash dividend is paid)

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Mijka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1
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Answer:

Mijka Company

a. Journal Entries

Debit Cash $30,400

Credit Service Revenue $30,400

To record the proceeds for services provided.

Debit Expenses $13,800

Credit Cash $13,800

To record the payment of cash for services.

Debit Dividend $2,100

Credit Cash $2,100

To record the payment of cash dividend.

b. Income Statement for the year ended December 31, 2018:

Service Revenue     $30,400

Expenses                   13,800

Net Income             $16,600

Dividends                   (2,100)

Retained earnings $14,500

Statement of Changes in Stockholders' Equity as of December 31, 2018:

Retained Earnings    $14,500

Balance Sheet as of December 31, 2018:

Assets:

Cash                       $14,500

Equity:

Retained Earnings $14,500

Explanation:

a) Data and Calculations:

Cash revenue $30,400

Cash expense  (13,800)

Cash dividend    (2,100)

Cash balance  $14,500

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