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3 years ago

1. B. Journalize the transactions for May, starting on Page 20 of the journal.*

Business

1 answer:

jeyben [28]3 years ago

8 0

Answer:

Rent Expense (Dr.) $5,000

Cash (Cr.) $5,000

Inventory (Dr.) $35,380

Accounts Payable Martin Co. (Cr.) $35,380

Accounts Receivable Korman Co. (Dr.) $62,000

Sales (Cr.) $62,000

Cost of Goods Sold (Dr.) $48,500

Inventory (Cr.) $48,500

Explanation:

Advertising Expense (Dr.) $21,800

Cash (Cr.) $ 21,800

Cash (Dr.) $62,000

Accounts Receivable Korman Co. (Cr.) $62,000

Customer Refund Payable (Dr.) $31,500

Cash (Cr.) $31,500

Sales Salaries Expense (Dr.) $12,000

Office Salaries Expense (Dr.) $ 38,000

Cash (Cr.) $50,000

Store Supplies Expense (Dr.) $2,200

Cash (Cr.) $2,200

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