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makvit [3.9K]
3 years ago
6

Journalize the entries for the following transactions

Business
1 answer:
Zanzabum3 years ago
4 0

Answer and Explanation:

The journal entry is shown below:

a. Cash $116,300  

       To  Sales $116,300

(Being the merchandise is sold for cash is recorded)

Cost of Merchandise Sold $72,000  

     To Merchandise Inventory $72,000

(Being the cost of the merchandise is recorded)

b. Accounts Receivable $755,000  

    To  Sales $755,000

(Being the merchandise is sold on account is recorded)

Cost of Merchandise Sold $400,000  

         To Merchandise Inventory $400,000

(being the cost of the merchandise is recorded)

c. Cash $1,950,000  

      To Sales $1,950,000

(Being the merchandise is sold for cash is recorded)

Cost of Merchandise Sold $1,250,000  

    To Merchandise Inventory $1,250,000

(Being the cost of the merchandise is recorded)

d. Cash $330,000  

     Sales  $330,000

(Being the merchandise is sold for cash is recorded)

Cost of Merchandise Sold $230,000  

       To Merchandise Inventory $230,000

(Being the cost of the merchandise is recorded)

e. Credit Card Expense $81,500  

        To Cash  $81,500

(Being cash paid is recorded)

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Answer:

Incorrect Statement about the Statement of Cash Flows:

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Statement of Cash Flows is broadly divided into three, the operating, investing, and financing activities sections.  The operating activities section show the cash flows from the normal business of the enterprise.  The investing activities section shows the acquisition and disposal of investments made by the company in cash.  While, the financing section shows the inflow and outflow of cash resulting from the funding of the business by stockholders and noncurrent creditors.

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The correct answer is $588000

<u>Explanation:</u>

As the restricted shares provided to the employees are recorded at the market value. The restricted shares have a vesting period which means the employee cannot sell the stock right away, for example the CFO might have to wait for 2 years before being able to sell the stock. Generally, the company will debit deferred revenue expense with the amount of $588000 currently and write off over the vesting period.

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