Some of the accounts available: Cash, Accounts Payable, Accounts Receivable, Short-Term Notes Payable, Mortgage Note Payable, Common Stock, Cost of Goods Sold, Selling Expense, Interest Expense, Income Taxes Payable, Merchandise Inventory
I already know to record prompt #s and check #s
Journal Entries:
1) cash sales - $10,000
2) write-off of $500, uncollectible account receivable &*under the allowance method&*
3) $30,000 merchandise inventory on account
4) $120,000 worth of sales to customers on credit
5) Borrowed $10,000 short term notes payable
6) Buying an office building, mortgage note payable - 140,000, AND a check for 10,000
7) Borrowed 50,000 long term payable
8) Sold 10,000 common stock, 10 dollars$ a share
9) check to vendor for 32,000
10) Paid 25,000 on a mortgage note
11) Declaring cash dividend of $20,000 on common stock
12) Bought $30,000 of merchandise inventory
13) Cash sales of 50,000, credit sales 40,000
14) Declared cash dividend on preferred stock, $1,000
15) Paid common stock dividend of $20,000 and preferred stock dividend of $1,000
16) collected 150,000 from credit customers
17) Cost of goods sold - 88,000. Crediting M. Inv, Debiting Cost of Goods Sold
18) Selling expenses - 40,000. Admin Expenses - 20,000
19) Accrued interest expense on short/long - 1,200
20) accrued income tax - 7,000
Added (1). More Qs
1. Inventory turnover ratio?
2. Interest coverage ratio?
3. Gross profit ratio?
4. EPS, assuming 10k common stock shares @ beginning, and the additional 10k @ last half
5. Return on assets?
6. Return on common stockholder's equity?
7. Price earnings ratio (assume market price is $20/share)
8. Book value per share?
Read more: Accounting practice exercise? Recording assets, liabilities, S equity? Journal entries?
