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ACCT 20100 Review Problem

ACCT 20100 Review Problem. Journal Entries. Transaction 1. Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash and $5,000 on account. The cost of goods sole was $5,000. Transaction 1.

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ACCT 20100 Review Problem

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  1. ACCT 20100 Review Problem Journal Entries

  2. Transaction 1 Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash and $5,000 on account. The cost of goods sole was $5,000.

  3. Transaction 1 Mike Company had sales of goods totaling $15,000, receiving $10,000 in cash and $5,000 on account. The cost of goods sole was $5,000.

  4. Transaction 2 Mike Company purchased $15,000 of inventory. All purchases were on account.

  5. Transaction 2 Mike Company purchased $15,000 of inventory. All purchases were on account.

  6. Transaction 3 Mike Company paid salaries, including $1,000 for this month and $1,500 that was payable from last month.

  7. Transaction 3 Mike Company paid salaries, including $1,000 for this month and $1,500 that was payable from last month.

  8. Transaction 4 Mike Company purchased $500 of supplies. All of these purchases were on account.

  9. Transaction 4 Mike Company purchased $500 of supplies. All of these purchases were on account.

  10. Transaction 5 Mike Company collected $2,500 cash from customers who had been granted credit. The entire amount collected relates to sales from last month.

  11. Transaction 5 Mike Company collected $2,500 cash from customers who had been granted credit. The entire amount collected relates to sales from last month.

  12. Transaction 6 Mike Company paid utilities of $500.

  13. Transaction 6 Mike Company paid utilities of $500.

  14. Transaction 7 Mike Company paid $3,000 to its suppliers related to previous purchases on account.

  15. Transaction 7 Mike Company paid $3,000 to its suppliers related to previous purchases on account.

  16. Transaction 8 Mike Company paid $1,500 for this month’s rent.

  17. Transaction 8 Mike Company paid $1,500 for this month’s rent.

  18. Transaction 9 Mike Company incurred depreciation expense for the month of $2,000.

  19. Transaction 9 Mike Company incurred depreciation expense for the month of $2,000.

  20. Transaction 10 After counting its supplies on hand, Mike Company determined that they had $1,000 in supplies on-hand as of the end of the month.

  21. Transaction 10 After counting its supplies on hand, Mike Company determined that they had $1,000 in supplies on-hand as of the end of the month.

  22. Transaction 11 $1,000 of prepaid insurance expired.

  23. Transaction 11 $1,000 of prepaid insurance expired.

  24. Transaction 12 Mike Company paid $300 of interest on its long-term debt.

  25. Transaction 12 Mike Company paid $300 of interest on its long-term debt.

  26. Transaction 13 Mike Company incurred $1,000 of salaries expense, but will pay this amount next month.

  27. Transaction 13 Mike Company incurred $1,000 of salaries expense, but will pay this amount next month.

  28. Transaction 14 Mike Company declared and paid $500 in dividends.

  29. Transaction 14 Mike Company declared and paid $500 in dividends.

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