I need help with ACG 3113 Practice set 2

I need help with ACG 3113 Practice set 2

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ACG 3113 Practice Set 2
The Gremlin Ice Cream Company started business July 1, 2000.
Gremlin uses the
perpetual
inventory system.
Required:
Using Excel, prepare general journal entries
in good form
for only the
transactions listed below (Explanations are not necessary):
July 1 2000
Issued 5,000 shares of $1 par value common stock for $95,000 cash.
July 1 Rented building space, paying three month’s rent of $24,000 in advance.
(Use a
real or permanent account for the building rent).
July 6 Rented equipment at a cost of $600 per month, paying $6,000 upon signing the
rental agreement.
(Use a nominal or temporary account for the
equipment rental)
July 7 Purchased ice cream on account for $2,000.
July 8 Purchased supplies on account for $560.
(Use a real or permanent account for
the supplies)
July 12
Recorded cash sales in the amount of $2,500.
The ice cream sold cost
$800.
July 14
Paid wages of $1,800.
July 15
Paid two-year insurance premium of $2,900.
(Use a real or permanent
account for the insurance). The insurance is effective today.
July 16
Recorded sales on account of $2,600.
The ice cream sold cost $675.
July 17
Paid for the ice cream purchased on the 7
th
and the supplies purchased on
the 8th.
July 18
Purchased store equipment for $45,000.
Paid $12,000 in cash and signed a
2-year 10% Note for the remainder.
July 21
Received an invoice for the month’s utilities of $650.
The bill is due on
August 12
th
and will be paid then.
July 27
Received a cash payment of $2,600 for goods sold on account on July 16.

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