TV Journalize the following transactions according to the fo

TV. Journalize the following transactions according to the following deserlptions: (45) 1. Nov. 1, performed services for. Morris Ltd. on account, $4,900 and created a petty cash fund with $100. 2. Nov. 3, received goods from Oct. 30 sale of $2,000 that cost $800. (Oct. 30, sold $6,000 that cost $2,400, on credit terms of 2/10, n/30, FOB shipping point.) 3. Nov. 4, paid $120 for the freight that was arranged for the client in the Oct. 30 sale. 4. Nov. 10, received payment of the Oct. 30 sale 5. Nov 15, received an additional capital from the owner Smith of $5,000 in cash. 6, Nov. 21, borrowed $2,000 from a bank for 3 month at a rate of6% per year. 7. Nov. 25, S500 was withdraw by the owner Peter 8. Nov. 30, it was found that the petty cash was spent on postage $15 for office use, stationery $55 for store use; and only $25 is now on hand 9. Nov. 30, prepared adjusting entries: 1) interest expense incurred on Nov. 21; 2) the beginning balance of supplies is $300, the new purchase during November is $200 and at the end of the Nov, the physical check showed a $150 supplies on hand; 3) accrued salaries $900; 4) depreciation for equipment which was purchased for $510,000 with an estimated residual value of $30,000 and an expected operating hours of 160,000 hours: the equipment operates 2,000 hours during November (the company uses units-of-production method). 10. Nov. 30, prepared the closing entries: 1) Revenues: $120,000, 2) wage expenses: $12,000, 3) cost of merchandise sold: $40,000; 4) the drawing account. 11. Dec. 5, a furniture that was acquired at a cost of $4,000 and has depreciated for $3,600 was sold for $800.

Solution

sl.no. Date Account Title Debit Credit 1 Nov.1 Accounts Receivables 4900 Service revenue 4900 Petty cash 100 Cash 100 2 Nov.3 Sales returns 2000 Accounts Receivables 2000 Inventory 800 COGS 800 3 Nov.4 Accounts receivables 120 Cash 120 4 Nov.10 Cash(6000-2000)*(1-2%) 3920 Sales discounts(4000*2%) 80 Accounts receivables(6000-2000) 4000 5 Nov.15 Cash 5000 Smith\'s Capital 5000 6 Nov.21 Cash 2000 6% Loan from Bank 2000 7 Nov.25 Drawings--Peter 500 Cash 500 8 Nov.30 Postage expense 15 Stationery expense 55 Miscellaneous 5 Petty cash 75 9 Nov.30 Interest expense(2000*6%*10/365) 3.29 Interest payable 3.29 Supplies expense 350 Supplies 150 Cash 200 Salaries expense 900 Salaries payable 900 Depreciation-Equipment(510000-30000)/160000*2000 6000 Accumulated depn.-Equipment 6000 Revenues 120000 Income Summary 120000 Income Summary 12000 Wage expenses 12000 Income Summary 40000 Cost of merchandise sold 40000 DrPeter capital 500 Drawings--Peter 500 11 11-Dec Cash 800 Accumulated depreciation 3600 Furniture 4000 Gain on sale 400