Luke Unlimited Company’s account balances on November 1 are as follows:
Debit Credit
Ca...
Business, 25.09.2020 01:01, chambless1828
Luke Unlimited Company’s account balances on November 1 are as follows:
Debit Credit
Cash $7,800
Accounts Receivable 12,530
Allowance for Doubtful Accounts $740
Notes Receivable 6,000
Inventory 25,121
Prepaid Insurance 840
Office Supplies 465
Land 74,350
Buildings 66,580
Accumulated Depreciation: Buildings 21,400
Equipment 37,620
Accumulated Depreciation: Equipment 11,480
Patents 25,000
Accounts Payable 38,750
Notes Payable 2,400
Common Stock, no par 165,000
Retained Earnings, January 1 24,958
Sales Revenue 36,833
Cost of Goods Sold 32,000
Sales Salaries Expense 6,200
Office Salaries Expense 4,300
Advertising Expense 1,250
Utilities Expense 1,845
Interest Revenue 550
Interest Expense 210
During the month of November, the following transactions took place:
Date
Transaction
Nov. 2 Made cash sales of $3,400; the cost of the inventory sold was $2,040.
3 Purchased $900 of inventory for cash.
5 Sold an unused 1/2 acre of land for $4,000; the land had originally cost $3,650.
8 Purchased a 2-year comprehensive insurance policy for $528.
12 Leased an unused portion of its building to WebbCo, collecting 6 months’ rent in advance at $220 per month.
13 Made $2,300 of sales on credit to Lauren Company; the cost of the inventory sold was $1,400.
16 Collected the $200 monthly payment plus $30 interest on a customer’s note receivable.
17 Purchased $1,600 of inventory on credit from Katy Company.
20 Purchased land for a future building site. Made a $2,000 down payment and signed a 12%, 90-day, $6,000 note payable for the balance.
23 Collected the Lauren Company account for the November 13 sale.
26 Paid for the November 17 purchase of inventory.
27 Paid the city newspaper $420 for advertising that had appeared during November.
30 Paid $520 of sales salaries and $390 of office salaries.
Required:
1. Prepare general journal entries to record the preceding transactions.
2. Post to general ledger T-accounts.
3. Prepare a trial balance on November 30.
Answers: 1
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