Journalize the following transactions and choose the correct GL account list from the table below
Date Description of Transaction
1/05/15 Issued pay Checks 5001 and 5002 from Midland for Jessica Wills and Marc
Lowen. Type the check number on the payroll entry window
1/07/15 Invoice No. 74A was received from ABC Mountain Bikes for 10 mountain bikes
at $150 each. (Hint: Type the invoice number in the Ref. No. field.)
1/07/15 Invoice No. 801 was received from Tiny Tots Wheels for 15 children's bikes at
$45 each.
1/07/15 Invoice No. ER555 was received from Empire Road Bikes for 12 road bikes at
$75 each.
1/10/15 Deposited cash sales of $2,670: 4 mountain bikes & 1200; 5 road bikes, $750; 8
Children’s bikes, $ 720. Cash sales are deposited in the Midland Bank account
(Hint: Make sure the correct Sales account is credited)
1/11/15 Deposited cash sales of $1,950: 5 Children’s bikes, $450; 4 road bikes, $ $600; and 3
Mountain bikes $ 900.
.
1/12/15 Issued payCheck 5003 and 5004 for Jessica wills and Marc Lowen (Hint: if
Necessary, complete the check number field
1/14/15 Sold one mountain bike to Deni Barton on account, Sales invoice 101. (Hint Type
the invoice number in the invoice No. field)
1/18/15 Deposited cash sales of $ 1,920; 3 children’s bikes, $ 270; 2 Mountain bikes,
$ 600; 7 road bikes, $ 1,050.
1/18/15 Issued Check No. 5005 to ABC Mountain Bikes In payment of purchases invoice
No 74A Complete the check/ Reference No. field. Issue checks from the Midland
Bank account. (Make sure that the Discount Account field shows 59500 for
Purchase Discounts)
1/18/15 Issued Check No. 5006 to Empire Road Bikes in payment of purchases invoices
No.ER555.
1/19/15 Issued Check No. 5007 to Tiny Tots Wheels in payment of purchase invoice
No.801
1/19/15 Issued Check No. 5008 and 5009 for Jessica Wills and Marc Lowen.
1/23/15 Issued Check No. 5010 to Gillespie Rentals for $ 1,350 in payment of mall space
Rent for sports Authority. (Hint: Remember to complete the check/ Reference
No.field)
1/24/15 Deposited cash of sales $3,810; 6 mountain bikes, $1800; 8 road bikes, $ 1,200;
9 Children’s bikes $ 810
1/25/15 Sold one children's bike to sherry Watson on account, Sales invoice 102,
1/25/15 Invoice No. 88A was received from ABC Mountain Bikes for three mountain bikes
at $150 each.
1/25/15 Invoice No. 962 was received from Tiny Tots Wheels for five children bikes at
$45 each
1/25/15 Invoice No. ER702 was received from Empire Road Bikes for five road bikes at
$75.00 each
1/25/15 Deposited cash of sales $3,240; 6 mountain bikes $ 1800; 6 road bikes $900;
6 children bikes $ 540.
1/26/15 Issued pay checks 5011 and 5012 for Jessica Wills and Mac Lowen.
1/28/15 Issued pay checks No. 5013 to John Lerette for $245 in payment of Short-Term Notes
Payable.
1/28/15 Issued pay checks No. 5014 to Midland Bank for $175.80 in payment of long-Term Notes
Payable.
1/30/15 Issued pay checks No. 5015 to Public Utilities for $ 226.66 in payment of Utilities
ACCOUNTS LIST
Account ID / Description / Type10200 / Midland Bank / Cash
10400 / Northwest Savings & Loan / Cash
11000 / Accounts Receivable / Accounts Receivable
11100 / Accounts Receivable Service / Accounts Receivable
11400 / Other Receivables / Accounts Receivable
12000 / Inventory-Mountain Bikes / Inventory
12020 / Inventory-Road Bikes / Inventory
12030 / Inventory-Children's Bikes / Inventory
12050 / Cleaning Supplies Inventory / Inventory
12100 / Office Supplies Inventory / Inventory
14000 / Prepaid Insurance / Other Current Assets
14100 / Employee Advances / Other Current Assets
14700 / Other Current Assets / Other Current Assets
15000 / Furniture and Fixtures / Fixed Assets
15100 / Equipment / Fixed Assets
15200 / Automobiles / Fixed Assets
15300 / Other Depreciable Property / Fixed Assets
17000 / Accum. Depreciation - Furnitur / Accumulated Depreciation
17100 / Accum. Depreciation - Equipmen / Accumulated Depreciation
17200 / Accum. Depreciation - Automobi / Accumulated Depreciation
17300 / Accum. Depreciation - Other / Accumulated Depreciation
19100 / Organization Costs / Other Assets
19150 / Accum. Amortiz. - Org. Costs / Other Assets
20000 / Accounts Payable / Accounts Payable
23100 / Sales Tax Payable / Other Current Liabilities
23200 / Wages Payable / Other Current Liabilities
23300 / Medicare Employee Taxes Payabl / Other Current Liabilities
23350 / Medicare Employer Taxes Payabl / Other Current Liabilities
23400 / Federal Payroll Taxes Payable / Other Current Liabilities
23500 / FUTA Tax Payable / Other Current Liabilities
23600 / State Payroll Taxes Payable / Other Current Liabilities
23700 / SUTA Payable / Other Current Liabilities
23800 / Local Payroll Taxes Payable / Other Current Liabilities
23900 / Income Taxes Payable / Other Current Liabilities
24000 / Soc.Sec. Employee Taxes Payabl / Other Current Liabilities
24100 / Soc. Sec. Employer Taxes Payab / Other Current Liabilities
24400 / Customer Deposits / Other Current Liabilities
24500 / Contracts Payable / Other Current Liabilities
24800 / Short-Term Notes Payable / Other Current Liabilities
24900 / Suspense-Clearing Account / Other Current Liabilities
27000 / Long-Term Notes Payable / Long Term Liabilities
27400 / Other Long-Term Liabilities / Long Term Liabilities
39003 / Common Stock / Equity-does not close
39004 / Paid-in Capital / Equity-does not close
39005 / Retained Earnings / Equity-Retained Earnings
39007 / Dividends Paid / Equity-gets closed
40000 / Sales-Mountain Bikes / Income
40020 / Sales- Road Bikes / Income
40030 / Sales-Children's Bikes / Income
40200 / Sales-Services / Income
40400 / Sales-Clearance / Income
40600 / Interest Income / Income
40800 / Other Income / Income
45400 / Finance Charge Income / Income
45500 / Shipping Charges Reimbursed / Income
48000 / Sales Returns and Allowances / Income
49000 / Sales Discounts / Income
50000 / Cost of Sales-Mountain Bikes / Cost of Sales
50020 / Cost of Sales-Road Bikes / Cost of Sales
50030 / Cost of Sales-Children's Bikes / Cost of Sales
50500 / Cost of Sales-Service / Cost of Sales
57000 / Cost of Sales-Salaries and Wag / Cost of Sales
57500 / Cost of Sales-Freight / Cost of Sales
58000 / Cost of Sales-Other / Cost of Sales
58500 / Inventory Adjustments / Cost of Sales
59000 / Purchase Returns and Allowance / Cost of Sales
59500 / Purchase Discounts / Cost of Sales
60000 / Default Purchase Expense / Expenses
60100 / Advertising Expense / Expenses
61000 / Auto Expenses / Expenses
61500 / Bad Debt Expense / Expenses
62000 / Bank Charges / Expenses
62500 / Cash Over and Short / Expenses
64000 / Depreciation Expense / Expenses
64500 / Dues and Subscriptions Exp / Expenses
65500 / Freight Expense / Expenses
66500 / Income Tax Expense / Expenses
67000 / Insurance Expense / Expenses
67500 / Interest Expense / Expenses
68500 / Legal and Professional Expense / Expenses
69000 / Licenses Expense / Expenses
69500 / Loss on NSF Checks / Expenses
70000 / Maintenance Expense / Expenses
70500 / Meals and Entertainment Exp / Expenses
71000 / Office Expense / Expenses
72000 / Payroll Tax Expense / Expenses
72500 / FUTA Expense / Expenses
73000 / SUTA Expense / Expenses
73200 / Soc. Sec. Expense / Expenses
73300 / Medicare Expense / Expenses
73350 / Local Payroll Taxes Expense / Expenses
73500 / Postage Expense / Expenses
74000 / Rent-Mall Space / Expenses
74500 / Repairs Expense / Expenses
75500 / Supplies Expense / Expenses
76000 / Telephone Expense / Expenses
76500 / Travel Expense / Expenses
77000 / Salaries Expense / Expenses
77500 / Wages Expense / Expenses
78000 / Utilities Expense / Expenses
89500 / Purchase Disc-Expense Items / Expenses
90000 / Gain/Loss on Sale of Assets / Expenses