## Answers

regular entries: | ||||

Date | Accounts Title | Debit $ | Credit $ | |

1-Sep | Delivery truck | 58400 | ||

Cash | 20000 | |||

Notes Payable | 38400 | |||

(purchase of truck with financing on Notes) | ||||

1-Sep | Pre-paid Insurance | 1920 | ||

Cash | 1920 | |||

(purchase on insurance for one year for truck) | ||||

5-Sep | Inventory | 12000 | ||

Accounts payable | 12000 | |||

(inventory purchased on credit) | ||||

12-Sep | Cash | 7500 | ||

Unearned revenue | 7500 | |||

(advance payment of revenue received) | ||||

18-Sep | Cash | 12750 | ||

Accounts Receivable | 4250 | |||

Sales revenue | 17000 | |||

(sales revenue recorded) | ||||

COGS | 12500 | |||

Inventory | 12500 | |||

(cost of sales recorded) | ||||

30-Sep | Dividend payable | 12000 | ||

Cash | 12000 | |||

(being dividend due paid) | ||||

Adjustment entries: | ||||

30-Sep | Depreciation exp. | 2800 | (58400-8000)*4/(6*12) | |

Acc. Dep. | 2800 | |||

(depreciation on truck recorded) | ||||

30-Sep | Interest expense | 288 | (38400*9%*1/12) | |

Interest payable | 288 | |||

(interest on Note payable made due) | ||||

30-Sep | Insurance expense | 160 | (1920/12) | |

Prepaid Insurance | 160 | |||

(being insurance expense for sept recorded) |

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