Analyze the transactions for October and record each transaction in the proper journal. (Use 10...

80.2K

Verified Solution

Question

Accounting

Analyze the transactions for October and record each transaction in the proper journal. (Use 10 as the number for the first page of each special journal and 16 as the number for the first page of the general journal.)

The Fashion Rack Chart of Accounts
Assets Liabilities
101 Cash 203 Accounts Payable
111 Accounts Receivable 221 Social Security Tax Payable
112 Allowance for Doubtful Accounts 222 Medicare Tax Payable
121 Merchandise Inventory 223 Employee Income Tax Payable
131 Supplies 225 Federal Unemployment Tax Payable
133 Prepaid Insurance 227 State Unemployment Tax Payable
135 Prepaid Advertising 229 Salaries Payable
141 Equipment 231 Sales Tax Payable
142 Accumulated DepreciationEquipment
Owners Equity Expenses
301 Teresa Lojay, Capital 611 Advertising Expense
302 Teresa Lojay, Drawing 614 Depreciation ExpenseEquipment
399 Income Summary 617 Insurance Expense
Revenues 620 Uncollectible Accounts Expense
401 Sales 623 Janitorial Services Expense
402 Sales Returns and Allowances 626 Payroll Taxes Expense
Cost of Goods Sold 629 Rent Expense
501 Purchases 632 Salaries Expense
502 Freight In 635 Supplies Expense
503 Purchases Returns and Allowances 638 Telephone Expense
504 Purchases Discounts 644 Utilities Expense

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students