Analyze the transactions for October and record each transaction in the proper journal. (Use 10...
80.2K
Verified Solution
Link Copied!
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!