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Requirement 1(R1):
Journal Entries
Provide the associated journal entry for each of the transactions listed below:
1) Bought 3,850 designer shades for $16.50 each on account(perpetual inventory method)
2) Paid all current and previous salary expenses incurred, which amounted to $75,000(this entry will affect three separate accounts).
3)on January 1, 2012 received cash by signing a bank loan agreement for a $1,500,000 loan having an annual
interest rate of 7.5%. First Payment not due until January 1st of the following year(Hint: Loan Payments will
not affect current year activity).
4) Sold 2,300 shades on account for $250 each.
5) Purchased a Warehouse Facility for $450,000 cash, management has determined that the building has a 25
year depreciable life.
6) Issued ownership shares of stock to new stockholders for $50,000 cash.
7) Collected $50,000 cash from customers for past sales.
8) Paid off prior years accounts payable balance of $50,000
9) Saturday Sun Corp is financing the construction of a stand alone retail store by issuing 5 year,
$1,600,000(Face Value), 4% Bonds. The Bonds were approved and issued on July 31, 2012, on this date the
market rate of interest is 6%. Interest on the bonds is payable every 6 months beginning on January 31, 2013.
10) One of the companies biggest customers has filed for bankruptcy, he has an outstanding credit balance of
$2,500 for past purchases made. Management has determined that it is unlikely that they will ever collect the
outstanding balance from the customer.
2) Paid all current and previous salary expenses incurred, which amounted to $75,000(this entry will affect
