Described below are several transactions which might be recorded by a music supply company. Several accounts from the company's chart of accounts are also listed below. Using these account titles, record each transaction in proper journal entry format. A written explanation for each journal entry is not required. A)Bills are mailed for musical instruments sold to customers, $225,000
B)Customers pay for musical instruments in advance, $130,000
C)Administrative employees are paid their monthly salaries, $14,000
D)An invoice is received for $15,200 of new musical instruments purchased for sale to customers; payment is due in 30 days
E)Payments are received from customers for amounts billed in a previous transaction, $135,000
F)Full payment is made for the musical instruments invoice received in a previous transaction

Question

Described below are several transactions which might be recorded by a music supply company. Several accounts from the company's chart of accounts are also listed below. Using these account titles, record each transaction in proper journal entry format. A written explanation for each journal entry is not required.  A)Bills are mailed for musical instruments sold to customers, $225,000 
B)Customers pay for musical instruments in advance, $130,000 
C)Administrative employees are paid their monthly salaries, $14,000 
D)An invoice is received for $15,200 of new musical instruments purchased for sale to customers; payment is due in 30 days 
E)Payments are received from customers for amounts billed in a previous transaction, $135,000 
F)Full payment is made for the musical instruments invoice received in a previous transaction

Quizplus · Accepted Answer

The Answer of Described below are several transactions which might be recorded by a music supply company. Several accounts from the company's chart of accounts are also listed below. Using these account titles, record each transaction in proper journal entry format. A written explanation for each journal entry is not required.  A)Bills are mailed for musical instruments sold to customers, $225,000 
B)Customers pay for musical instruments in advance, $130,000 
C)Administrative employees are paid their monthly salaries, $14,000 
D)An invoice is received for $15,200 of new musical instruments purchased for sale to customers; payment is due in 30 days 
E)Payments are received from customers for amounts billed in a previous transaction, $135,000 
F)Full payment is made for the musical instruments invoice received in a previous transaction

Described Below Are Several Transactions Which Might Be Recorded by a Music