Journalize the buyer’s journal ENTRIES (40points)
Buyer’s Journal Entries–January 1, 2017, ABCcompany sold merchandise on account, $12,100 with terms 2/10, n/30.The cost of the merchandise sold was $7,000.
On January 7, 2017, ABC companyreceived payment full payment less the discount. (18 points)
Date
Account Name
Debit
Credit
1/1/2017
1/1/2017
1/7/2017
Star-Rising Inc.’s accounting book indicated the inventory onDecember 31, 2016 is $78,890. However, the physical inventoryperformed on the last day of the year showed $72,150. What journalentry will you do for the inventory shrinkage? Please write thejournal entry below. (7 points)
Date
Account Name
Debit
Credit
At the end of December 31, 2016, $22,650 of fees have beenearned but have not been billed to clients. Please propose theadjusted journal entry. (5 points)
Date
Account Name
Debit
Credit
The prepaid insurance account had a beginning balance on Jan 1,2016 is $9,600 and was debited for $12,900 of premiums paid duringthe year. Journalize the adjusting entry required at the end of theyear on Dec 31, 2016, assuming the amount of unexpired insurancerelated to future periods is $7,360. (5 points)
Date
Account Name
Debit
Credit
On June 1, 2016, Herbal Co. received $18,900 for the rent ofland for 12 months. Journalize the adjusting entry required forunearned rent on December 31, 2016. (5 points)
Date
Account Name
Debit
Credit
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