Argosy, Inc. has ten transactions during 2017 as follows:
Inventory purchases on credit for $2,800 (assume perpetual inventory system).
Merchandise sales to customers for $4,000 cash; $3,000 of related inventory cost.
Employees earn wages of $1,000, which are settled / paid during 2017.
Cash receipts from customers in the amount of $2,200 for credit sales made during 2016.
Payments to suppliers of $4,000 for credit purchases made during 2016.
Declaration and payment of cash dividends of $5,000.
Purchase of machinery for $8,000 with short-term notes payable.
Payment for short-term notes payable of $1,000, which includes $750 of interest from 2016.
Credit merchandise sales to customers for $6,000, with $3,900 of related inventory cost.
Payment of utility billings received in early 2017 for services received during 2016 for $1,200.
Required: Record the journal entries for these transactions (ignore dating the JE’s)
|Trans #||Account Description||Debit||Credit||B/S Effect||Perm/Temp|
|Cost of goods sold||3000|
|Cost of goods sold||3900|