Answered Essay: 8. Record the following transactions and events of Royal Wulff Company in general journal form for year 2016. If the item does not require a jo

8. Record the following transactions and events of Royal Wulff Company in general journal form for year 2016. If the item does not require a journal entry, write no entry.20 points Sold merchandise costing $4,500 for $1,000 cash and $7,000 on open account. A perpetual inventory system is used. Two entries are recorded, one for the sale and one for the CGS expense and Finished Goods Inventory is decreased. (a) (b) Purchased land and building for $100,000 cash and a $300,000 mortgage. The land was recently appraised at S60,000 and the building at $340,000. (c) Record one years straight-line depreciation assuming a 20 year life on the building with no salvage value.
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8. Record the following transactions and events of Royal Wulff Company in general journal form for year 2016. If the item does not require a journal entry, write “no entry.”20 points Sold merchandise costing $4,500 for $1,000 cash and $7,000 on open account. A perpetual inventory system is used. Two entries are recorded, one for the sale and one for the CGS expense and Finished Goods Inventory is decreased. (a) (b) Purchased land and building for $100,000 cash and a $300,000 mortgage. The land was recently appraised at S60,000 and the building at $340,000. (c) Record one years’ straight-line depreciation assuming a 20 year life on the building with no salvage value.

Expert Answer

Solution.

Preparetion of journal entry.

Date Account Title Debit Credit
a Cash            1,000
Account receivable            7,000
Sales              8,000
(Being sales made againest cash and credit)
Cost of goods sold          45,000
Inventory              4,500
(Being recording of cost of goods sold)
b Land          60,000
Builting          34,000
Cash          100,000
Mortgage payable          300,000
(Being land and building purchase againest cash and mortage)
c Depreciation          17,000
Accumulated depreciation            17,000
(Being depreciation charged on building)
($340,000 / 20)
d No Entry required
e Utilities expense 7600
Accured utilities 7600
(Being recording of accured utilities expense)
f Cash 12000
Account receivable 12000
(Being cash received rom debtor)
g Cash 6000
Unearned revenue 6000
(Being payment received in advance)
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