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Gregarious Games sells board games to customers. The following are the beginning balances of its accounts for the month of March. Account   Debit   Credit   Cash $ 80,000       Accounts Receivable   10,000       Allowance for Doubtful Accounts     $ 300   Inventory   57,000       Equipment   60,000       Accumulated Depreciation       5,000   Accounts Payable       6,000   Common Stock       180,000   Retained Earnings       15,700         The beginning inventory has 1,500 units. Gregarious Games uses the perpetual inventory method for its inventory transactions and the LIFO method for calculating Cost of Goods Sold. March transactions: Sold 1,000 units of inventory for $60,000 to a customer in exchange for a note receivable. The note is due in eighteen months and the interest rate is 10%. Purchased 700 units of inventory for $28,000 on account with credit terms 2/10, n/30. Paid cash for our supplier for the inventory purchased on March 3rd. Sold 900 units of inventory at $60 each for cash. Purchased 500 units of inventory for $21,000 on account with credit terms 2/10, n/30. Sold 400 units of inventory for $24,000 on account. Paid employee salaries for the month totaling $4,400. Adjustments: Depreciation for the month is $1,000. One month of interest has accrued on the note receivable. Gregarious Games uses the percentage of receivables method to estimate bad debts and extimates that 3% of the month end receivables will be uncollectible.   Create a general journal.

- November 14, 2022 - Edwin Tunner

Gregarious Games sells board games to customers. The following are the beginning balances of its accounts for the month of March.

Account   Debit   Credit  
Cash $ 80,000      
Accounts Receivable   10,000      
Allowance for Doubtful Accounts     $ 300  
Inventory   57,000      
Equipment   60,000      
Accumulated Depreciation       5,000  
Accounts Payable       6,000  
Common Stock       180,000  
Retained Earnings       15,700  
   

 

The beginning inventory has 1,500 units.

Gregarious Games uses the perpetual inventory method for its inventory transactions and the LIFO method for calculating Cost of Goods Sold.

March transactions:

  1. Sold 1,000 units of inventory for $60,000 to a customer in exchange for a note receivable. The note is due in eighteen months and the interest rate is 10%.
  2. Purchased 700 units of inventory for $28,000 on account with credit terms 2/10, n/30.
  3. Paid cash for our supplier for the inventory purchased on March 3rd.
  4. Sold 900 units of inventory at $60 each for cash.
  5. Purchased 500 units of inventory for $21,000 on account with credit terms 2/10, n/30.
  6. Sold 400 units of inventory for $24,000 on account.
  7. Paid employee salaries for the month totaling $4,400.

Adjustments:

  1. Depreciation for the month is $1,000.
  2. One month of interest has accrued on the note receivable.
  3. Gregarious Games uses the percentage of receivables method to estimate bad debts and extimates that 3% of the month end receivables will be uncollectible.

 

Create a general journal. 

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