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Rite Shoes was involved in the transactions described below.(1) Purchased $9,400 of inventory on account.(2) Paid weekly salaries and wages, $1,040.(3) Recorded sales for the first week: Cash: $8,300; On account: $6,500.(4) Paid for inventory purchased in event (1).(5) Placed an order for $7,400 of inventory.Required:Prepare the appropriate journal entry for each transaction.

Respuesta :

Answer:

Prepare the appropriate journal entry for each transaction.

Explanation:

1  

Inventory_______ 9400  

Account Payable_________________  9400

Purchase Inventory in account  

 

2  

Wages and salaries_ 1040  

Cash___________________________  1040

Paid wages and salaries  

 

3  

Cash___________ 8300  

Account receivable_ 6500  

Revenue_________________________  14800

Sales first month  

 

4  

Account Payable__ 9400  

Cash____________________________  9400

paid account payables debt  

marvineetesh3

The journal entries for all transactions are given in the image below.

What are journal entries?

Each journal entry contains the important data to a single business transaction, considering the date, the amount to be credited and debited, a brief description of the transaction and the accounts affected.

Depending on the company, it may list impacted subsidiaries, tax information and other information.

There are seven types of entries, such as:

1. Simple Entry,

2. Compound Entry,

3. Opening Entry,

4. Closing Entries.

5. Transfer Entries.

6. Adjustment Entries, and

7. Rectification Entries.

Learn more about journal entries, refer to:

https://brainly.com/question/17439126

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