Record the Following Transactions and Events of Royal Wulff Company

question 2

Essay

Record the following transactions and events of Royal Wulff Company in general journal form.If the item does not require a journal entry,write "no entry."
(a)Sold merchandise costing $4,500 for $1,000 cash and $7,000 on open account.A perpetual inventory system is used.
(b)Purchased land and building for $100,000 cash and a $300,000 mortgage.The land was recently appraised at $60,000 and the building at $340,000.
(c)Received payment on account,$12,000.
(d)Estimated that utilities expense for the coming six months will total $7,600.
(e)Declared a cash dividend totaling $13,500.The dividend will be paid in six weeks.

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Definitions:

Rifted Apart

A geographical term describing the process by which tectonic plates move away from each other, creating rift valleys or separating landmasses.

Oceanic Plateau

A large, flat, elevated area of the seabed formed by volcanic activity, often found in the middle of ocean basins.

Hot Spot

A volcanic region thought to be fed by underlying mantle that is anomalously hot compared with the surrounding mantle.

Transform Boundary

A type of tectonic plate boundary where plates slide past each other horizontally, causing seismic activity.