Described Below Are Several Transactions That Might Be Recorded by a Music

question 167

Essay

Described below are several transactions that might be recorded by a music supply company.Several accounts from the company's chart of accounts are also listed below.Using these account titles,record each transaction in proper journal entry format.A written explanation for each journal entry is not required.
$$\begin{array}{l}\text { Accounts: }\\\begin{array} { l l } \text { Cash } & \text { Common Shares } \\\text { Accounts Receivable } & \text { Retained Earnings } \\\text { Inventory } & \text { Sales Revenue } \\\text { Accounts Payable } & \text { Selling Expenses } \\\text { Unearned Revenue } & \text { Administrative Expenses }\end{array}\end{array}$$
A) Bils are mailed for musical instruments sold to customers: $ 225,000

B) Customers pay for musical instruments in advance:$130,000

C) Administrative employees are paid their monthly salaries: $14,000

D) An invoice is received for $15,200 of new musical instruments purchased for sale to customers: payment is due in 30 days

E) Payments are received from customers for amounts billed in a previous transaction: $\$ 135,000$

F) Full payment is made for the musical instruments invoice received in a previous transaction

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Definitions:

ACP

An abbreviation that can refer to various terms; without a specific context, it's too broad to define accurately.

Financing Activities

Transactions a company undertakes to finance its business operations, including issuing bonds, stocks, and paying dividends.

Financing Activities

Transactions and events that affect the long-term liabilities and equity of a company, as reported in the cash flow statement.

Net Change In Cash

The difference in a company's cash and cash equivalents at the beginning and end of a financial period, reflecting its overall cash flow health.