journal entries.


June 18-On April 19 of this year, Zacks Bike Hut borrowed $6,000.00 cash by issuing a 60-day, 12%, note payable. The proceeds from the note were received and deposited in the Cash account. This note is due today and is paid in full (face value plus accrued interest) with check number 02619. Use a 360-day year when computing interest. At the invoice prompt enter NTPAY for note payable.

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June 19-Purchased bicycles from Jurassic Bikes (22600). Credit terms offered by Jurassic are net 10 and the merchandise is shipped FOB Factory (purchase invoice number J9888). A separate billing for freight charges will be received later from the freight company delivering the merchandise.

Merchandise listed on the purchase invoice:

Stock NumberQuantityNet Cost Per UnitA00084$2085B10102$1,000A00163$300

June 21– Sold accessory items to a local bike club. The sales invoice number for this transaction is Z1610, merchandise sold totals $480.00, and sales tax is $33.60. The payment is made with a certified check.

Merchandise listed on the sales invoice:

Stock NumberQuantityNet Cost Per UnitB13004$50C23004$30

June 21– Received a certified check for $565.00 from customer Sally Bridges as payment in full on her account that was written off as uncollectible on June 10. Two journal entries are required. First,reinstate the account entering REINS for reinstate at the invoice prompt. Then record the receipt of the certified check as payment of invoice Z1449.

June 21– Issued check 02620 and purchased additional store equipment for better display and security of merchandise. The equipment lists for$3,200.00, with a trade discount of 40% and sales tax on the net amount. The invoice number for this purchase is 23111.

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