1 Paid the full amount owing to Big Telco, Cheque No 891 Payment fell within the discount period 2 Purchased 23 Tony ZIO MLP Projectors with cash for $385 each, Cheque No 892 3 Purchased 16 BlueBerry Phones from Mega Tech for $726 each, terms net 30 4 Paid sales staff wages of $12,707 for the week up to and including yesterday, Cheque No 893 Note that $6,500 of this payment relates to the wages expense incurred during the last week of May 6 Purchased 13 NR759 3D HD Recorders from Pear Technology for $1,606 each, terms 2 10, n 30 6 Sold 15 BlueBerry Phones to Pikea for $1,045 each, Invoice No 444 6 Made cash sale of 12 Tony ZIO MLP Projectors for $770 each 7 Paid the full amount owing to JCN Electrical, Cheque No 894 Payment fell within the discount period Using the following information, you will record end of month adjustments Cash Registers owned by the business original purchase price was $10,000, estimated useful life was 4 years, and estimated residual value was $1,500 at the end of the useful life Depreciation is calculated on a monthly basis using the straight line method The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year Store Fixtures owned by the business original purchase price was $48,000, estimated useful life was 9 years, and estimated residual value was $5,000 at the end of the useful life Depreciation is calculated on a monthly basis using the straight line method The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year The water usage for the month of June is estimated to be $121 The estimated electricity payable as at the end of June is $463 Sales staff work every single day during the week including weekends and are paid on a weekly basis Wages were last paid up to and including 24 June Wages incurred after that day (from 25 June to 30 June inclusive) are estimated to have been $1,900 per day Interest expense incurred during the month of June but not yet paid to MRMC Bank for the bank loan is $240 Interest earned from short term investments in BitiBank for the month of June is $110 Office supplies totalling $1,928 are still on hand at 30 June 15 days of rent remained pre paid at the start of June 3 months of advertising remained pre paid at the start of June 5 months of insurance remained pre paid at the start of June How to calculate the cost of sales for sales journal

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Posted on Aug 06, 2024

1 Paid the full amount owing to Big Telco, Cheque No. 891. Payment fell within the discount period. 2 Purchased 23 Tony ZIO MLP Projectors

1 Paid the full amount owing to Big Telco, Cheque No. 891. Payment fell within the discount period.

2 Purchased 23 Tony ZIO MLP Projectors with cash for $385 each, Cheque No. 892.

3 Purchased 16 BlueBerry Phones from Mega Tech for $726 each, terms net 30.

4 Paid sales staff wages of $12,707 for the week up to and including yesterday, Cheque No. 893. Note that $6,500 of this payment relates to the wages expense incurred during the last week of May.

6 Purchased 13 NR759 3D-HD Recorders from Pear Technology for $1,606 each, terms 2/10, n/30

6 Sold 15 BlueBerry Phones to Pikea for $1,045 each, Invoice No. 444.

6 Made cash sale of 12 Tony ZIO MLP Projectors for $770 each.

7 Paid the full amount owing to JCN Electrical, Cheque No. 894. Payment fell within the discount period.

Using the following information, you will record end of month adjustments:

Cash Registers owned by the business: original purchase price was $10,000, estimated useful life was 4 years, and estimated residual value was $1,500 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.
Store Fixtures owned by the business: original purchase price was $48,000, estimated useful life was 9 years, and estimated residual value was $5,000 at the end of the useful life. Depreciation is calculated on a monthly basis using the straight line method. The monthly depreciation charge is calculated as the yearly depreciation expense divided by the number of months in a year.
The water usage for the month of June is estimated to be $121.
The estimated electricity payable as at the end of June is $463.
Sales staff work every single day during the week including weekends and are paid on a weekly basis. Wages were last paid up to and including 24 June. Wages incurred after that day (from 25 June to 30 June inclusive) are estimated to have been $1,900 per day.
Interest expense incurred during the month of June but not yet paid to MRMC Bank for the bank loan is $240.
Interest earned from short-term investments in BitiBank for the month of June is $110.
Office supplies totalling $1,928 are still on hand at 30 June.
15 days of rent remained pre-paid at the start of June.
3 months of advertising remained pre-paid at the start of June.
5 months of insurance remained pre-paid at the start of June.