1. The Grommet received the following invoices during the month of June:

$10,000 invoice from a Maker* for sellable goods $3,000 invoice from WB Mason for office supplies What is the journal entry to record the invoice received from the Maker? What is the journal entry to record the WB Mason invoice? What journal entry is needed to show that the WB Mason invoice has been paid?

2. The Grommet makes a sale for $500 to a Maker* to run their advertisement in a promotional email. The contract is signed and sent to accounting in March, the Maker pays the $500 balance in full in April, and the promotional email is sent out to all Grommet customers in July.

What is the journal entry in March when accounting receives the contract?

What is the journal entry in April when accounting receives the payment from the Maker?

What is the journal entry in July when the promotional email is sent out by the Grommet?

During the month of December 2018, the Grommet had gross sales of $10,000,000, operating expenses of $7,500,000, cost of goods sold of $6,000,000, and an accounts receivable balance of $1,300,000.

What is the gross profit for December 2018?

What is the net income/loss for December 2018?

*Makers are what the Grommet calls its vendors - these are the manufacturers of the products.

Note: please explain answers