Question
12/1 You hire an assistant at an hourly wage of $15 to help with baking and some administrative duties. 12/5 You hold the party that
12/1 You hire an assistant at an hourly wage of $15 to help with baking and some administrative duties. 12/5 You hold the party that was booked on November 25. The balance outstanding is received. 12/8 You receive a check for the amount due from your friends party held on November 30. 12/9 You receive $900 in advance from the local school board for 5 parties that they will hold during December and January. 12/10 Pay the utilities invoice outstanding from November 23. 12/15 Pay the cell phone invoice outstanding from November 30. 12/16 Issue a check to your brother for $860 for the design and creation of a website for your business. 12/19 Receive a deposit of $50 on a party scheduled for early January. 12/20 Additional revenues during the month for parties amounts to $5,700. (You have not had time to account for each party individually.) $4,000 in cash has been collected and $1,700 is still outstanding. (This is in addition to the December 5 and December 9 transactions.) 12/22 Additional baking supplies purchased during the month that include sugar, flour, butter, and eggs amount to $1,000 cash. 12/23 Issue a check to your assistant for $1,800. Your assistant worked approximately 120 hours from the time in which she was hired until December 23. 12/28 You pay yourself $600 from the companys profit (Owner's Withdrawal).
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started