25	The board of directors voted to purchase 1,200 shares of its own stock from stockholder
	Dionne Schivone at $86 per share and issued check No. 1595 in payment. Stock repurchases
	are recorded at cost. Rockford is purchasing these shares because Ms. Schivone had been
	a valuable employee.
26	The baord of directors declared a $1.60 per share cash dividend payable on January 14 to
	shareholders of record by the end of the day of December 26.
26	The president informs you that Beverly's Building Products agrees to convert the $14,000
	overdue accounts receivable (invoice No. 1119) balance to a 12% note due six months from
	today.
29	A half-acre parcel of land adjacent to the building is acquired in exchange for 600 shares
	of unissued common stock. The land has a fair value of $58,000 and will be used
	immediately as an outside storage lot and parking lot.
29	An invoice in the amount of $2,950 is received from Wayne McManus, lawyer, for legal
	services involved in the acquisition of the adjacent parcel of land; check No. 1596 is issued.
29	Sold pipe and plumbing materials to Boecker Builders on account, invoice No. 1210 for
	$47,040.00
30	Issued check No. 1597 in the amount of $1,500 to the Northern Star for adverstisement run in
	the home building supplement of December 13.
30	Issued check No. 1598 in the amount of $750 to Standard Oil Co. in payment of gas, oil,
	and truck repairs from Standard Oil Co. (use Freight-out).
30	Purchased copper and cast iron pipe from Oxenford Copperworks on account, purchase
	order No. 320 for $63,940, terms 1/10, n/30.
30	Check No. 1599 for $14,000 is issued to the bond sinking fund trustee, Chicago Trust Co.,
	for deposit in the sinking fund. (Use Other Assets).
30	Sold plumbing supplies to Swanson Brothers Construction on account, invoice No. 1211
	for $24,350.
31	Received a check for $24,730 from Boecker Builders in payment of invoice No. 1207.
31	Issued check No. 1600 for $50,292 to Smith Pipe Company in payment of purchase order
	No. 317.
31	The custodian of the petty cash fund submits the following receipts for reimbursement
	and reports a cash-on-hand count of $8.
	Postage stampls used			$38
	United Parcel (freight-out)			23
	C.O.D postage (freight costs)			51
	Christmas office decorations			30
	Check No. 1601 is issued and cashed to reimburse the fund.
31	Sold an electric truck-lift to Leila Stierman Co. for $2,600 cash. The original cost was
	$7,900 with salvage value of $900, a life of 10 years, and accumulated depreciation
	recorded through 11/31/13 is $4,550. The straight-line method is used. (Note: the
	company follows the practice of recording a half year's depreciation in the year of
	acquisition and a half year in the year of disposal.) First, bring the depreciation expense
	up to date in the general journal. Then journalize the entire entry for the sale in the cash
	receipts journal.
31	Sold bathroom fixtures and plumbing supplies to Trudy's Plumbing on account, invoice
	No. 1212 for $58,770.
31	Because for some time the petty cash fund has been smaller than required for monthly
	expenditures, the fund is increased by $95 by cashing check No. 1602 and placing the
	money in the petty cash fund.
31	The payroll summary for the monthly paid employees in submitted so that December
	checks can be distributed before the year-end; the details are as follows:
	Office and administrative salaries				$43,900
	Federal income taxes withheld				7,696
	State income taxes withheld				1,517
	FICA taxes withheld				3,120
		Net pay			$31,567
	Issued check No, 1603 for the amount of the net pay and deposited it in the payroll bank
	account. Individual payroll checks were prepared for distribution to all monthly employees
	by the end of the day.
	Employer's payroll taxes:
	FICA tax (all office and administrative)				$3,120
	Federal unemployment tax				0
	State unemployment tax				0
31	Cash sale since December 12 total $29,280.
Instructions
1	Make the entries in the appropriate journal for December 25 through December 31.
	(adjusting entries are recorded in general journal)