A journal entry for the business needs to be made for the month of December. wage calculator is posted on the bottom, telephone bill is $75, and inventory valuation is posted below.

Decernber 1: Paid dividends to self in amount of $10,000. December 5: Paid employee for period ending November 30. December 7: Purchased merchandise for resale. See the "inventory Valuation" tab for details. December 8: Received payments from customers toward accounts receivable in amount of $4,000. December 10: Paid November telephone bill. December 11: Purchased baking supplies in amount of $7,000 from vendor on account. December 13: Paid on supplies vendor account in amount of $5,000. December 15: Accrued employee wages for period of December 1 through December 15. December 15: Paid rent on bakery space $1,500. December 15: Recorded merchandise sales transaction. See the "Inventory Valuation" tab for details. December 15: Recorded impact of sales transaction on COGS and the inventory asset. See the "Inventory Valuation" tab for details. December 20: Paid employee for period ending December 15. December 20: Purchased merchandise inventory for resale to customers. See the "Inventory Valuation" tab for details. December 24: Recorded sales of merchandise to customers. See the "Inventory Valuation" tab for details. December 24: Recorded impact of sales transaction on COGS and the inventory asset. See the "inventory Valuation" tab for details. December 30: Purchased merchandise inventory for resale to customers. See the "Inventory Valuation" tab for details. December 31: Accrued employee wages for period of December 16 through December 31. December 31: Total December bakery sales were $25,000 ($6,000 of these sales on accounts receivable) Search 3 Tes on hand as of December 31 are $50. Wage Calculation Data Rate 12 Month 31-Oct 15-Nov 30-Nov 15-Dec 31-Dec Hours 10 40 35 12 Pay 120 480 420 456 12 12 38 40 12 480 ne Insert Page Layout Formulas Data Review View Help Calibri 11 General 23 Wrap Text BIU Merge & Center $ - % mat Painter id Number 5 Font Alignment X Sales - selling price, $8.50 a box D G H Purchases No. of No. of Date Items Unit Price Total Price Items 7-Dec 10 $ 6.00 $ 60.00 Sales Ending Inventory No. of Unit Price Total Price Items Unit Price Total Price 10 S 6.00S 60.00 15 Dec 8 $ 6.00 S 48.00 2 S 6.00 $ 12.00 20-Dec 20 $ 6.10 $ 122.00 2S 20 S 22 6.00 S 12.00 6.10 $ 122.00 S 134.00 24-Dec 2$ 16 S 18 6.00 $ 12.00 6.10 $ 97.60 S 109.60 4 $ 6.10 S 24.40 30-Dec 25 $ 6.055 151.25 4 6.10 24.00 25 S 6.0S S 151 25 29 S 175.65 Net Inventory 55 $ 333.25 26 S 157.60 20 175.65 November doumai Entries December Journal Entries T-Accounts - autofi Inventory Valuation Trial Bale Type here to search o 25 ms M Cr Dr 60.00 Date 7-Dec Merchandise Inventory (10 x $6) Cash Purchased inventory 60.00 68.00 15-Dec Cash (8 x $8.50) Merchandise Sales Revenue Record sale of inventory 68.00 48.00 15-Dec Cost of Goods Sold (8 X $6) Merchandise Inventory Recorded the cost of goods sold 48.00 122.00 20-Dec Merchandise Inventory (20 x $6.10 ) Cash 122.00 153.00 24-Dec Cash (18 x 8.50) Merchandise Sales Revenue Record sale of inventory 153.00 109.60 24-Dec cost of Goods Sold (2 x $6)+(16 x $6.10) Merchandise Inventory Recorded the cost of goods sold 109.60 151.25 30-Dec Merchandise Inventory (25 x $6.05) Cash 151.25 tory Valuation Trial Balance 25