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can someone help im having trouble learning how to make journal entries. how would you make a journal entry for the following steps? 1: rnal
can someone help im having trouble learning how to make journal entries. how would you make a journal entry for the following steps?
1: rnal Entries tab at the bottom of the Peyton Approved Student Workbook). The following events occur in July 2021: October 1 - You take $12,000 from your personal savings account and buy common stock in Peyton Approved. October 1-Purchase $8500 in baking supplies from vendor, on account October 3 - Your parents lend the company $5,000 cash, in exchange for a two-year, 5% note payable. Interest and the principal are repayable at maturity. October 7 - Pay $3000 toward lease agreement for bakery space. The agreement is for 1 year. The rent is $1,500 per month, last month's rent was required at time of lease agreement. Lease period is effective October 1st2021 through September 30s.,2022. October 10 - Pay $375 to the county for a business license. October 11 - Purchase a cash register for $250 (deemed to be not material enough to qualify as depreciable equipment-use misc. exp.). October 13 - You have baking equipment, including an oven and mixer, which you have been using for your home-based business and will now start using in the bakery. You estimate that the equipment is currently worth $8,500, and you transfer the equipment into the business in exchange for additional common stock. The equipment has a 5 -year useful life and $1,000 salvage value. October 13 - Pay $200 for business cards/flyers/posters/ads to use for advertising. October 14 Pay $450 for office supplies. October 15 - Hire part-time helper to be paid \$12 per hour. Pay periods are the 1II through the 15th and 16th through the end of the month with paydays being the 20th for the first pay period and the 5th of the following month for the second pay period. (No entry required on this date; for informational purposes only) October 30- Received telephone bill for October in amount of $45. Payment is due on November 10s.t October 31 - Pay $1,200 for a 12-month insurance policy. Policy effective dates November 1, 2020 through October 31st,2021 October 31-Accrue wages earned for employee for period of 16th through 31 st of October (Wage calculations table is provided for you, below) Total July bakery sales were $15,000.$6000 of these sales on accounts receivable Step by Step Solution
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