Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can someone help me with these problems? I'm not too sure how to calculate most of these journal entries. Week 1 Date Transaction description 1
Can someone help me with these problems? I'm not too sure how to calculate most of these journal entries.
Week 1 Date Transaction description 1 Purchased 11 Downhill Snowboards from Sports 'R Us for $440 each, terms 2/10, n/30 1 Purchased 27 Pipe Dream Surfboards with cash for $200 each, Check No. 753. 1 Obtained a loan of $53,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2022 and the principal of the loan is to be repaid on June 1, 2027. 3 Purchased 17 Freestyle Snowboards from Hike for $460 each, terms net 30. Paid the full amount owing to Sport Borders, Check No. 754. Payment fell outside discount period. Paid the full amount owing to Extreme Sports Inc, Check No. 755. Payment fell outside discount period. 4 Paid sales staff wages of $2,367 for the week up to and including yesterday, Check No. 756 . Note that $1,000 of this payment relates to the wages expense incurred during the last week of May. 5 Made cash sale of 25 Pipe Dream Surfboards for $400 each plus 5% sales tax. 6 Sold 18 Freestyle Snowboards to Croquet and Cricket for $640 each, plus 5% sales tax, Invoice No. Week 1 Date Transaction description 1 Purchased 11 Downhill Snowboards from Sports 'R Us for $440 each, terms 2/10, n/30 1 Purchased 27 Pipe Dream Surfboards with cash for $200 each, Check No. 753. 1 Obtained a loan of $53,000 from MRMC Bank at a simple interest rate of 6% per year. The first interest payment is due at the end of August 2022 and the principal of the loan is to be repaid on June 1, 2027. 3 Purchased 17 Freestyle Snowboards from Hike for $460 each, terms net 30. Paid the full amount owing to Sport Borders, Check No. 754. Payment fell outside discount period. Paid the full amount owing to Extreme Sports Inc, Check No. 755. Payment fell outside discount period. 4 Paid sales staff wages of $2,367 for the week up to and including yesterday, Check No. 756 . Note that $1,000 of this payment relates to the wages expense incurred during the last week of May. 5 Made cash sale of 25 Pipe Dream Surfboards for $400 each plus 5% sales tax. 6 Sold 18 Freestyle Snowboards to Croquet and Cricket for $640 each, plus 5% sales tax, Invoice NoStep 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