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can someone help with the journal entries? The 9 beamers were bought for $360,000 and sold 8 for $480,000 Beamer Biz- 2020 During the second
can someone help with the journal entries?
The 9 beamers were bought for $360,000 and sold 8 for $480,000
Beamer Biz- 2020 During the second year Chris bought 9 Beamers and sold 8 Beamers. Same prices as last year. When she bought the Beamers in the second year, she paid 40% down and will pay the balance in the following year. Also, when she sold the Beamers, she got 60% down and will receive the balance in the following year. During the year she paid cash for wages $24,000; utilities of $3,000; and rent of $8,000. On May 1, she issued 200 shares of common stock for $ 25,000. During the year, she paid 2019 taxes. At the end of the year, in addition to what she owed on the Beamers, she owed rent of $4,000 and wages of $3,000. At December 31, she paid a dividend of $5,000. At December 31 she paid the interest due to Uncle Phil and she paid $50,000 on the principal of the note. Tax rate is 30% and she will pay this year's taxes next year. 1 33,3 Beamer Biz- 2020 During the second year Chris bought 9 Beamers and sold 8 Beamers. Same prices as last year. When she bought the Beamers in the second year, she paid 40% down and will pay the balance in the following year. Also, when she sold the Beamers, she got 60% down and will receive the balance in the following year. During the year she paid cash for wages $24,000; utilities of $3,000; and rent of $8,000. On May 1, she issued 200 shares of common stock for $ 25,000. During the year, she paid 2019 taxes. At the end of the year, in addition to what she owed on the Beamers, she owed rent of $4,000 and wages of $3,000. At December 31, she paid a dividend of $5,000. At December 31 she paid the interest due to Uncle Phil and she paid $50,000 on the principal of the note. Tax rate is 30% and she will pay this year's taxes next year. 1 33,3 Step by Step Solution
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