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Can someone make this into a journal entry, please? Seg. No. Date 1 Nov. 1 2 Nov. 1 3 Nov. 1 4 Nov. 1 5
Can someone make this into a journal entry, please?
Seg. No. Date 1 Nov. 1 2 Nov. 1 3 Nov. 1 4 Nov. 1 5 Nov. 1 6 Nov. 2 7 Nov. 2 8 Nov. 2 9 Nov. 2 10 Nov. 3 11 Nov. 3 12 Nov. 8 13 Nov. 12 Transaction Description Company issues common stock 125,000 shares at $11 per share with par value of $1 per share. Takes a six-month short-term loan $60,000 from the bank with the interest rate 12%, with the principal and interest paid at maturity. Purchases a property as office space at $175,000, in which $60,000 is the cost for the land and the remaining is the cost for the building. The estimated useful life of the building is 30 years and the residual value is $6,000 Rents a warehouse and prepays the first month's rent $6,000 and security deposit $12,000 Purchases a delivery truck for $63,000 by cash, with 10 years of estimated useful life and $3,000 residual value. The truck is estimated to be driven for 100,000 miles Issues 1,800 preferred stocks of par value $3 for $15 each; The annual dividend is 5%. Purchases supplies by cash for $5,000 Invests $25,000 in short-term investment Pays for the insurance premium $6,000 for six months, starting from the current month Receiv es cash advance $15,000 from customer Alpha for an order to be filled later Purchase 1: 4,000 units @ $50 from supplier A (by cash). Purchase 2: 1,000 units @ $55 from supplier B (50% paid immediately and the remaining is made on account) Sells 2,000 units priced @ $75 (sold to customer Alpha, the remaining amount is paid in full by cash immediately.). Purchase 3: 1,600 units @ $60 from supplier A (made on account) Lends $36,000 to a client by receiving a promissory note issued by the client with interest rate of 12% and maturity of six months. Sells 2,400 units priced @ $78 (on account) to customer Beta Sells 1,000 units priced @ 80 (by cash) to customer Gamma 200 units from the sale on Nov. 22 are returned and customer Gamma gets full refund immediately Repurchases 1000 shares at $16 each for the purpose of issuing bonus to employees at the end of the year Announces cash dividends to common stocks, with $0.10 per share (Ignore the dividends to preferred stocks), to be paid at the beginning of next year Receives a bill from the bank for the month service charge $500 Selling expense accrued in the month is $6,000 and paid in full Administrative expense for the month is $5,500 and paid in full Pays the utility bill for current month by cash $1,500 Accrue salary expense $30,000 for the month, which will be paid at the beginning of the next month Pays for the bank service charge by cash Receiv es interest in cash from the short-term investment for the month $600 Supplies amount to $1,500 at the end of the month 14 Nov. 15 15 Nov. 16 16 Nov. 20 17 Nov. 22 18 Nov. 25 19 Nov. 29 20 Nov. 30 21 Nov. 30 22 23 Nov. 30 Nov. 30 Nov. 30 24 25 Nov. 30 26 Nov. 30 27 Nov. 30 28 Nov. 30 3% Net Credit Sale DDB Additional Information Method to estimate bad debt expense: Depreciation method for the property: Depreciation method for the delivery truck: Perpetual inventory with: The income tax rate is 30% S-L WAStep by Step Solution
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