Complete Journal Entries

1. On January 1, Terry Company began a car wash business. It received $50,000 for the issuance of Common Stock. 2. On January 2, Terry purchased supplies for $ 100 on account. 3. On January 3, Terry provided service to customers for $6,000 on account. 4. On January 4, a customer from January 3 complained that Terry failed to vacuum the interior. Terry agreed to reduce the bill by $5. 5. On January 5, received $98 from a customer on account. This customer owed $100 but paid within the 2/10, n/30 discount period. 6. On February 6, Terry paid Ameren $130 for power used during January. 7. On February 7, Terry paid employees $360 for work performed. 8. On February 8, Terry provided service to customers for $1,700 cash. 9. On March 9, Terry paid $400 for rent for the month. 10. On March 10, Terry received $3,000 from customers on account. None of these payments were within the discount period. 11. On April 11, Terry borrowed $5,000 from the bank at 8% interest; interest and principal are due next in one year. 12. On May 12, Terry purchased equipment for $5,000 cash. 13. On June 13, Terry established a petty cash fund for $300. 14. On July 14, Terry replenished the petty cash fund for $150; S100 was for maintenance costs, $20 was for postage, and $30 was for the window washer. 15. On December 31, Terry recorded depreciation of $200. 16. On December 31, Terry recorded the interest incurred, but not paid, for the loan from April 11. 17. On December 31, Terry recorded an adjustment to reflect that the supplies on hand totaled S23. 18. On December 31, Terry recorded an adjustment to estimate $640 owed from customers will never be collected.