Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Complete the Journal entries below 1 Your company has just made a sale for $365,000. The Gross Margin on this sale was 40%. The customer

Complete the Journal entries below

1 Your company has just made a sale for $365,000. The Gross Margin on this sale was 40%. The customer is paying you $180,000 now and the rest at some later date.

Record these activities into the journal entry format. Put Dec, 31, 2021 as the date.

2, You have purchased a building for $635,000, and you paid cash.

Record these activities into the journal entry format. Put Dec, 31, 2021 as the date.

3, Pay an attorney for work that she will do at some later date. Pay her $70,000.

Record these activities into the journal entry format. Put Dec, 31, 2021 as the date.

4. Your customers are paying you $650,000 for work that you will do at some later date.

Record these activities into the journal entry format. Put Dec, 31, 2021 as the date.

5. Your customers that owed you are now paying you, $200,000.

Record these activities into the journal entry format. Put Dec, 31, 2021 as the date.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Auditing

Authors: Walter Gerry Kell, William C. Boynton, Richard E. Ziegler

5th Edition

0471542830, 9780471542834

More Books

Students also viewed these Accounting questions

Question

8. Explain the contact hypothesis.

Answered: 1 week ago

Question

7. Identify four antecedents that influence intercultural contact.

Answered: 1 week ago