December entries

a$.$ Dec. $1$ John Sims deposited $$400,000$ from his personal account to open the Sims Corporation. He issued $4,000$ shares of stock to himself.

b$.$ Dec. $1,$ He issued$/$wrote check # $100$ to LLC Realty in the amount of $$12,000$ for the first six month's rent.

c$.$ Dec. $2,$ He paid Comcast for installation and phone usage $$300($check no$.101)$

d$.$ Dec. $2,$ He paid the City Times $$150($check no$.102)$ for an advertisement in the local paper. The ads will all run in December.

e$.$ Dec. $2,$ He purchased $$500$ of office supplies from Staples $($check no$.103)$

f$.$ Dec. $3,$ He paid Spike Insurance $$900$ for insurance for three months $($December $2023,$ January and February $2024$ using check no$,104).$

g$.$ Dec. $4,$ He purchased $800$ pairs of sneakers at $$40$ a pair$-$ on account from Nike $($using purchase order no$.301).$ Payment terms were $2/10,$ net $30.$ Assume the shoe store uses the

perpetual inventory system.

h$.$ Dec. $5,$ He purchased $500$ pairs of dress shoes from Footwear Corp. on account for $$20$ a pair $($using purchase order no$.302).$ Payment terms were $2/10,$ net $30$

i$.$ Dec. $10,$ He made a sale on account of $20$ pairs of sneakers at $$100$ a pair, to a local University$-$

Highland University $($sales invoice number $2000)$ for their basketball team. Payment terms were $2/10$ net $30.$

j$.$ Dec. $11,$ He made a sale on account of $2$ pairs of dress shoes at $$5$O a pair $($sales invoice no$.2001)$ to a local charity, U$.$S$.$ Veterans, that intended to raffle them off at one of their events.

k$.$ Dec. $12,$ He made a sale on account to The Jenson Group of $300$ pairs of dress shoes at $$50$ a pair, to use as part of an employee uniform. Payment terms were $2/10$ net $30.$

I. Dec. $14,$ He made a cash sale for $2$ sneakers at $$120$ each and $1$ pair of shoes for $$60.$

m$.$ Dec. $14,$ He paid the amount owed to Footwear Corp $($check no $105)$

n$.$ Dec. $17$ Highland University returned $2$ pairs of sneakers they had previously purchased on account.

o$.$ Dec. $18,$ He received a check from Highland University in full payment of their balance.

p$.$ Dec. $20,$ He made a cash sale to Charles Wilson of three pairs of sneakers at $$120$ each and $1$ pair of

dress shoes at $$60.$

q$.$ Dec. $20,$ He made a partial payment to Nike for $$20,000($check number $106)$

r$.$ Dec. $23$ Received a $$500$ utility bill which will be paid in January.

s$.$ Dec. $27$ Received a check from The Jenson Group in the amount of $$9,000.$

t$.$ Dec. $28,$ He paid $$2,000$ of his balance to Nike $($check number $107)$

Your Company

Cash Disbursement$/$Payments Journal

For the month of