Do a journal and THE ADJUSTING ENTRIES

1. You order 300 units of toothpaste on account according to the terms 2/10, n/60 from Smile Inc. Each unit cost you $2 and you plan on selling for $5 each. 2. You bought $300 worth of perfume on account from SmellCorp, on account with the terms 3/10, n/30. You bought 60 units and plan on selling each for $20. 3. When the perfume arrived, you noticed 3 bottles were damaged and were granted an allowance for the damaged inventory. 4. When the toothpaste arrived, you had to pay $50 shipping fee. 5. You paid your workers what you owed them from last period. 6. Mr. Green ordered 100 toothpaste and 20 units of perfume on account. You had to pay a $70 shipping fee to make the sale. 7. Mrs. Yellow bought 5 perfumes and 25 toothpaste. 8. Mr. Green returned 10 toothpaste. 9. Mrs. Yellow returned 5 toothpaste and 2 perfume. 10. You paid SmellCorp. 11. You paid half of what you owed Smile Inc. 12. Ms. Grey bought 20 perfume, but you gave her a 10% discount to make the sale. 13. Theo and Sophie both gave $3,000 each to the business. 14. Mr. Blue paid for 75 units of toothpaste, that you will deliver next week. 15. Sophie took $70 and Theo took $30 of supplies for personal use. 16. You paid $1,000 towards your notes payable. 17. You paid your workers $600 ADJUSTING ENTRIES 31. 31. record using up $150 of supplies record using $100 prepaid insurance record amortization for your vehicle of $200 record salary of $150 that you will pay next period. 31. 31