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During the month of july 2020 the following (summary) tramsactions occured (Hint use the number of transaction as the date) Superior issued 900 shares of
During the month of july 2020 the following (summary) tramsactions occured (Hint use the number of transaction as the date) Superior issued 900 shares of its Common Stock for $21,000. Superior purchased new business insurance costing $10,200 to cover June 01, 2023 to May 31, 2024. This will be paid quarterly. Superior paid the first quarter of $2,550. Superior made the mortgage payment--$989.00 Superior sold an old computer that cost $850 for $550. (Depreciation on this computer was $85.) Superior purchased merchandise consisting of 9,000 units at a $1.20 per unit on account. Superior collected $42,300 from customers on account. Superior sold merchandise for $18,480. (Cash -- $12,200)(7,700 units. Superior used a Fifo Cost Flow) Superior reacquired 400 of its Common Shares paying $24 per share. Superior purchased supplies for $2,250 on account. Superior paid creditors on account $27,800. Superior received $27,000 for services to be performed from 6/1/- 10/31/23. Superior performed services earning $112,500. ($8,300 was paid in Cash). Superior declared the quarterly cash dividend of $1.20 per share to be paid on July 31, 2023. Superior wrote off the account of a delinquent client for $500. Superior paid salaries and other operating expenses in the amount of $44,925. (Salaries are $39,200)
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