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e perpetual inventory system. Prepare the journal entries for the above transactions Newton Manufacturing had the following transactions for the month af March. Newton uses

image text in transcribed e perpetual inventory system. Prepare the journal entries for the above transactions

Newton Manufacturing had the following transactions for the month af March. Newton uses the perpetual inventory system. Mar 1 Mar 2 Mar 2 Mar 4 Mar 6 Bought 57,400 worth of inventory on account. Sold products for 56,620. The customer paid cash. COGS far the above sale total 53,972. Anna invested 57,400 inta the business. Received 53,600 cash from a customer for products that will be delivered next month. Mar 10 Prepaid insurance for 51,410 for one year. Mar 14 Paid a suppler for supplies bought on account for 5530. Mar 19 Sold products for SS, 190 on account. Mar 19 COGS for the above sale total 53,114. Mar 22 Obtained a 57,600 loan from the bank Mar 24 Collected the 55,190 owing from the sale on the 19th. Mar 25 Purchased equipment with 57,200 cash. Mar 26 Paid salaries with 51,160 cash. Mar 27 Paid 5760 towards the principle of the bank loan. Mar 28 Anna withdrew 51,020 cash for personal use. Mar 28 Accrued intersest on the bank loan for 576 which will be paid next month. Prepare the journal entries for the above transactions.

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