Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started