Question
Hello, I had trouble making the general journal, closing journal entries, and T-accounts for this transaction list # Date 1 January 1: Juras Equipment, Inc.
Hello, I had trouble making the general journal, closing journal entries, and T-accounts for this transaction list
# Date
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1 January 1: Juras Equipment, Inc. sold 225 shares of stock at $38 per share for cash.
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2 January 1: Borrows 5000 cash by signing a 4-year, $5000 note at 4%. The principal is due at the end of the maturity period. Interest is to be paid monthly due on the 1st of the following month.
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3 January 1: Purchased office equipment for $2750. Made a down payment of $500 and the remaining balance in a promissory note with 'same as cash' financing terms (no interest). The equipment has a salvage value of $750 and estimated useful life of 4 years.
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4 January 2: Paid rent for January through June totaling $3000.
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5 January 2: Purchased office supplies on account for $475.
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6 January 3: Purchased inventory on account for $11000.
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7 January 5: Sold inventory on account for $9000 which was purchased for $6000.
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8 January 7: Purchased a 9-month insurance policy for $1800.
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9 January 10: Purchased inventory at $6500 cash.
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10 January 11: Paid $1100 for advertising for January on social media.
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11 January 12: Sold inventory on account for $12400 which costed $8000.
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12 January 13: Received payment from customer from January 5 sale. Account was paid off in full.
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13 January 14: Paid employees' wages for the past 2 weeks totaling $2700. (Wages run $270 per day.)
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14 January 20: Received cash from customer for $4200 of inventory which costed $3000. Merchandise will not be shipped until February 2 per customer's request.
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15 January 25: Received payment on the sale dated January 12.
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16 January 28: Paid employees' wages for the past 2 weeks totaling $2700. (There are five work days each week.) January 28 is a Friday. No one works the weekend but employees do work January 31.
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17 January 30: Paid electricity bill for January that totaled $350.
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18 January 31: Paid for supplies purchased on January 2. There remains $150 worth of supllies in the cabinet today.
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19 January 31: Placed an order for $9500 worth of inventory. Inventory is not expected to be received until February 4 with terms of n/30.
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20 January 31: Paid $100 cash to shareholders for dividends.
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