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Help with inputting data into journal entries? May 15: Customers return $1,300 of merchandise and received a full cash refund. The cost of this merchandise
Help with inputting data into journal entries?
May 15: Customers return $1,300 of merchandise and received a full cash refund. The cost of this merchandise to Pane was $400. July 1: Pane pays cash for a patent that will allow them to produce a revolutionary new window for boats and other marine vehicles called "T-Panes". $25,000 Cost of Patent Remaining legal life of patent lin years) July 28: Pane issued shares of common stock Number of shares Par Value Price Per Share July 31: Pane sells window panes to customers. Some customers paid in cash, others purchased their goods on account. Pane uses the perpetual method to track their inventory. 25.000 Cash Sales Sales on account Cost of Goods Sold 145,000 9.870 August 6: Pane purchases land with cash. At the time of purchase, Pane also had to pay for survey fees and costs to demolish a building on the land. Cost of Land Demolish Building $345,000 $2,000 $300 Survey Fees November 1: Pane lends one of their employees cash in exchange for a note receivable. The employee is required to pay Pane back for the principal and interest on May 1, 2019. Principal $10,000 Interest Rate 796 Maturity Date 5/1/2019 November 15: Pane sells additional goods to customers on account. 7,8 $75,000 Sales on account Cost of Goods Sold $6,350Step by Step Solution
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