I am wondering how you would journalize these because my trial balance is off by 600 when and I cannot figure out where I went wrong.
DECEMBER TRANSACTIONS (I suggest you PRINT this page so that you can utilize for your JE tab.) NOTE: Assume your company does not close its accounting records until the end of the calendar year (12/31). Date Transaction FOR COMPANIES SELLING PRODUCTS ONLY: You purchase more merchandise from a wholesaler for $300 cash. Shipping terms are FOB Destination. Shipping costs amounted to $60. Your company receives a check for the full amount due from the customer for the sale from November 30. HINT FOR COMPANIES SELLING PRODUCTS: Is this collection of money within the discount period? Your business receives $750, in advance, from customers for services/sales that will be performed during January. You are getting overwhelmed and decide to hire an assistant. You wait until the last day to finally pay the cell phone invoice outstanding at November 30. issue a check to your CMO for the amount owed for the design of the website. Additional revenue during the month amounts to $4,000. (You have not had time to account for each sale/service individually.) $3,000 in cash has been collected and $1,000 is still outstanding. (This is in addition to the December 9 transaction.) Additional supplies purchased during the month amount to $1,250 cash. Pay a dividend of $500 to the common shareholder (Yourself). You pay your assistant $8/hour for the amount worked in December. She has worked 4 hours Iper day for 10 days, since the date of hire. Additional information for December is as follows: La A count reveals that $82 of your supplies were used. Depreciation is recorded on the equipment purchased in November. The computer has a useful life of 5 years and the equipment purchased on November 17th has a useful life of 10 years. Assume that 2 months' worth of depreciation is required. Interest on the 9% note payable is accrued. (Assume that 1.5 months of interest accrued during November and December.) Round to nearest dollar. One month's worth of insurance has expired. You are unexpectedly telephoned on December 28 to perform your services/sell some of your products on the last day of December. In early January, your company will send an invoice for $450. I FOR COMPANIES SELLING PRODUCTS: The products originally costed you $225 and your shipping terms are FOB Destination, terms 2/10, n/30. Freight costs amounted to $45. A cell phone invoice is received for $75. The invoice is for services provided during the month of December and is due on January 15. (Use "Accounts Payable"). Because of the unexpected sale on December 31, you recruit your assistant to help you. Your assistant worked 7 hours at a rate of $8 per hour. You've already processed payroll for December, so your assitant will not actually get paid until next month. 9 DECEMBER TRANSACTIONS (I suggest you PRINT this page so that you can utilize for your JE tab.) NOTE: Assume your company does not close its accounting records until the end of the calendar year (12/31). Date Transaction FOR COMPANIES SELLING PRODUCTS ONLY: You purchase more merchandise from a wholesaler for $300 cash. Shipping terms are FOB Destination. Shipping costs amounted to $60. Your company receives a check for the full amount due from the customer for the sale from November 30. HINT FOR COMPANIES SELLING PRODUCTS: Is this collection of money within the discount period? Your business receives $750, in advance, from customers for services/sales that will be performed during January. You are getting overwhelmed and decide to hire an assistant. You wait until the last day to finally pay the cell phone invoice outstanding at November 30. issue a check to your CMO for the amount owed for the design of the website. Additional revenue during the month amounts to $4,000. (You have not had time to account for each sale/service individually.) $3,000 in cash has been collected and $1,000 is still outstanding. (This is in addition to the December 9 transaction.) Additional supplies purchased during the month amount to $1,250 cash. Pay a dividend of $500 to the common shareholder (Yourself). You pay your assistant $8/hour for the amount worked in December. She has worked 4 hours Iper day for 10 days, since the date of hire. Additional information for December is as follows: La A count reveals that $82 of your supplies were used. Depreciation is recorded on the equipment purchased in November. The computer has a useful life of 5 years and the equipment purchased on November 17th has a useful life of 10 years. Assume that 2 months' worth of depreciation is required. Interest on the 9% note payable is accrued. (Assume that 1.5 months of interest accrued during November and December.) Round to nearest dollar. One month's worth of insurance has expired. You are unexpectedly telephoned on December 28 to perform your services/sell some of your products on the last day of December. In early January, your company will send an invoice for $450. I FOR COMPANIES SELLING PRODUCTS: The products originally costed you $225 and your shipping terms are FOB Destination, terms 2/10, n/30. Freight costs amounted to $45. A cell phone invoice is received for $75. The invoice is for services provided during the month of December and is due on January 15. (Use "Accounts Payable"). Because of the unexpected sale on December 31, you recruit your assistant to help you. Your assistant worked 7 hours at a rate of $8 per hour. You've already processed payroll for December, so your assitant will not actually get paid until next month. 9
