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I need help completing journal entries for the following events Acct 2400 Project 2- Merchandise Inventory & Sale 2. Following is a list of events
I need help completing journal entries for the following events
Acct 2400 Project 2- Merchandise Inventory & Sale 2. Following is a list of events that occurred during 2018. a) Jan 6, 2018 - Lawn Pro paid the salaries payable from 2017. b) Jan 14, 2018 - The company acquired an additional $50,000 cash from the issue of common stock c) Jan 17, 2018 - The company paid $900 cash for supplies to be used by the business. d) Jan 21, 2018 - Lawn Pro purchased 25 patio furniture sets for later sale at a cost of $12,120. The patio furniture sets were purchased on account with the terms 2/10, n/30. e) Jan. 29, 2018 - Lawn Pro decided to pay $6,000 of its accounts payable balance from event (d) before the discount period expired, so Lawn Pro first applied the 2% discount to the $6,000 amount so it could reduce its accounts payable balance (note: the actual payment is described in event (1) below). After applying this discount, Lawn Pro's inventory cost was $480 for each item. f) Jan. 29, 2018 - Lawn Pro paid cash to settle parts of its accounts payable balance as described in event (e). 8) Feb. 12, 2018 - The company sold 20 patio furniture sets for a total price of $18,000. Sales of $13,000 were on account, while $5,000 were cash sales. Lawn Pro uses the FIFO Inventory method. h) Feb. 12, 2018 - The cost to Lawn Pro of each product sold in event(s) was $480. 1) Feb. 17, 2018 - The company paid the workers a total of $8,400 in salaries. j) Feb. 28, 2018 - The company sold $36,000 of lawn care services to begin Mar. 1. The services are billed to the customers each month. k) Mar. 1, 2018 - Lawn Pro leased a business van, paying $4,800 for one year's lease in advance. 1) Mar. 4, 2018 - Paid cash to settle additional accounts payable in the amount of $3,780. The payment was made after the discount period expired. m) Mar 11, 2018 - Collected $38,000 of accounts receivable. n) Apr. 9, 2018 - Lawn Pro performed $14,000 worth of lawn care services for a local college: $12,000 was on account and $2,000 was for cash. o) May 1, 2018 - Paid $7,200 for one year's rent on office space in advance. p) May 8, 2018 - Lawn Pro purchased 10 patio furniture sets for later sale at a cost of $500 each. q) May. 17, 2018 - The company paid accounts payable of $1,440, but not within the discount period (the company uses the gross method). r) Jun 1, 2018 - Lawn Pro rented a larger building: paid $6,600 for 12 months' rent in advance. s) Jun 5, 2018 - Lawn Pro purchased 12 patio furniture sets for later sale at a cost of $520 each. t) Jun 12, 2018 - Lawn Pro purchased 15 patio furniture sets for later sale at a cost of $530 each. ) Jun 23, 2018 - The company sold 30 patio furniture sets for a total price of $28,000. Sales of $20,000 were on account, while $8,000 were cash sales. v) Jun 23, 2018 - Record the cost of goods sold related to the sale from event (t) using the perpetual FIFO method. w) Jul 1, 2018 - Made a full refund to a dissatisfied customer who returned a patio furniture set. The sale had been a cash sale for $1,100 with a cost of $520. Record the reversal of revenue. x) Jul 1, 2018 - Made a full refund to a dissatisfied customer who returned a patio furniture set. The sale had been a cash sale for $1,100 with a cost of $520. Record the reversal of cost. Y) Jul. 15, 2018 - Paid employees a total of $11,000 cash for salaries employees' earned during the current period. Page 3 of 13 Acct 2400 Project 2 - Merchandise Inventory & Sale z) Aug. 24, 2018 - Provided $32,000 of lawn care services during the year. The services were billed to the customers. aa) Sep 30, 2018 - Recognized $800 of service revenue earned during the first nine months of the year; it had been collected in the prior year. bb) Oct. 1, 2018 - Completed additional lawn care services worth $400 for one year's service. The customers paid cash for the full amount. cc) Nov. 13, 2018 - Collected $51,000 of accounts receivable. dd) Nov. 20, 2018 - Paid an additional $5,500 to settle some accounts payable; the payment was made after the discount period expired. ee) Dec. 27, 2018 - Paid $2,800 of advertising expense during the year. ff) Dec. 28, 2018 - Paid $4,180 of utilities expense for the year. 88) Dec. 28, 2018 - Paid $12,470 of other operating expense for the year. hh) Dec. 29, 2018 - Paid a dividend of $12,000 to the shareholders. li) Dec 31, 2018 - There was $200 of supplies on hand at the end of the year. ii) Dec 31, 2018 - Recognized the expired rent from the prior year, van (event (k)), office space (event (o)), and the building (event (c)) for the year. kk) Dec 31, 2018 - Recognized the revenue earned from event (z). 11) Dec 31, 2018 - Accrued salaries at December 31 were $1,200. Eeld FiUject 2- Merchandise Inventory o Sale 4. A worksheet to prepare the appropriate transaction and adjusting Journal entries. a) Jan 6, 2018 - Lawn Pro paid the salaries payable from 2017. a) Salaries payable Cash 1,000 b) Jan 14, 2018 - The company acquired an additional $50,000 cash from the issue of common stock 1,000 b) c) Jan 17, 2018 - The company paid $900 cash for supplies to be used by the business. d) Jan 21, 2018 - Lawn Pro purchased 25 patio furniture sets for later sale at a cost of $12,120. The patio furniture sets were purchased on account with the terms 2/10, 1/30. d) e) Jan. 29, 2018 - Lawn Pro decided to pay $6,000 of its accounts payable balance from event (d) before the discount period expired, so Lawn Pro applied the payment discount to the payable balance. f) Jan. 29, 2018 - Lawn Pro paid cash to settle parts of its accounts payable balance as described in event (e). f) 8) Feb. 12, 2018 - The company sold 20 patio furniture sets for a total price of $18,000. Sales of $13,000 were on account, while $5,000 were cash sales. Lawn Pro uses the FIFO inventory method. h) Feb. 12, 2018 - The cost to Lawn Pro of each product sold in event (e) was $480. h) Acct 2400 Project 2- Merchandise Inventory & Sale Feb. 17, 2018 - The company paid the workers a total of $8,400 in salaries. Feb. 28, 2018 - The company sold $36,000 of lawn care services to begin Mar. 1. The services are billed to the customers each month. K) Mar. 1, 2018 - Lawn Pro leased a business van, paying $4,800 for one year's lease in advance. k) DMar. 4, 2018 - Paid cash to settle additional accounts payable in the amount of $3,780. The payment was made after the discount period expired. m) Mar. 11, 2018 - Collected $38,000 of accounts receivable. m) n) Apr. 9, 2018 - Lawn Pro performed $14,000 worth of lawn care services for a local college: $12,000 was on account and $2,000 was for cash. n) o) May 1, 2018 - Paid $7,200 for one year's rent on office space in advance. p) May 8, 2018 - Lawn Pro purchased 10 patio furniture sets for later sale at a cost of $500 each. pl Q) May 17, 2018 - The company paid accounts payable of $1.440, but not within the discount period (the company uses the gross method) Step by Step Solution
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