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I need Help filling out the general Journal for the month of November Beacon applies for credit to the Big Wholesale Since Beacon is a
I need Help filling out the general Journal for the month of November
Beacon applies for credit to the Big Wholesale Since Beacon is a bran credit manager for the BWLC Eventually, after heated discussions, she agrees to a $10,000 limit, provided that the company's ratio of Debt to Total Assets does not rise above 70, and that its Current Ratio does not fall below 2.45. Nov 17 d new business and has no history of operations the is at first reluctant to approve the request Beacon purchases 20,000 board feet (bd. ft.) of framing lumber from BWLC at a cost of $.90/bd. ft., (ninety cents per board foot),. After reaching its credit limit, it paid cash for the balance of the purchase. 7 Beacon hires an Office Manager and two yard personnel. The yard personnel will each earn S12.00 per hour and the manager will earn $17.00 per hour. All employees will work an eight-hour day Nov 17 The Solid Construction Company purchases 3,000 bd. ft. of lumber on account for $4,800.00. (Hint: remember to make an entry for Cost of Goods Nov 18 Sold (COGS)-3,000 board feet at $.90 per board foot. COGS is an expense, so you will debit this account and credit inventory, an asset.) The Strong Construction Company purchases 6,000 bd. ft. of lumber on account for $9,600.00. Nov 18 The Reliable Construction Company purchases 4,000 bd. ft. of lumber on account for $6,400.00. Nov 18Step by Step Solution
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