I need help with the July entries. Thanks in advance
July 2 Today, the store had a swimwear fashion show and it sold 50 black string bikinis for $110 each and 45 red bathing suits for $150 each-all sales were on store credit. (The store uses the LIFO method to account for cost of goods sold.) The day after the fashion show, customers came in and purchased 40 green thong bikinis for $90 each and 120 floral halter bathing suits for $130 each-all sales were on store credit. (The store uses the LIFO method to account for cost of goods sold.) Pamela Anterson, a customer, called and said that she had declared bankruptcy and would not be able to pay for her black string bikini for which she still owed the store. She paid $110 for it earlier and that is what the store had to write off. (The company uses the Allowance Method of accounting for Bad debts...) 10 Paid the electric bill for June, $320. 13 Received payment from customers from sales made in June and from the Fashion Show, $ 13,750 14 Received the newspaper advertising bill, $160, it is due in 30 days. 15 Paid the part-time worker, $350 19 Collected $2,100 of the amount owed from customers from the sales made earlier 20 Accepted a $6,000, 9%, 120 day note dated today, in granting a time extension on a past-due account receivable. 21 Paid the advertising hill which was received earlier. $160 24 Paid $1,000 on the amount owed for the store equipment purchased last month. Reimbursed the Petty Cash account. The fund contained: $14.50 and had the following receipts: Supplies $45.00 and Miscellaneous Expenses $38.00 Received the bank statement from the bank. The bank statement showed that the bank issued a credit memorandum for $65 interest earned and a debit memorandum for the $20 monthly service charge. In the statement, the bank had also returned an NSF check from one of our customers for $260. Lastly, Rusty also noticed that the check issued for the store equipment, $1,000, had not yet cleared the bank. After entering the adjustments needed, the cash account shows $ 45,943.50. View Help Search ngs Review EvEv 3 21 dabbcc AaBbc AaBbcc AaBbce AaBbc Aa Emphasis Heading 1 1 Normal Strong Subtitle Paragraph Styles Revenues 402 Sales 410 interest Revenue **Keep track of your Inventory! Ona separate sheet of paper, you will need to keep track of the various bathing suits that you are buying and selling. For example Assets 101 Cash 102 Petty Cash 104 Accounts Receivable 1041 Alin for Doubtful Accts 105 Merchandise Inventory 110 Prepad Rent 111erest Recevable 112 Prepaid Insurance 125 Not Receivable 131 Supplies 181 Equipment 181. 1 Accumulated Depreciation Black Song Red Bathing Expenses: 508 Cost of Goods Sold 511 Wages Expense 514 Advertising Expense 516 Rent Expense 519 Telephone Expense 520 Supplies Expense 525 Depreciation Expense 527 Insurance Expense 530 Utles Expense 551 Cash Over & Short 550 Miscellaneous Expense 1553 Bad Debt Expense 50 55 1000 $ Liabilities: 202 Accounts Payable 209 Wages Payable 700 Income Summa Stockholder's Equity 300 Common Stock 312 Dividends 315 Retained Earings Enter the following transactions for the first two months of business for Crow's Swimwear Jun 1 2 7 9 10 12 13 Rusty invested $40,000 cash in the company in exchange for 40,000 shares of $1 par, common stock Purchased Store Equipment for $3,000. Paid $1.500 immediately but put the rest on account Prepaid 6 months rent in advance, $4,800 Created a $100 Potty Cash account Purchased supplies for cash $1.500 Purchased 50 black string bikinis (model F211) for sach (paid cash) Purchased 100 black string bikins, (model #211) for $3 each(paid cash) Purchased 70 red bathing suits, (model #348) for $14 each paid cash) Purchased 30 red bathing suits, (model #348) for $20 each. (paid cash) On the first day that the store was open, sold 60 black bikinis for $100 each and 40 red bathing suits for $150 each-all sales were on store credit (The store uses the LIFO method to account for cost of goods sold) Purchased a one year insurance policy for $1.200 Purchased 25 green thong bikinis, on account (model #148) for $10 each Purchased 50 green thong bikinis (model #148) for $12 each. (paid cash) Purchased 100 floral halter bathing suits (model 877) for $20 each. (paid cash) Purchased 60 floral halter bathing suits, (model #377) for $22 each. (paid cash) The company declared and paid a $200 dividend to the sole shareholder Collected $8500 of the amount owed from customers from the sales made earlier 14 15 18 19 22 24 25 Page 1
