Income Statement account

Sales Revenue

Service Revenue

Cost of Goods Sold Expense

Utilities Expense

Amount (dr/cr)

900 cr

150 cr

400 dr

220 dr

Balance Sheet account

Cash

Accounts Receivable

Inventory

Equipment

Accounts Payable

Bank Loan

Sharon, Capital

Sharon, Withdrawals

Amount (dr/cr)

4,330 dr

450 dr

B00 dr

3,000 dr

1,200 cr

2,250 cr

5,000 cr

300 dr

I) Make the necessary journal entries for the following transactions:

bl

Aug 31, 2024- Sharon recognizes that her equipment will last 3 years and have a salvage value of $ 100 at that point. She wishes to depreciate all capital assets on a monthly basis using the straight-line method.

Sep 1, 2024- Sharon purchases a $6,000 vehicle financed through a car dealership loan (4% annual interest rate with interest payable every three months). The vehicle is expected to last 5 years with a salvage value of 51,000.

Sep 3, 2024- Hugh pays off his remaining debt to Sharon,

Sep 5, 2024- Sharon pays her supplier for the Aug 11* purchase.

Sep 9, 2024- Sharon secures a $3,000 contract to produce ten jewellery pieces. The customer will provide the materials and pay at the end.

Sep 13, 2024- Sharon makes a $950 cash sale. The goods had cost her $450.

Sep 18, 2024- Sharon buys inventory for $800 on account.

Sep 21, 2024- Sharon completes a $100 necklace repair on account.

Sep 25, 2024- Sharon secures a $2,000 contract to produce seven jewellery pieces. The customer pays her up front.

Sep 28, 2024- Sharon repays $750 of her bank loan.

Sep 30, 2024- Sharon estimates she has completed two-thirds (66.7%) of the work on the Sep 9* contract and one quarter (25%) of the work on the Sep 25- contract.