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Jan 20 Paid Natalie Lowe $10,800 in full settlement of the balance outstanding by cheque having received a discount of $1,200 Jan 25 Commission
Jan 20 Paid Natalie Lowe $10,800 in full settlement of the balance outstanding by cheque having received a discount of $1,200 Jan 25 Commission was received by cash, $5,000 Jan 12 Paid wages by cash $15,000. Jan 27 Purchased merchandise on credit from Kukupas Creations for $8,000. Jan 30 Paid electricity by cash $5,600, insurance $12,000 by cheque REQUIRED : A. Journalize each of the above transactions Narratives are not required. B. Post all the above transactions in the General ledger (please do not use any other ledger ) C. Extract an unadjusted trial balance with the inclusion of the appropriate headings D. Journalize and post to the ledger the below adjusting entries using the following information : > An employee was short paid $500 for the month > Seven hundred dollars ($700) of the commission February 2018 > Rent was prepaid by approximately $1,500. > The amount paid for insurance, represents the total amount for the entire year. For the first month of business depreciation is calculated at 10% per annum on the straight line basis on office furniture and office equipment for motor vehicle and the rate is 5% per annum using the straight line basis; depreciation is charged to the accounts on a monthly basis. > It appears that $3,700 of the J F Mills balance has to be written off as bad debt > of January as it relates to wages received related to the month of + Note: when doing the adjusted I accounts, only the accounts that have been affected need to be done.
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A Journal Entries Jan 20 Account Title Debit Credit Accounts Payable Natalie Lowe 9600 Discount Allowed 1200 Cash 10800 Jan 25 Account Title Debit Cre...Get Instant Access to Expert-Tailored Solutions
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