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jo and mo's practice set week 2 what journals do I put these in? im so lost WEEK 2 TRANSACTIONS Sep-13 Paid balance owed on
jo and mo's practice set week 2 what journals do I put these in? im so lost WEEK 2 TRANSACTIONS Sep-13 Paid balance owed on accounts payable to Pixley Grocery Store Outlet, Inv. 520 Sep-15 Secured a bank loan to purchase the building and land for $80,000. The building was valued at $65,000 and the land was valued at $15,000. It was financed by making a $20,000 down-payment and obtaining a mortgage for the balance at 5% for 20 years. The company estimates that the building will have a 25 -year useful life and at the end of the 25 years, the building will have a $5,000 residual value. Sep-15 Purchased used delivery van, $20,000cash. Estimated life for the delivery van was 6 years with no salvage value, Straight line depreciation was used for recording depreciation. Sep-15 Paid $600 cash for two grand opening advertisements in the local paper at $300 each. One ad will run this week and the other will run the first week of October. Sep-15 Collected payment from Faith IGA for Inv. 1, sold Sept 5. Sep-16 Paid cash for semi-monthly payroll (Day 1 through Day 15 ), $1,808.75 (total payroll, $2,500.00, less deductions: employee income tax, $500.00; social security tax, $155.00; Medicare tax, $36.25 ). Sep-16 Purchased merchandise on account from Super Food Co. for $3,500, Inv. 707 Sep-18 Sales on account to Dee's Ice Creams, for $1,750, Inv. 4. Sep-19 Week 2 (Sept 13-18) cash sales totaled $6,456
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