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Joey Juno began a web - based computer sales and service company on November 1 , 2 0 0 8 , called Juno's Toys. Joey

Joey Juno began a web-based computer sales and service company on November 1,2008, called Juno's Toys. Joey has made a few decisions regarding the accounting system. All prepayments and unearned revenues will be recorded as assets and liabilities, and the company will use a periodic inventory system. Juno's Toys completed those transactions during November of the current year. November 1, Joey invested $12,000 cash, along with $9,000 of used computer equipment, into his business. November 1, purchased eight months of insurance at $1,200 cash. The insurance is effective immediately. November 2, hired a computer technician named Barry to be paid every two weeks. November 4, hired a computer technician. November 4, $23,000 of merchandise was purchased from Eastman Store on account terms 1-10, N-30. Freight was paid an amount of $200 for the above purchase. November 6, bought $400 of office supplies on account. November 10, sold merchandise to John Smith that cost $3,300 for $3,800. Mr. Smith paid $500 cash and put the rest on account with terms 1-15, N-30. November 14, bought office furniture for $9,000. Advertising to appear next month. November 24, the company received $1,500 for services to be completed over the next two months. November 27, Mr. Smith paid his account in full. November 30, paid in full Eastman Store for purchases on the November 4. November 30, received a bill from the utilities company for November Utilities. In the amount of $330, the amount was due December 4. November 30, paid November and December rent today. Monthly rent is $1,000. Prepare journal entries to record the transactions.

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