Journal Entries

12/27/Y2 Paid $3000 for another 3 months of insurance (paid by check)

12/28/Y2 Received inventory item 1005 (30 units @ $250 plus shipping of $15) from TNO, Inc. on account. ** [Hint: Shipping is part of the cost of inventory.]

12/29/Y2 Received $700 from Waly; deposited. **

12/30/Y2 Weekly Sales: 1001 (15@$125), 1002 (10@$190), 1003 (4@$250), 1004 (3@$500), 1005 (2@$620) ** Sales tax of 9.125% is added to all sales. Cash deposited into checking account on the transaction date.

12/30/Y2 The following sales were made on account: ** To B. Truly 1003 (4@$250) To S. Tu 1004 (2@$500) Sales tax of 9.125% is added to all sales. Shipping cost of $37 was paid by Shirley for these two orders but not charged to customers