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Journalize the transaction May 5th Purchased 8,000 units of Zoom each at $4.20 plus $2,400 sales taxes that were not included in the purchase price,
Journalize the transaction
May 5th Purchased 8,000 units of Zoom each at $4.20 plus $2,400 sales taxes that were not included in the purchase price, and $160 for shipping and handling in cash. Journalize the transaction. May 15th Sold 6,000 units of Zoom that were purchased on May 5th above to Team America for a price of $12 each, terms were 2/10,n/30. Applicable sales tax rate was 8% which was not included in price. May 22nd Team America paid the amount owed within discount period. Journalize the transaction. May 23rd During an internal audit, realized that the depreciation expense for last year was understated by $5,000. Last year Income tax rate was 30%. May 30th Paid month of May salaries, \$12,000. Applicable tax rates were as follows. Journalize the transaction. May 30thMr. Brown, the contractor hired by the company, submitted a $108,550 bill with the following details for reimbursement. The payments and collections pertain to the construction of an office building for the company. Company reimbursed Mr. Brown. Make the necessary composite journal entry. May 31" Made the 1 payment to Nice Bank regarding transaction on May 1 above. Journalize the transaction. May 31" Made the 2nis payment for equipment purchased on April 1". Jourmalize the transaction. May 31" Made the 1" payment on lease agreement eatered on May 1"above. Jouraalize the transaction, May 31" Paid $1,400 for utilities expense. May 31 " Recorded $1,200 depreciation expense on equipment. May 31 Make the necessary joumal entry to recognize the current portions of Notes Payable and Capital Lease Payable. May 5th Purchased 8,000 units of Zoom each at $4.20 plus $2,400 sales taxes that were not included in the purchase price, and $160 for shipping and handling in cash. Journalize the transaction. May 15th Sold 6,000 units of Zoom that were purchased on May 5th above to Team America for a price of $12 each, terms were 2/10,n/30. Applicable sales tax rate was 8% which was not included in price. May 22nd Team America paid the amount owed within discount period. Journalize the transaction. May 23nd During an internal audit, realized that the depreciation expense for last year was understated by $5,000. Last year Income tax rate was 30%. May 30th Paid month of May salaries, $12,000. Applicable tax rates were as follows. Journalize the transaction. May 30th Mr. Brown, the contractor hired by the company, submitted a $108,550 bill with the following details for reimbursement. The payments and collections pertain to the construction of an office building for the company. Company reimbursed Mr. Brown. Make the necessary composite journal entry. May 31 Made the 114 payment to Nice Bank regarding transaction on May 1 above. Journalize the transaction. May 314t Made the 2od payment for equipment purchased on April 1t. Joumalize the transaction. May 31" Made the 1" payment on lease agreemezt entered on May 1"above. Journalize the transaction. May 31" Paid $1,400 for utilitics expense. May 31t Recorded $1,200 depreciation expense on equipment. May 31 Make the necessary journal entry to recognize the current portions of Notes Payable and Capital Lease Payable. May 5th Purchased 8,000 units of Zoom each at $4.20 plus $2,400 sales taxes that were not included in the purchase price, and $160 for shipping and handling in cash. Journalize the transaction. May 15th Sold 6,000 units of Zoom that were purchased on May 5th above to Team America for a price of $12 each, terms were 2/10,n/30. Applicable sales tax rate was 8% which was not included in price. May 22nd Team America paid the amount owed within discount period. Journalize the transaction. May 23rd During an internal audit, realized that the depreciation expense for last year was understated by $5,000. Last year Income tax rate was 30%. May 30th Paid month of May salaries, \$12,000. Applicable tax rates were as follows. Journalize the transaction. May 30thMr. Brown, the contractor hired by the company, submitted a $108,550 bill with the following details for reimbursement. The payments and collections pertain to the construction of an office building for the company. Company reimbursed Mr. Brown. Make the necessary composite journal entry. May 31" Made the 1 payment to Nice Bank regarding transaction on May 1 above. Journalize the transaction. May 31" Made the 2nis payment for equipment purchased on April 1". Jourmalize the transaction. May 31" Made the 1" payment on lease agreement eatered on May 1"above. Jouraalize the transaction, May 31" Paid $1,400 for utilities expense. May 31 " Recorded $1,200 depreciation expense on equipment. May 31 Make the necessary joumal entry to recognize the current portions of Notes Payable and Capital Lease Payable. May 5th Purchased 8,000 units of Zoom each at $4.20 plus $2,400 sales taxes that were not included in the purchase price, and $160 for shipping and handling in cash. Journalize the transaction. May 15th Sold 6,000 units of Zoom that were purchased on May 5th above to Team America for a price of $12 each, terms were 2/10,n/30. Applicable sales tax rate was 8% which was not included in price. May 22nd Team America paid the amount owed within discount period. Journalize the transaction. May 23nd During an internal audit, realized that the depreciation expense for last year was understated by $5,000. Last year Income tax rate was 30%. May 30th Paid month of May salaries, $12,000. Applicable tax rates were as follows. Journalize the transaction. May 30th Mr. Brown, the contractor hired by the company, submitted a $108,550 bill with the following details for reimbursement. The payments and collections pertain to the construction of an office building for the company. Company reimbursed Mr. Brown. Make the necessary composite journal entry. May 31 Made the 114 payment to Nice Bank regarding transaction on May 1 above. Journalize the transaction. May 314t Made the 2od payment for equipment purchased on April 1t. Joumalize the transaction. May 31" Made the 1" payment on lease agreemezt entered on May 1"above. Journalize the transaction. May 31" Paid $1,400 for utilitics expense. May 31t Recorded $1,200 depreciation expense on equipment. May 31 Make the necessary journal entry to recognize the current portions of Notes Payable and Capital Lease Payable Step by Step Solution
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