Journalize the transactions

Purchased inventory on account $22,900

Sales on account $32,000

Cash Sales $23,400

Paid salaries $6,000

Cash collected from customers $19,600

Purchased inventory for cash $13,000

Wrote off customer account as uncollectable $300

Made payment on account $18,000, received a 2% discount

Declared dividend to be paid next month $5,000

A piece of equipment costing $600 was stolen. The insurance company reimbursed the company $300. The accumulated depreciation on the equipment amounted to $250

New equipment was purchased for $1000 cash

The short term note payable was paid. The note was for 30 days with 6% interest.

Journalize the Adjustments

It is estimated that 10% of accounts receivable is uncollectable

Supplies used $2,800

Depreciation Expense $650

Our employees are owed $740 at the end of the month

Interest on the note payable is 6%

Ending inventory is $35,000

$1,000 of prepaid insurance has expired

The income tax rate is 25% (round to the nearest dollar)