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journel enteries 1) Revenue from skateboards delivered but not yet collected amounted to $24,560 2) The store furnishing equipment was purchased at the beginning of
journel enteries
1) Revenue from skateboards delivered but not yet collected amounted to $24,560 2) The store furnishing equipment was purchased at the beginning of October 2020 and has an estimated five year useful life. The company uses straight line depreciation. 3) Supplies on hand on September 30 were $2,260, 4) Rent payments included a $1,370 per month rental fee and a $1.960 deposit that is refundable at the end of the two year lease (September 30, 2023). 5) The insurance was purchased on February I for a one year period expiring January 30, 2022 6) Salaries earned for the last four days in September and to be paid in October 2021 amounted to $3,950. 7) Atyear end, it was determined that an additional $9,500 is owed for income tax 8) Inventory on hand on September 30 was $20,000. The company uses a perpetualinventory system Step by Step Solution
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