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Marchett had the following transactions during January 2018: The bank loan hears interest at 3% and requires monthly payments on the first day of the
Marchett had the following transactions during January 2018: The bank loan hears interest at 3% and requires monthly payments on the first day of the month consisting of principal exist20,000 plus interest. The interest for December 2017 was property accrued at the end of 2017. Received payment of exist178,000 from customers in payments of their accounts. Made sales on account totalling exist216,000 to garden centres. The greenhouse units sold had cost Matchett exist122,000. Purchased additional greenhouse kits from a supplier on account for exist75,000. Paid accounts payable that were due to creditors totalling exist120,000. Paid salaries of exist70,000, which included the accrued salaries owing at the end of 2017 and the balance was related to salaries earned to date in January. Purchased supplies on account for exist1, 500. Received a shipment of additional greenhouses from a supplier. The invoice for exist98,000 is due in 30 days. Made sales of exist126,000, of which half was on account and half was cash. The cost of the greenhouses sold was exist68,000. Delivered a custom greenhouse that a customer had ordered and put a exist25,000 deposit down on. The total sales price was exist50,000 and the greenhouse has cost Matchett exist35,000. The customer paid the outstanding balance in cash. You are required to record January transactions in the general journal (in good form). You are the required to provide detailed supporting calculations needed and round all amounts to the nearest dollar
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