Question
Need general journal entrys for these... 1. The owner contributes to the company $2400 in a piece of equipment. 2. A purchase in account of
Need general journal entrys for these...
1. The owner contributes to the company $2400 in a piece of equipment.
2. A purchase in account of merchandise available for sale (perpetual system used) for $1600.
3. A cash sale for an amount equal to 1600.
4. A sale on account for an amount equal to 1200.
5. Utilities services consumed this month will be paid next month according to the invoice received. The invoice is for an amount equal to $720.
6. Advanced payment made in cash from a customer for a future delivery of goods equal to $400.
7. At the end of the period noticed that all the goods for resale (inventory) have been sold.
8. Received the bank statement and since you did not keep the minimum balance, it was debited from your account bank fees for $160.
9. Pay 50% of the amount due for the merchandise acquired for resale.
10. The depreciation of the equipment is 5% of its acquisition cost.
STEP 2: Prepare and print the Income Statement and Balance Sheet for the period and also your general journal showing your journal entries.
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