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needing help with November and December accounts payable subsidiary LEDger, the cash receipt journalthe purchase journal, and the sales journal At the beginning of November,
needing help with November and December accounts payable subsidiary LEDger, the cash receipt journalthe purchase journal, and the sales journal At the beginning of November, Madison decides to expand her business by selling fine European mixers. The owner of Batter Blender Supply Co has approached Madison to become the exclusive distributor of these fine mixers in her state. The current cost of a mixer is $ and Madison plans to sell each mixer for $ Each appliance has a serial number and can be easily identified. Madison uses the perpetual inventory system to account for these fine mixers. She also decides to start using special journals and subsidiary ledgers to help keep track of her new customers and vendors, sales and purchases, and cash flows. Hint: Refer to Chapter to calculate the cost of inventory. The following transactions occurred during the month of November. Nov. Bought five mixers on account from Batter Blender Supply Co for $ terms Paid $ freight on the November purchase. Check Bought four mixers on account from Batter Blender Supply Co for $ terms n Madison is concerned that there is not enough cash available to pay for all of the mixers purchased. She invests an additional $ cash in Sweet Treats. Paid $ freight on the November purchase. Check Madison issued a check to her assistant for all the help at the elementary school on October Recall this amount was accrued at the end of October. Check Paid a $ cell phone bill Hint: Use Utilities Expense Check Paid Batter Blender the amount due from the November purchase. Check Collected $ from the October transaction with Newbury Elementary School. Three mixers are sold to Peter's Pastries on account for $ terms Invoice Hint: You must record both the revenue and expense components on all sales transactions. Sold three mixers for $ cash. Paid Batter Blender the amount due from the November purchase. Check Paid her assistant for the last two weeks of November in the amount of $ Check Madison withdrew $ cash for personal use. Check As of November the following adjusting entry data is available. A count of baking supplies reveals that none were used in November. Another month's worth of depreciation needs to be recorded on the baking equipment bought in October. One month's worth of insurance has expired. Madison records another month of accrued interest on her grandma's loan. At the beginning of December, Madison finds out that Batter Blender Supply Co has raised the cost of their mixers to $ each, so she will only make one more purchase from them this month. She was lucky enough to find comparable mixers at Garcia Co a local manufacturer, so she has signed a contract to buy mixers from them this month. Garcia Co also has a $ cost for each mixer. She still plans to sell them for $ Madison is running out of storage space in her small apartment, so she decides to rent a small office space to hold all of her supplies and inventory. Rent is due at the beginning of each month. The following transactions occurred during the month of December. Dec. Paid $ rent for the month of December. Check Purchased three mixers on account from Batter Blender Supply Co for $ terms Paid $ freight for the December purchase. Check Sold three mixers for $ on account to Seafood Shack, invoice terms Bought four mixers on account from Garcia Co for $ terms n Collected the amount due from Peter's Pastries for the November transaction. Returned one of the mixers purchased on Dec because it was damaged during shipping. Garcia Co issues Sweet Treats credit for the cost of the mixer. Paid Batter Blender the amount due for the December purchase. Check Bought three mixers on account from Garcia Co for $ terms Paid $ freight for the December purchase. Check Three mixers ar
needing help with November and December accounts payable subsidiary LEDger, the cash receipt journalthe purchase journal, and the sales journal
At the beginning of November, Madison decides to expand her business by selling fine European mixers. The owner of Batter Blender Supply Co has approached Madison to become the exclusive distributor of these fine mixers in her state. The current cost of a mixer is $ and Madison plans to sell each mixer for $ Each appliance has a serial number and can be easily identified. Madison uses the perpetual inventory system to account for these fine mixers. She also decides to start using special journals and subsidiary ledgers to help keep track of her new customers and vendors, sales and purchases, and cash flows. Hint: Refer to Chapter to calculate the cost of inventory.
The following transactions occurred during the month of November.
Nov. Bought five mixers on account from Batter Blender Supply Co for $ terms
Paid $ freight on the November purchase. Check
Bought four mixers on account from Batter Blender Supply Co for $ terms n
Madison is concerned that there is not enough cash available to pay for all of the mixers purchased. She invests an additional $ cash in Sweet Treats.
Paid $ freight on the November purchase. Check
Madison issued a check to her assistant for all the help at the elementary school on October Recall this amount was accrued at the end of October. Check
Paid a $ cell phone bill Hint: Use Utilities Expense Check
Paid Batter Blender the amount due from the November purchase. Check
Collected $ from the October transaction with Newbury Elementary School.
Three mixers are sold to Peter's Pastries on account for $ terms Invoice Hint: You must record both the revenue and expense components on all sales transactions.
Sold three mixers for $ cash.
Paid Batter Blender the amount due from the November purchase. Check
Paid her assistant for the last two weeks of November in the amount of $ Check
Madison withdrew $ cash for personal use. Check
As of November the following adjusting entry data is available.
A count of baking supplies reveals that none were used in November.
Another month's worth of depreciation needs to be recorded on the baking equipment bought in October.
One month's worth of insurance has expired.
Madison records another month of accrued interest on her grandma's loan.
At the beginning of December, Madison finds out that Batter Blender Supply Co has raised the cost of their mixers to $ each, so she will only make one more purchase from them this month. She was lucky enough to find comparable mixers at Garcia Co a local manufacturer, so she has signed a contract to buy mixers from them this month. Garcia Co also has a $ cost for each mixer. She still plans to sell them for $ Madison is running out of storage space in her small apartment, so she decides to rent a small office space to hold all of her supplies and inventory. Rent is due at the beginning of each month.
The following transactions occurred during the month of December.
Dec. Paid $ rent for the month of December. Check
Purchased three mixers on account from Batter Blender Supply Co for $ terms
Paid $ freight for the December purchase. Check
Sold three mixers for $ on account to Seafood Shack, invoice terms
Bought four mixers on account from Garcia Co for $ terms n
Collected the amount due from Peter's Pastries for the November transaction.
Returned one of the mixers purchased on Dec because it was damaged during shipping. Garcia Co issues Sweet Treats credit for the cost of the mixer.
Paid Batter Blender the amount due for the December purchase. Check
Bought three mixers on account from Garcia Co for $ terms
Paid $ freight for the December purchase. Check
Three mixers ar
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