NOVEMBER TRANSACTIONS

Please fill out these journal entries for a service$-$based company

NOVEMBER TRANSACTIONS (l suggest you PRINT this page so that you can utilize for your JE tab.) Date 8 8 8 11 15 16 17 18 25 29 30 30 30 30 Transaction You open a bank account for your business. You purchase $2,500 of your own business's common stock by depositing your personal cash into the business bank account. You spend $300 to have business cards, flyers, and posters printed to advertise your business. Your business purchases paper and other office supplies for $130. (Use Supplies.) You start to gather some equipment to take with you when you begin your business. You have an excellent computer that is old, but works fine. You decides to start using it only for your new business. You estimate that the computer is currently worth $400, and you transfer the computer into the business in exchange for additional common stock. (Use "Computer" as the account type). The company needs more cash to sustain its operations. Your parents lend the company $5,000 cash, in exchange for a two-year, 7% note payable. Interest and the principal are repayable at maturity. Your business pays $2,300 for additional equipment. FOR SERVICE COMPANIES: You schedule your first service performance for November 29. You will receive $275 on the date of the service. FOR COMPANIES SELLING PRODUCTS: You order some merchandise from a wholesaler in the amount of $1,400 cash, shipping terms FOB Shipping Point. Freight costs amounted to $140. FOR SERVICE COMPANIES: You book a second service performance for January 5 for $200. You receive a $100 cash down payment, in advance. FOR SERVICE COMPANIES: You fulfill the obligation originated on Nov 18, booked on November 18, and collects the $275 cash. FOR COMPANIES SELLING PRODUCTS: You have your first sale in the amount of $500, paid for on account. These products originally costed you $350. You ship your product to your customer under the terms FOB Destination. Freight Costs amounted to $75 cash. Your Chief Marketing Officer (CMO) develops a website for your business that the company will use for advertising. He/She charges the company $600 for his/her work, payable at the end of December. Your business pays $3,000 for a one-year insurance policy using cash. FOR SERVICE COMPANIES: You generate additional Service revenue, but your customer cannot pay today in cash. You issue the customer an invoice in the amount of $300. They said it will get paid some time in December. FOR COMPANIES SELLING PRODUCTS: You make another sale to customers in the amount of $300. These products originally costed you $150. Your sale to your customer is under the terms n/30 and FOB Destination. Freight costs amounted to $45. You receive a $175 invoice for use of your cell phone. You use the cell phone exclusively for your business. The invoice is for services provided in November, and payment is due on December 15. (Use "Accounts Payable").