OCTETY | 7/05/17 | Deposit #2 | Signed a note payable to borrow S 18,000 from Wells Fargo Bank. 6. Interest is 8% annually and the note is to be repaid with interest in six months. | Purchased a refrigerator for S 13,000 from Fergie's Appliance S The estimated service life of this asset is 10 years. The residual (salvage value) is $1,000. This will be recorded as Refrigerator Equipment and depreciated accordingly on a straight-line basis. 7. | 7/05/17 | Ck #1003 | 7/05/17 | ck #1004 | Purchased a delivery van for S2 5,000 from Carlo's Cars. The 8. estimated service life is 5 years. The residual value is $4,000. This will be recorded as Delivery Van and depreciated accordingly on a straight-line basis 9: | 7/06/17 ck #1005 10. | 7/06/17 | ck #1006 11. 7/08/17 12. 7/08/17 13. | 7/13/17 | ck #1007 Paid $1,200 to have Fran's logo painted on the door of the store. This should be considered an advertising expense | Paid S300 for business cards, flyers, and posters. This will be recorded as prepaid advertising Purchased $16,400 of inventory-fruit from Izzy's Fruit Warehouse on account. Purchased $2,400 of merchandise inventory-baskets from Ben's Basket Store on account. | Ms. Franco received and paid the $2,000 charge from her lawyer Fran's Fruit Basket is now open for business. Sales will be both retail and wholesale. Retail customers will purchase online and at the store and will be charged an 8% sales tax. Ms. Franco will allow major customers to charge their purchases (Fran will treat this asa cash sale Purchased $850 of supplies consisting of plastic wrap, foil, gloves cleaning supplies, towels, on account. Sold Fruit Baskets to UTEP for $4,000. The cost of the fruit is $2,500; the cost of the baskets are $250. UTEP does not have to pay sales tax on this purchase and they paid on account Purchased additional inventory-fruit on account for $5,500 Recorded online sales for the first five days of operation. Sales 18. 7/20/17 Deposit #3 totaled $8,000. The sales tax collected totaled $640. The $8,640 was deposited in the bank. The cost of merchandise sold was $4,200 (fruit $3,900; baskets $300). 19.17/22/17 |Ck #1008 |Received and paid the $850 invoice for supplies (cleaning supplies, towels, plastic wrap purchased on 7/14/16) OCTETY | 7/05/17 | Deposit #2 | Signed a note payable to borrow S 18,000 from Wells Fargo Bank. 6. Interest is 8% annually and the note is to be repaid with interest in six months. | Purchased a refrigerator for S 13,000 from Fergie's Appliance S The estimated service life of this asset is 10 years. The residual (salvage value) is $1,000. This will be recorded as Refrigerator Equipment and depreciated accordingly on a straight-line basis. 7. | 7/05/17 | Ck #1003 | 7/05/17 | ck #1004 | Purchased a delivery van for S2 5,000 from Carlo's Cars. The 8. estimated service life is 5 years. The residual value is $4,000. This will be recorded as Delivery Van and depreciated accordingly on a straight-line basis 9: | 7/06/17 ck #1005 10. | 7/06/17 | ck #1006 11. 7/08/17 12. 7/08/17 13. | 7/13/17 | ck #1007 Paid $1,200 to have Fran's logo painted on the door of the store. This should be considered an advertising expense | Paid S300 for business cards, flyers, and posters. This will be recorded as prepaid advertising Purchased $16,400 of inventory-fruit from Izzy's Fruit Warehouse on account. Purchased $2,400 of merchandise inventory-baskets from Ben's Basket Store on account. | Ms. Franco received and paid the $2,000 charge from her lawyer Fran's Fruit Basket is now open for business. Sales will be both retail and wholesale. Retail customers will purchase online and at the store and will be charged an 8% sales tax. Ms. Franco will allow major customers to charge their purchases (Fran will treat this asa cash sale Purchased $850 of supplies consisting of plastic wrap, foil, gloves cleaning supplies, towels, on account. Sold Fruit Baskets to UTEP for $4,000. The cost of the fruit is $2,500; the cost of the baskets are $250. UTEP does not have to pay sales tax on this purchase and they paid on account Purchased additional inventory-fruit on account for $5,500 Recorded online sales for the first five days of operation. Sales 18. 7/20/17 Deposit #3 totaled $8,000. The sales tax collected totaled $640. The $8,640 was deposited in the bank. The cost of merchandise sold was $4,200 (fruit $3,900; baskets $300). 19.17/22/17 |Ck #1008 |Received and paid the $850 invoice for supplies (cleaning supplies, towels, plastic wrap purchased on 7/14/16)
