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Pen Station is a stationery shop in the town if Upper Hand serving individuals and small businesses in the local community.Two Bentley University graduates founded
Pen Station is a stationery shop in the town if Upper Hand serving individuals and small businesses in the local community.Two Bentley University graduates founded the company and issued $ of stock in January Your mission is to assist Jordan with these transactions and to prepare financial statements for the month of December
Pen Station
REGULAR TRANSACTIONS NOT RECORDED YET:
TRANSACTION Pen Station sent promotion flyers worth $ to potential customers in the area. They sent them out in December and paid immediately.
TRANSACTION Upper Hand's Lonely Hearts Club meets in the shop once a week after hours. They signed an agreement for months, starting on January and paid the whole amount of $ in December
TRANSACTION Pen Station bought a new insurance policy for the year of January December and paid $ in cash.
TRANSACTION Cleaning and decorating supplies for the office amounting to $ have been purchased and used up in December
TRANSACTION On December a customer brought a $ payment for his November purchase, but Pen Station did not record it yet.
ADJUSTING TRANSACTIONS:
NOTE: All prior months' adjustements have been properly recorded. Only adjustments listed below need to be recorded for December.
TRANSACTION Pen Station's payroll for a full, fiveday week is $ Employees receive the paychecks at the beginning of next week. There has been four more workdays in after the last paychecks were issued.
TRANSACTION The December rent is $ It was prepaid in November.
TRANSACTION Pen Station invited Tree Company to set up seasonal decorations. They visited the office on December and left an invoice for $ The payment is not due until late January.
TRANSACTION The last customer of the year just purchased $ worth of stationery. Pen Station needs to issue an invoice with due date in February
TRANSACTION While reviewing the unearned revenue balance and sales records, Jordan found that $ of the balance was earned during December but has not been recorded yet.
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