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Please check my work. Let me know where I did wrong with an explanation. Thankyou MAF Corporation sells equipment for use in manufacturing. The company
Please check my work. Let me know where I did wrong with an explanation.
Thankyou
MAF Corporation sells equipment for use in manufacturing. The company was started on January 1, 2018. Presented in the excel spreadsheet is the September 1 trial balance. SEPTEMBER JOURNAL ENTRIES SEPTEMBER UNADJUSTED TRIAL BALANCE DUE SEPTEMBER 17 September Financial Accounting Transactions - record these transactions in the "Sep. journal entries" tab. Trans ID Transaction A B During the month of September, the company sold three pieces of equipment inventory. Each had a sell price of $40,000 and a cost of $20,000. The equipment was sold on account. During the month, $65,000 in checks was collected from customers. $1,500 of supplies were purchased on account. The company received the electric, gas and phone bills for September's usage for the amount of $800. D E F G Customers wired $120,000 in the company's bank account for the payment of equipment sales. The company processed checks and paid vendors $85,000. The company purchased three pieces of equipment inventory for cash. Purchase prices were $15,000, $20,000 and $45,000. The August payroll was paid in the first week of September. MAF has an outstanding note payable. The original note was for $48,000 with an interest rate of 12% and was issued on January 1, 2018. Payments are $1,000 per month plus interest. On September 1, the August accrued interest and September's principle payment was made. 1 Date Item Account Debit Credit 120,000 30-Sep A Accounts receivable Equipment sales revenue 120,000 60,000 Cost of goods sold - equipment Equipment Inventory 60,000 30-Sep 65,000 B Cash Accounts receivable 65,000 1,500 30-Sep C Supplies Accounts receivable 1,500 800 30-Sep D Utilities expense Accounts payable 800 120,000 30-Sep E Cash Accounts receivable 12,000 85,000 30-Sep F Cash Accounts payable 85,000 80,000 30-Sep GCash Equipment Inventory 80,000 24,000 30-Sep H Salaries expense Salaries payable 24,000 30-Sep 51,840 | Cash Notes payable Interest expense 3,840 48,000Step by Step Solution
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