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Please complete 6,7,8! Thank you for the help 1. Exquisite concrete, Inc. completed, delivered and installed a concrete countertop, completing the sale. The sale price
Please complete 6,7,8! Thank you for the help
1. Exquisite concrete, Inc. completed, delivered and installed a concrete countertop, completing the sale. The sale price of the countertop was $6,000. Exquisite had received a non-refundable advance payment of $3,000. The client paid Exquisite $3,000 in cash on delivery and installation. The total cost of materials to build the countertop was $600. These costs had been recorded in inventory. Record sales and cost of goods sold. DR CR 6000 Sales Dev cash costos Good sold Inventory 6000 600 600 2. It is Exquisite concrete, Inc.'s year end (12/31/2021). It owes its employees $1,000. Record the liability to employees. DR CR 1000 Wool Rubense indo paisable LOOO 3. It is Exquisite concrete, Inc.'s year end (12/31/2021). It owes $1,000 to a credit card company for materials purchased to construct concrete pieces. Record the debt. DR CR 1000 accounts payable material (00 4. It is Exquisite concrete, Inc.'s year end (12/31/2021). It has a loan outstanding of $5,000. It owes $100 of interest in relation to the loan. Record the interest owed. CR DR 100 interest expens interest pavable 5. It is Exquisite concrete, Inc.'s year end (12/31/2021). It has received an advance payment of $5,000 in relation to the estimated total production and installation cost of an outdoor kitchen. It has completed work valued at $3,000 as of 12/31/2021 (all paid in cash and recorded as expenses). The total price of the kitchen to the customer is $20,000. It records revenue as a percentage of work completed. Record revenue related to this job. CR Cash with DR 5000 Service Revenue Unearned Revenue 3000 151 2000 10:1 6. It is Exquisite concrete, Inc.'s year end (12/31/2021). It has determined that it has consumed $1,000 of the value of its PP&E during the year. Make a journal entry to record this reduction in the value of PP&E. DR CR 7. What is the effect on pretax income from the journal entries you made above? 8. Based only on the journal entries you made above, make journal entries to close the temporary accounts. DR CRStep by Step Solution
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