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Please fill out these journal entries for a service - based company Date 8 9 14 15 16 23 23 28 31 Transaction FOR COMPANIES
Please fill out these journal entries for a servicebased company
Date 8 9 14 15 16 23 23 28 31 Transaction FOR COMPANIES SELLING PRODUCTS ONLY: You purchase more merchandise from a for $5,000 cash. Shipping terms are FOB Destination. Shipping costs amounted to $100. Your company receives a check for the full amount due from the customer for the sale from November 30. HINT FOR COMPANIES SELLING PRODUCTS: Is this collection of money within the discount period? Your business receives $5,000, in advance, from customers for services/sales that will be performed during Janua You are overwhelmed and decide to hire an assistant. You wait until the last to finall thecell phone invoice outstandi at November 30. Issue a check to r CMO for the amount owed for the desi n of the website. Additional revenue during the month amounts to $6,500. (You have not had time to account for each sale/service individually.) $4,500 in cash has been collected and the rest is still outstanding. (This is in addition to the December 9 transaction.) FOR COMPANIES SELLING PRODUCTS: The cost of the products sold were $4,500. Additional supplies purchased during the month amount to $750 cash. P a dividend of $1,250 to the common shareholder Yoursel You pay your assistant $10/hour for the amount worked in December. She has worked 4 hours per day for 10 , since the date of hire. Additional information for December is as follows: #1 #2 #3 #5 #6 A count reveals that $125 of r supplies were used. Depreciation is recorded on the equipment purchased in November. The computer has a useful life of 5 years and the equipment purchased on November 17th has a useful life of 10 years. Assume that 2 months' worth of depreciation is required. Round to nearest dollar. Interest on the 7% note payable is accrued. (Assume that 1.5 months of interest accrued during November and December. Round to nearest dollar. One month's worth of insurance has expired. You are unexpectedly telephoned on December 28 with a request to perform your services/sell some of your products on the last day of December. In early January, your company will send an invoice for $2,500. FOR COMPANIES SELLING PRODUCTS: The products originally costed you $225 and your shipping terms are FOB Destination, terms 2/10, n/30. Freight costs amounted to $150. A cell phone invoice is received for $215. The invoice is for services provided during the month of December and is due on Janua 15. Use "Accounts P able" . Because of the unexpected sale on December 31 , you recruit your assistant to help you. Your assistant worked 7 hours at a rate of $10 per hour. Youve already processed payroll for December, so your assistant will not get id until next month.
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