Please journalize these entries:

Nov 17 Beacon applies for credit to the Big Wholesale Lumber Company (BWLC).

Since Beacon is a brand-new business and has no history of operations the

credit manager for the BWLC is at first reluctant to approve the request.

Eventually, after heated discussions, she agrees to a $10,000 limit, provided

that the company's ratio of Debt to Total Assets does not rise above .70, and

that its Current Ratio does not fall below 2.45.

Nov 17 Beacon purchases 20,000 board feet (bd. ft.) of framing lumber from BWLC

at a cost of $.90/bd. ft., (ninety cents per board foot). After reaching its credit

limit, it paid cash for the balance of the purchase.

Nov 18 The Solid Construction Company purchases 3,000 bd. ft. of lumber from Beacon on

account for $4,800.00. (Beacon uses the perpetual method of inventory is used.)

Nov 18 The Strong Construction Company purchases 6,000 bd. ft. of lumber on

account for $9,600.00.

Nov 18 The Reliable Construction Company purchases 4,000 bd. ft. of lumber on

account for $6,400.00.

Nov 20 The Nocturnal Departures Home Improvement Co. purchases 1,000 bd. ft. of

lumber for $1,600, paying cash.

Nov 22 John Q. Homeowner purchases 2,000 bd. ft. of lumber for $3,500, paying

cash. He does not have a sales tax exemption certificate. By law, Beacon

must collect 8.25% sales tax and remit this to the state at the end of each

quarter. (Hint: your entry should include a credit to Sales Taxes Payable of

289 *rounded up ($288.75* ($3,500 x .0825).)

Nov 26 The Solid, Strong & Reliable Construction Companies all send checks totaling

$18,000 for payment on account.

Nov 26 Beacon writes a check for $10,000 to the Big Wholesale Lumber Company

for payment on account.

Nov 30 Beacon pays a total wage expense of $3,608 to its workers for the month of

November. (Debit the store wages expense account when you make this

entry.)