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The following transactions occurred in a merchandising business that was incorporated in the month of October The numbers beside the transactions represent the day of the month the transaction occurred. The company is using a sales price per unit of $10. Assume the company uses FIFO as its cost flow assumption. There are no discounts (for sales or purchases) in this problem. 1. JOURNAL ENTRIES: Prepare an appropriate journal entry for each of the following transactions 1The organization issued 2,000 shares of S10 par value common stock, they received $40,000 in cash. 1Purchased 300 units of inventory on account, $3.50 per unit. 1Paid cash to overnight ship the inventory, S450 total. 2 Purchased a building with land for the business with a Periodic Payment Note, 20 year, 6%. In addition to the purchase price of $150,000, renovations to the building were included in the Note amount, the renovation cost 25,000. The land and building were independently appraised at $50,000 and S150,000, respectively Paid cash for the on account purchase of inventory (300 units on 10/1) Office supplies were purchased from Office Supply Store on account - $550 Purchased 150 units of inventory on account, S3.50 per unit. Paid cash to ship inventory (3-day shipping), S150 total. Sold 320 products to customers on account, sales price of S10 per unit. (Determine the cost of products based on inventory purchases and any related transactions). Office furniture was purchased with a 2 year Periodic Interest-Lump Sum Principle Note: 12% annual interest, payable semi-annually - $5,750 2 2 3 3 3 4 5 Sold 75 products to customers for cash. 5 Purchased 250 units of inventory on account, negotiated a quantity discount S3.2:5 5 Paid cash to ship inventory (3-day shipping), $250 6Paid off all inventory account purchases (150 units on 10/3 & 250 units on 10/5) 7Reived cash for previous sale on account (320 units on 10/3) 7S 9 S 15 Received cash for previous sale on account (120 units on 10/7) 15 Paid employees with cash, Gross-$2,100. Federal and State withholdings, 15% and 5%, respectively. old 120 products to customers on account. old 100 products to a customer for cash. FICA 7.65%. Employer payroll taxes include FUTA-.8%. SUTA-5.4%, FICA match-7.65%. 16 Purchased 350 units of inventory on account, negotiated a quantity discount S3.40 20 26 28 29 30 Paid cash to ship inventory (5-day), $175 Sold 220 products to a customer on account. Paid Office Supply Store (10/2) - S550 S old 100 products to a customer for cash. Sold 50 products to a customer on account. Paid employees with cash, Gross-$2,100. Federal and State withholdings, 15% and 5%, respectively FICA 7.65%. Employer payroll taxes include FUTA-.8%. SUTA-5.496, FICA match-7.65%. ADJUSTING JOURNAL ENTRIES: Prepare journal entries for the following adjusting entries at 10/31 Declared (but have not yet paid) a dividend of S3 per common share. The Building will be depreciated with Straight-Line over 360 months (30 years). The salvage value is $10,000 The first periodic payment on the Periodic Payment Note will require the following 1 2 3 Cash Payment S1,049.21 Interest ChargeS 875.00 Principle Deduction: S 174.21 4 5 A total of S150 of office supplies remain at the end of the month. The Office Furniture will be depreciated with the Double-Declining Balance Method. The useful life is 5 years with a S500 savage value. Remember, we're depreciating for one month. 6 The Periodic Lump Sum Note w only require the recognition of the unpaid interest charge for October Interest Charge (S5,750 .12) 12 $57.50 7 The company estimates an allowance for uncollectible accounts of $150 The following transactions occurred in a merchandising business that was incorporated in the month of October The numbers beside the transactions represent the day of the month the transaction occurred. The company is using a sales price per unit of $10. Assume the company uses FIFO as its cost flow assumption. There are no discounts (for sales or purchases) in this problem. 1. JOURNAL ENTRIES: Prepare an appropriate journal entry for each of the following transactions 1The organization issued 2,000 shares of S10 par value common stock, they received $40,000 in cash. 1Purchased 300 units of inventory on account, $3.50 per unit. 1Paid cash to overnight ship the inventory, S450 total. 2 Purchased a building with land for the business with a Periodic Payment Note, 20 year, 6%. In addition to the purchase price of $150,000, renovations to the building were included in the Note amount, the renovation cost 25,000. The land and building were independently appraised at $50,000 and S150,000, respectively Paid cash for the on account purchase of inventory (300 units on 10/1) Office supplies were purchased from Office Supply Store on account - $550 Purchased 150 units of inventory on account, S3.50 per unit. Paid cash to ship inventory (3-day shipping), S150 total. Sold 320 products to customers on account, sales price of S10 per unit. (Determine the cost of products based on inventory purchases and any related transactions). Office furniture was purchased with a 2 year Periodic Interest-Lump Sum Principle Note: 12% annual interest, payable semi-annually - $5,750 2 2 3 3 3 4 5 Sold 75 products to customers for cash. 5 Purchased 250 units of inventory on account, negotiated a quantity discount S3.2:5 5 Paid cash to ship inventory (3-day shipping), $250 6Paid off all inventory account purchases (150 units on 10/3 & 250 units on 10/5) 7Reived cash for previous sale on account (320 units on 10/3) 7S 9 S 15 Received cash for previous sale on account (120 units on 10/7) 15 Paid employees with cash, Gross-$2,100. Federal and State withholdings, 15% and 5%, respectively. old 120 products to customers on account. old 100 products to a customer for cash. FICA 7.65%. Employer payroll taxes include FUTA-.8%. SUTA-5.4%, FICA match-7.65%. 16 Purchased 350 units of inventory on account, negotiated a quantity discount S3.40 20 26 28 29 30 Paid cash to ship inventory (5-day), $175 Sold 220 products to a customer on account. Paid Office Supply Store (10/2) - S550 S old 100 products to a customer for cash. Sold 50 products to a customer on account. Paid employees with cash, Gross-$2,100. Federal and State withholdings, 15% and 5%, respectively FICA 7.65%. Employer payroll taxes include FUTA-.8%. SUTA-5.496, FICA match-7.65%. ADJUSTING JOURNAL ENTRIES: Prepare journal entries for the following adjusting entries at 10/31 Declared (but have not yet paid) a dividend of S3 per common share. The Building will be depreciated with Straight-Line over 360 months (30 years). The salvage value is $10,000 The first periodic payment on the Periodic Payment Note will require the following 1 2 3 Cash Payment S1,049.21 Interest ChargeS 875.00 Principle Deduction: S 174.21 4 5 A total of S150 of office supplies remain at the end of the month. The Office Furniture will be depreciated with the Double-Declining Balance Method. The useful life is 5 years with a S500 savage value. Remember, we're depreciating for one month. 6 The Periodic Lump Sum Note w only require the recognition of the unpaid interest charge for October Interest Charge (S5,750 .12) 12 $57.50 7 The company estimates an allowance for uncollectible accounts of $150
