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prepare journal entries for december December transactions December 1 i.) Received loan proceeds for $10,000 from First National Bank. ii.) Purchased from Cyclone Sports, a

prepare journal entries for december
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December transactions December 1 i.) Received loan proceeds for $10,000 from First National Bank. ii.) Purchased from Cyclone Sports, a new skate sharpening machine for $10,000 with Ck # 112 iii) Paid outstanding items in accounts payable from November. - Luis Emporium $3,430 - Bishop Inc 1,470 - Fletcher Euipment 3,136 - Jackson & Lang 2,450 iv) Paid accrued wages from November by cash. December 15 i) Paid Electricity bill $275 for month of November. Ck # 126. ii) Paid Telephone bill for month of November $185. Ck #127. iii) Purchases from CCM $7,245 on account. iv) Record Cash Sales for Dec 1-15 $9,650 v) Record Credit Sales as follows: Jr Wolves Hockey Club $2,500 Dynamo Dart League 750. vi) vii) Recorded wages $2,100 for Dec 1-15. Paid by Cash. Received payment on accounts receivable as follows: Warren & Son $1,080 Dean Company 340 Roy Davis 1,000 December 31 i.) Record cash sales for Dec 15-31 $11,250 ii.) Record Credit Sales as follows: Roy Davis $ 2,150 Grossman Brothers 350 Sewell Brothers 410 Smith Inc 625 iii.) iv.) Record Wages $2,175 for Dec 16-31. All paid by cash. Record the following invoices that were received but not paid at December 31, 2007 NL Hydro $ 325 NL Telephone 175 Sheild Sports Shop 2,745 Sam Rogers- Rent 700 Accrue December Interest of $120. v.) Additional Info: Inventory Count at December 31, 2007 $18,640. Company depreciates equipment at 20%. Depreciate for two months. Allowance for doubtful accounts is estimated to be 6% of accounts receivable balance. Income taxes to be recorded at 40%

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