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Recording journal entries for these transactions NewCo paid $3,000 for a one-year liabilitiy insurance policy with a term from 2/1/2019 to 1/31/2020. NewCo ordered $15,500
Recording journal entries for these transactions
| NewCo paid $3,000 for a one-year liabilitiy insurance policy with a term from 2/1/2019 to 1/31/2020. |
| NewCo ordered $15,500 in merchandise from SupplyCo on account, terms 2/10 n30, FOB shipping point. They shipped 1/25/2019, were received 2/5/2019. |
| Payment of Supply Co invoice on 1/30/2019, taking allowable discounts. |
| NewCo received $500 from Supply Co for defective merchandise that was returned. |
| NewCo's payroll for the period 1/10/2019 to 1/20/2019 is recorded, with salaries and wages of $15,000 and employer taxes of $2,000. |
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
13th Edition
978-0470423684
