Question
Show the accounting for all transactions in journal entries. Post journal entries to the T accounts. Prepare an unadjusted trial balance. Aug 1 Sold product
Show the accounting for all transactions in journal entries. Post journal entries to the T accounts. Prepare an unadjusted trial balance. Aug 1 Sold product costing $1000 for $1550 on credit with terms of 2/15, net/30. Aug 2 Paid a professional fees invoice for $850. Aug 3 Purchased product for $900 on account with terms of 2/10, net/30. Aug 5 Received utility bills for $750. No payment made at this time. Aug 7 Made cash sales of $1400. Original cost was $950. Aug 10 Received a loan from the bank for $11000. Aug 12 Made payment on the Aug 3 purchase within the discount period Aug 13 Paid wages of $900. Aug 14 Sold product costing $750 for $1400 on credit with terms of 2/15, net/30. Aug 15 Received payment from Aug 1 sale within the discount period. Aug 16 Customer went bankrupt and his account balance of $300 was written off. Aug 17 Purchased product for $1800 on account with terms of 2/10, net/30. Aug 19 Made credit sales of 1800 Canadian dollars. Exchange rate was .85US$ = 1 Canadian dollar. Original cost was $950. Terms are net/30. Aug 22 $700 of product, costing $400, from the Aug 14 sale was returned. Aug 23 $400 of product from the Aug 17 purchase was returned to the vendor. Aug 24 Made cash sales of $2000. Original cost was $1200. Aug 25 Payment was received, outside the discount period, for the merchandise that was kept from the Aug 14 sale. Aug 26 Purchased product from Mexico on account for 10000 pesos. Exchange rate was .085$ per peso. Terms are net/30. Aug 27 Paid wages of $1000. Aug 28 Payment was made on the remaining amount of merchandise outside the discount period from the Aug 17 purchase. Aug 30 On the Aug 24 sale, a customer complained about the merchandise, and so the customer was given a $200 credit to the customers A/R balance. Aug 31 Declared and paid a dividend of $200.
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