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Sleek Ride, a company providing limo services, has a December 31 year-end date. For Sleek Ride, the following transactions occurred during the first 10 days
Sleek Ride, a company providing limo services, has a December 31 year-end date. For Sleek Ride, the following transactions occurred during the first 10 days of June: a. Purchased, on credit, space for classified advertisements in the New York Times for $2,000. The advertising was run the day the space was purchased. b. Purchased office supplies from Office Max on credit in the amount of $450. c. One of Sleek Ride's sales staff signed a $35,000 contract to provide exclusive limo services for a large company for the remainder of the month. The salesperson's commission is 9% of service revenue. The commission will be paid July 10 . (Note: Concern yourself only with the commission.) d. Received electric bill for May. The bill is $5,000 and is due on June 15. e. Received a bill for $870 from Harry's Auto. Harry's repaired 10 limos for Sleek Ride in late May. Payment is due on June 18
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