Task 2 requires you to accurately complete the activities described in each question. Complete the answers in your own Excel document, putting your name at the top along with the Task and Task letter appropriate to each answer and submit below for your Assessor.

a) Make the Journal entry to record the sale of merchandise that cost $6,000, for $10,000 cash.

b) Record journal entries for the following transactions.

• Purchased office furniture for $3,200, agreed to pay the entire amount in 2 years
• Purchased computers for the office for $1,200 cash
• Paid for rent for the next 3 months, $600
• Purchased office supplies for $75 cash
• Purchased inventory on credit for $15,000
• Paid $11,000 to the supplier for the inventory purchased in previous bullet point
• Hired employees who will begin work in 2 weeks.

c) Record journal entries for the following transactions. After recording the transactions, prepare a T-account and balance the accounts payable account.

• Purchased manufacturing equipment for $20,000 cash
• Purchased office furniture on credit, $2,700
• Paid for insurance for the next 6 months, $2,200
• Purchased inventory on credit, $15,000
• Purchased supplies for cash, $100
• Paid the supplier $14,000 for inventory purchased on credit
• Invested $3,000 in a short-term investment.

d) A company had the following transactions during the first month of operations. Record journal entries for these transactions. Determine the balance in the cash account at the end of the first month.

• Purchased inventory to be sold to customers, $45,000 on credit
• Rented warehouse space, $6,000 was paid for this month
• Sold $5,000 of inventory on credit (you have not been paid yet), sales price of $7,500
• Acquired office furniture for $3,000 cash
• Paid $12,000 to employees who worked this month
• Acquired manufacturing equipment costing $39,000, paid cash
• Paid $700 for cleaning
• Received a $100 utility bill for this month
• Collected $7,500 owed from customers.

e) A company had the following transactions during the first month of operations. Record journal entries for each transaction. Determine the balance in the cash account at the end of the first month.

• Borrowed $150,000 cash from the bank. $30,000 is to be repaid at the end of each year for the next 5 years
• Purchased inventory; $30,000 to be paid in 30 days
• Rented warehouse space; $2,000 was paid for this month
• Paid $300 for advertising to be run equally over this month and the next 2 months
• Purchased computer equipment; paid $3,000 and put $2,000 on credit
• Employees worked and earned $3,900; employees were paid $3,300
• Sold $15,000 of inventory on credit for a sales price of $25,000
• Purchased $500 of office supplies on credit, not yet used
• Acquired manufacturing equipment costing $55,000; paid up front and agreed to make monthly payments for the balance for 3 years
• Paid $25,000 on accounts owed
• Collected $10,000 from customers for amounts owed
• Received $1,200 from a customer for services to be performed next month.