Question
Use the information below to complete the Payroll, Sales Tax Liability, and General Journal tabs. On September 1, Xavier purchased $10,000 worth of equipment on
Use the information below to complete the Payroll, Sales Tax Liability, and General Journal tabs.
On September 1, Xavier purchased $10,000 worth of equipment on a bank line of credit. He paid down that line of credit by $6,800 on September 28.
On September 30, the business ran payroll for their employee, Eddie. Crankshaft customs matches the FICA contribution that is withdrawn from Eddies gross earnings.
On September 10, there was $1,900 in revenue from mobile detailing paid in cash.
On September 22, four customers paid cash for a total of $24,000 in custom work. The Cost of Sales for this revenue was $8,000. Note that the company does not hold inventory related to custom work, instead they pay cash for cost of sales for custom work.
On September 24, Maria withdrew $9,500 cash as an owners draw.
On September 9, Crankshaft Customs invoiced a car rental company $900 for work performed on their classic fleet.
On September 15, Crankshaft Customs remitted the balance of their Quarter 3 sales tax liability.
On September 18, Crankshaft Customs paid $1,085 for their vehicle loan; $1,000 toward principal and $85 in interest expense.
On September 25, they paid $1,000 toward the Note Payable account.
do you know how to do the journal entries, trial balance, of this business
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