Using the general journal template, enter the above transactions for December 24th and 26th. (From December 24th entry number 25 to the end.)

All sales amounts shown do not include sales tax. All sales are taxable. Be sure to add sales tax at a 5% rate to all sales and rental (not including deposits) transactions. he Date Transaction Amount Dec. 2, Paid accrued on Nov. 30) wages due to employees $ 18,000 12 2 Paid accrued (Nov. 30) FICA and Medicare 1,3774 3e Paid accrued (Nov. 30) payroll tax withholdingse 42 3.600 Paid accrued (Nov. 30) sales taxes due Dec. 10, Paid accounts payable 11,500 5e 38,000 62 Pier and lift sales for cash, before tax amount 26,000 je Cost of piers and lifts solde 19,000 8 Labor charge to install lifts, received in cash from customers, 2,300 before tax amount 92 Purchases of piers and lifts on account 10 32,000 Custom dock sales charged to customers, before tax amount 16,000 11 Purchases of lumber on account for custom docks 8,50040 12 Dock parts issued from inventory 3404 13e Seawall installations charged to customers, before tax amount- 6,500 14 Seawall rocks purchased on account 2,3004 15e Sports equipment sales for cash, before tax amount 16 4,5004 Purchases of sports equipment on account 3.2004 17e Cash collected from customers on accounts receivable 42,000 18 Advertising expenses incurred and paide 1,400 19 Purchase of office supplies, paid in cash, charged to expense 500 account 20 Freight in incurred and paid 1,400 21e Customer accounts receivable written off 2,500 22 President and secretary salaries accrued for two weeks. Paychecks 5,0004 will be issued on Dec. 12. Amount shown is gross; apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and 7.65% is paid by the employer. (Taxes to the nearest dollar in all cases) 23e Labor wages accrued for two weeks. Paychecks will be issued on 13,0004 Dec. 12. Amount shown is gross; apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and 7.65% is paid by the employer. 24 13,2004 25 Paid property insurance for Dec. 1 2016 to Dec. 1, 2017. Recorded in expense account.e Bad debt expense booked, equal to 1% of credit sales including sales taxe Paid wages due to all employees 236 Dec. 12, le 14,8224 2 32 42 Paid FICA and Medicare Paid income tax withholdings Paid sales taxes due 2,756 1,800 2.765 You must make entries and enter them into the ledger for the following items. "Your amt." means that you are paying the liability that was recorded in a prior entry. I would suggest you trace out these amounts." Dec. 24. 5e Calculate 62 ie 82 9 10 85.000 64.000 1,500 17,000 45,000 11 15,000 12 13e 14 15e 16 17e 3,000 1,500 17,000 7,000 13,000 Calculate 18e 23,000 Record payment of accounts payable. Accounts paid total $25,000 (before cash discount). Only 8.000 of the goods purchased qualified for an early payment discount. Terms are 2/10, 1/304 Pier and lift sales for cash, before tax amount Cost of piers and lifts solde Labor charged to install lifts, received in cash, before tax amount Purchases of piers and lifts on account Custom dock sales charged to customer accounts receivable accounts, before tax amount Purchases of dock lumber for sold jobs and delivered to customer work site, on account Dock parts issued from inventory to sold jobse Purchase of dock parts for inventory on account Seawall installations charged to customers, before tax amounts Seawall rocks purchased on account Sports equipment sales for cash, before tax amount Purchases of sports equipment on account - purchased from Italian supplier and billed as 6,000 Euros. On that date the exchange rate was one Euro = $1.252 Cash collected from customers on accounts receivable. $2,000 was the collection of an amount written off a year ago. Advertising expenses incurred and paide Fuel bill received and paid in cash Freight incurred (for sports equipment purchased) and paid Utility bills received and paid in cash President and secretary salaries accrued for two weeks. Paychecks will be issued on Dec. 26. Amount shown is gross, apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and another 7.65% is paid by the employer. Labor wages accrued for two weeks. Paychecks will be issued on Dec. 26. Amount shown is gross; apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and another 7.65% is paid by the employer." Pay monthly payment on mortgage, interest portion is $1,190, $860 is a reduction of mortgage payable (account 611) 19 20e 21e 22e 23 2,300 1,000 1,000 1,800 13,000 24e 15,000 25 2,050 262 Calculate 27 8,550 28 50,000 29 13000 30 2,000 5001 Annual interest and principal amounts (needed for later Requirement 3) are: Year Payments Interest Principale 2016 $24,600 $15,500 $9,100 2017 24.600 13,600 11,000 Bad debt expense booked, equal to 1% of credit sales including sales tax (since Dec. 10 entry). (rounded up to nearest dollar) Old truck sold, original cost was $25,000, and accumulated depreciation on Dec. 31, 2015 was $10,000. Annual depreciation is $5,000, Sale price is $9,000. The auction that sold the truck charged a 5% commission. A check for $8,550 was received and deposited Hint: compute and record full year of depreciation on truck before you record the sale. No sales tax is collected on this sale. The buyer pays it directly to the state when registering the vehicle. The sale is recorded net of the fee charged by the auction service. Purchased new truck, paid $10,000 cash and financed $40,000 balance on a 3-year installment contract. e IA hydraulic crane was added to the barge. It is to be capitalized but it does not prolong the depreciable life of the barge and does not change the salvage value. Permits were obtained from the state for installations in 2016. The permit fees charged by the state and paid in cash were $2000, the fees charged by Ozark are $500. The $2,500 was charged to customer receivable account. Hint: The $2.000 is a direct debit to accounts receivable. Only the fee is revenue Neither amount is subject to sales tax. Tools are purchased and paid for in cash Cash dividend of $1 per share of stock was declared and paid. Hint: is there a worksheet that will include the information you need to calculate the shares outstanding? Create a temporary account Dividends declared." It is a contra- equity account. Pick an appropriate account number Hint: The number of shares outstanding is found by dividing the common stock account by $1. 2 Christmas gift certificates for sports equipment were sold for the first time for the Christmas of 2016. The certificates can be redeemed at any time. There is no sales tax on certificates. Instead, the tax is added to the bill when the certificate is redeemed. All certificates were sold for cash. Gift certificates were redeemed for sports equipment purchases of $5,000 (plus tax). Accounts receivable written off as uncollectible Sports equipment (snow skis) rentals for cash (before tax), plus deposits of $2,000 (not taxed). Hint: The rental fee should be recorded in the sports equipment rental account. there is also an account for customer deposite e 31e 32 3,000 Calculate 33e 8,500 342 Calculate 35e 36e 1,500 12,000 2,000 37e 2,400 A bill from the computer consulting firm for one year of maintenance and support was found. The bill covers service from October 1, 2016 to September 30, 2017. Record the entire bill in account 321e 38 10,000 EZ Lift Company notified Ozark that it had earned a $10,000 rebate on 2016 purchases. The rebate was earned by meeting a volume target. $2,000 of the rebates apply to lifts in the year-end inventory. The rebate will be paid to Ozark in early Jan. 2017. 39 Calculate 40 3,000 Dec. 26, Your amt. le 2 32 400 Christmas cards were sent to customers. Inside the card, there were 2 coupons for a Fish Fry at Ron's Cozy Corner. They must be used in January 2017. The cost of the mailing was $1,500, When the coupons are redeemed, Ozark will be charged $12 for each fish fry. In the past, 30% of the coupons are redeemed. + Ozark rented a new storage building starting Jan 1, 2017. The agreement is month to month but requires a 3-month notice for ending the rental. Ozark paid $3,000 $1,000 is rent for January 2017 and $2,000 is a security deposit Paid wages due to all employees Paid FICA and Medicare Paid income tax withholdingse Paid sales taxes due The $12,350 check for the sale of the truck was dated January 2, 2017. The sales agent agreed to take the postdated check. The office manager did not notice the date when making the deposit. The bank has now returned the check and charged a $20 fee for a bad check Hint: Ozark does not feel that it can pass the $20 charge on to its customer. A customer placed a $2,000 deposit on a custom lift that will be ordered from the manufacturer for delivery in early 2017. The exact cost and selling price of the lift is not yet known Transfer $30,000 to Money Market Account The bank notified Ozark that $900 interest had been added to their money market account The bank notified Ozark that the credit card fees for sales made on credit cards was $75. That amount was deducted from the checking account Your amt. Your amt. Your amt. Calculate 52 6- 2,000 30,000 900 8 90 75 Required: Using the general journal template pnter the above transactions for Dec. 24 and 26. All sales amounts shown do not include sales tax. All sales are taxable. Be sure to add sales tax at a 5% rate to all sales and rental (not including deposits) transactions. he Date Transaction Amount Dec. 2, Paid accrued on Nov. 30) wages due to employees $ 18,000 12 2 Paid accrued (Nov. 30) FICA and Medicare 1,3774 3e Paid accrued (Nov. 30) payroll tax withholdingse 42 3.600 Paid accrued (Nov. 30) sales taxes due Dec. 10, Paid accounts payable 11,500 5e 38,000 62 Pier and lift sales for cash, before tax amount 26,000 je Cost of piers and lifts solde 19,000 8 Labor charge to install lifts, received in cash from customers, 2,300 before tax amount 92 Purchases of piers and lifts on account 10 32,000 Custom dock sales charged to customers, before tax amount 16,000 11 Purchases of lumber on account for custom docks 8,50040 12 Dock parts issued from inventory 3404 13e Seawall installations charged to customers, before tax amount- 6,500 14 Seawall rocks purchased on account 2,3004 15e Sports equipment sales for cash, before tax amount 16 4,5004 Purchases of sports equipment on account 3.2004 17e Cash collected from customers on accounts receivable 42,000 18 Advertising expenses incurred and paide 1,400 19 Purchase of office supplies, paid in cash, charged to expense 500 account 20 Freight in incurred and paid 1,400 21e Customer accounts receivable written off 2,500 22 President and secretary salaries accrued for two weeks. Paychecks 5,0004 will be issued on Dec. 12. Amount shown is gross; apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and 7.65% is paid by the employer. (Taxes to the nearest dollar in all cases) 23e Labor wages accrued for two weeks. Paychecks will be issued on 13,0004 Dec. 12. Amount shown is gross; apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and 7.65% is paid by the employer. 24 13,2004 25 Paid property insurance for Dec. 1 2016 to Dec. 1, 2017. Recorded in expense account.e Bad debt expense booked, equal to 1% of credit sales including sales taxe Paid wages due to all employees 236 Dec. 12, le 14,8224 2 32 42 Paid FICA and Medicare Paid income tax withholdings Paid sales taxes due 2,756 1,800 2.765 You must make entries and enter them into the ledger for the following items. "Your amt." means that you are paying the liability that was recorded in a prior entry. I would suggest you trace out these amounts." Dec. 24. 5e Calculate 62 ie 82 9 10 85.000 64.000 1,500 17,000 45,000 11 15,000 12 13e 14 15e 16 17e 3,000 1,500 17,000 7,000 13,000 Calculate 18e 23,000 Record payment of accounts payable. Accounts paid total $25,000 (before cash discount). Only 8.000 of the goods purchased qualified for an early payment discount. Terms are 2/10, 1/304 Pier and lift sales for cash, before tax amount Cost of piers and lifts solde Labor charged to install lifts, received in cash, before tax amount Purchases of piers and lifts on account Custom dock sales charged to customer accounts receivable accounts, before tax amount Purchases of dock lumber for sold jobs and delivered to customer work site, on account Dock parts issued from inventory to sold jobse Purchase of dock parts for inventory on account Seawall installations charged to customers, before tax amounts Seawall rocks purchased on account Sports equipment sales for cash, before tax amount Purchases of sports equipment on account - purchased from Italian supplier and billed as 6,000 Euros. On that date the exchange rate was one Euro = $1.252 Cash collected from customers on accounts receivable. $2,000 was the collection of an amount written off a year ago. Advertising expenses incurred and paide Fuel bill received and paid in cash Freight incurred (for sports equipment purchased) and paid Utility bills received and paid in cash President and secretary salaries accrued for two weeks. Paychecks will be issued on Dec. 26. Amount shown is gross, apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and another 7.65% is paid by the employer. Labor wages accrued for two weeks. Paychecks will be issued on Dec. 26. Amount shown is gross; apply 7.65% FICA and Medicare and 10% income tax withholding. Additionally, a payroll tax is paid by the employer equal to the FICA and Medicare withholdings. In other words, 7.65 % is withheld from employee pay and another 7.65% is paid by the employer." Pay monthly payment on mortgage, interest portion is $1,190, $860 is a reduction of mortgage payable (account 611) 19 20e 21e 22e 23 2,300 1,000 1,000 1,800 13,000 24e 15,000 25 2,050 262 Calculate 27 8,550 28 50,000 29 13000 30 2,000 5001 Annual interest and principal amounts (needed for later Requirement 3) are: Year Payments Interest Principale 2016 $24,600 $15,500 $9,100 2017 24.600 13,600 11,000 Bad debt expense booked, equal to 1% of credit sales including sales tax (since Dec. 10 entry). (rounded up to nearest dollar) Old truck sold, original cost was $25,000, and accumulated depreciation on Dec. 31, 2015 was $10,000. Annual depreciation is $5,000, Sale price is $9,000. The auction that sold the truck charged a 5% commission. A check for $8,550 was received and deposited Hint: compute and record full year of depreciation on truck before you record the sale. No sales tax is collected on this sale. The buyer pays it directly to the state when registering the vehicle. The sale is recorded net of the fee charged by the auction service. Purchased new truck, paid $10,000 cash and financed $40,000 balance on a 3-year installment contract. e IA hydraulic crane was added to the barge. It is to be capitalized but it does not prolong the depreciable life of the barge and does not change the salvage value. Permits were obtained from the state for installations in 2016. The permit fees charged by the state and paid in cash were $2000, the fees charged by Ozark are $500. The $2,500 was charged to customer receivable account. Hint: The $2.000 is a direct debit to accounts receivable. Only the fee is revenue Neither amount is subject to sales tax. Tools are purchased and paid for in cash Cash dividend of $1 per share of stock was declared and paid. Hint: is there a worksheet that will include the information you need to calculate the shares outstanding? Create a temporary account Dividends declared." It is a contra- equity account. Pick an appropriate account number Hint: The number of shares outstanding is found by dividing the common stock account by $1. 2 Christmas gift certificates for sports equipment were sold for the first time for the Christmas of 2016. The certificates can be redeemed at any time. There is no sales tax on certificates. Instead, the tax is added to the bill when the certificate is redeemed. All certificates were sold for cash. Gift certificates were redeemed for sports equipment purchases of $5,000 (plus tax). Accounts receivable written off as uncollectible Sports equipment (snow skis) rentals for cash (before tax), plus deposits of $2,000 (not taxed). Hint: The rental fee should be recorded in the sports equipment rental account. there is also an account for customer deposite e 31e 32 3,000 Calculate 33e 8,500 342 Calculate 35e 36e 1,500 12,000 2,000 37e 2,400 A bill from the computer consulting firm for one year of maintenance and support was found. The bill covers service from October 1, 2016 to September 30, 2017. Record the entire bill in account 321e 38 10,000 EZ Lift Company notified Ozark that it had earned a $10,000 rebate on 2016 purchases. The rebate was earned by meeting a volume target. $2,000 of the rebates apply to lifts in the year-end inventory. The rebate will be paid to Ozark in early Jan. 2017. 39 Calculate 40 3,000 Dec. 26, Your amt. le 2 32 400 Christmas cards were sent to customers. Inside the card, there were 2 coupons for a Fish Fry at Ron's Cozy Corner. They must be used in January 2017. The cost of the mailing was $1,500, When the coupons are redeemed, Ozark will be charged $12 for each fish fry. In the past, 30% of the coupons are redeemed. + Ozark rented a new storage building starting Jan 1, 2017. The agreement is month to month but requires a 3-month notice for ending the rental. Ozark paid $3,000 $1,000 is rent for January 2017 and $2,000 is a security deposit Paid wages due to all employees Paid FICA and Medicare Paid income tax withholdingse Paid sales taxes due The $12,350 check for the sale of the truck was dated January 2, 2017. The sales agent agreed to take the postdated check. The office manager did not notice the date when making the deposit. The bank has now returned the check and charged a $20 fee for a bad check Hint: Ozark does not feel that it can pass the $20 charge on to its customer. A customer placed a $2,000 deposit on a custom lift that will be ordered from the manufacturer for delivery in early 2017. The exact cost and selling price of the lift is not yet known Transfer $30,000 to Money Market Account The bank notified Ozark that $900 interest had been added to their money market account The bank notified Ozark that the credit card fees for sales made on credit cards was $75. That amount was deducted from the checking account Your amt. Your amt. Your amt. Calculate 52 6- 2,000 30,000 900 8 90 75 Required: Using the general journal template pnter the above transactions for Dec. 24 and 26