- Using the information provided below, prepare the necessary journal entries for the last 6 months of FY 2020 (submit a copy of your journal entries).
- Using the journal entries for both the first 6 months (Accounting Project Part 1) and the last 6 months (journal entries below) prepare and submit a copy of the trial balance as of December 31, 2020.
- Post all journal entries to the appropriate T Account. Include a copy of the following T Accounts in your homework submission (T Accounts should reflect the full year of activity all 12 months).
- Sales account
- COGS account
- Cash account
- Accounts Receivable account
- Inventory account
- Accounts payable account
July 14, 2020 Received customer payment of $63,000. July 16, 2020 Paid $15,000 to suppliers for previous purchases of inventory. July 31, 2020 Paid monthly (July) salaries to sale and administrative staff. Selling staff was paid $4,500 and Administrative staff was paid $5,000 August 2, 2020 Sold $42,000 of product on account to Stamp Pizza. Cost of the product sold was $25,000. Aug. 15, 2020 Sold equipment with a cost basis of $5,650 for $3,500 cash. Total accumlated depreciation on this asset is $1,700. August 28, 2020 Purchased $30,000 inventory on account. Aug. 30, 2020 Paid monthly (August) salaries to sale and administrative staff. Selling staff was paid $4,500 and Administrative staff was paid $5,000 Sept. 26, 2020 Sold $33,000 of product on account to MN Pizza. Cost of the product sold was $17,000. Sept. 27, 2020 Paid sales commission of $13,800 due to sales staff. Sept. 30, 2020 Paid monthly (September) salaries to sale and administrative staff. Selling staff was paid $4,500 and Administrative staff was paid $5,000 October 10, 2020 Received customer payment of $30,000. Note: After $30,000 payment the customer still owes $3,000 Oct. 22, 2020 Purchased $60,000 inventory on account. Oct. 31, 2020 Paid monthly (October) salaries to sale and administrative staff. Selling staff was paid $4,500 and Administrative staff was paid $5,000 Nov. 12, 2020 Sold $41,000 of product to the Ontario Pie. Cost of the product sold was $19,000. Nov. 15, 2020 Paid sales commission of $16,000 due to sales staff. Nov. 30, 2020 Paid monthly (November) salaries to sale and administrative staff. Selling staff was paid $4,500 and Administrative staff was paid $5,000 Dec. 5, 2020 Paid $15,000 to suppliers for previous purchases of inventory. Dec. 10, 2020 Paid sales commission o $19,000 due to sales staff. Dec. 12, 2020 Paid for various supplies etc. (company policy to expense as incurred). Selling supplies are $1,500 and Administrative supplies are $1,695. Dec 31, 2020 Paid monthly (December) salaries to sale and administrative staff. Selling staff was paid $4,500 and Administrative staff was paid $5,000 July 14, 2020 Received customer payment of $63,000. July 16, 2020 Paid $15,000 to suppliers for previous purchases of inventory. July 31, 2020 Paid monthly (July) salaries to sale and administrative staff. Selling staff was paid $4,500 and Administrative staff was paid $5,000 August 2, 2020 Sold $42,000 of product on account to Stamp Pizza. Cost of the product sold was $25,000. Aug. 15, 2020 Sold equipment with a cost basis of $5,650 for $3,500 cash. Total accumlated depreciation on this asset is $1,700. August 28, 2020 Purchased $30,000 inventory on account. Aug. 30, 2020 Paid monthly (August) salaries to sale and administrative staff. Selling staff was paid $4,500 and Administrative staff was paid $5,000 Sept. 26, 2020 Sold $33,000 of product on account to MN Pizza. Cost of the product sold was $17,000. Sept. 27, 2020 Paid sales commission of $13,800 due to sales staff. Sept. 30, 2020 Paid monthly (September) salaries to sale and administrative staff. Selling staff was paid $4,500 and Administrative staff was paid $5,000 October 10, 2020 Received customer payment of $30,000. Note: After $30,000 payment the customer still owes $3,000 Oct. 22, 2020 Purchased $60,000 inventory on account. Oct. 31, 2020 Paid monthly (October) salaries to sale and administrative staff. Selling staff was paid $4,500 and Administrative staff was paid $5,000 Nov. 12, 2020 Sold $41,000 of product to the Ontario Pie. Cost of the product sold was $19,000. Nov. 15, 2020 Paid sales commission of $16,000 due to sales staff. Nov. 30, 2020 Paid monthly (November) salaries to sale and administrative staff. Selling staff was paid $4,500 and Administrative staff was paid $5,000 Dec. 5, 2020 Paid $15,000 to suppliers for previous purchases of inventory. Dec. 10, 2020 Paid sales commission o $19,000 due to sales staff. Dec. 12, 2020 Paid for various supplies etc. (company policy to expense as incurred). Selling supplies are $1,500 and Administrative supplies are $1,695. Dec 31, 2020 Paid monthly (December) salaries to sale and administrative staff. Selling staff was paid $4,500 and Administrative staff was paid $5,000
