Question
What are the journal entries for these transactions? 13 1/31/2019 Pay the first month's principal and interest due Wells Fargo on the truck loan. interest
What are the journal entries for these transactions?
13 1/31/2019 Pay the first month's principal and interest due Wells Fargo on the truck loan. interest 5% and principal payments are 500
14 1/31/2019 The company made cash sales of $20,000.00, and collected sales tax of 7%.
15 1/31/2019 Record $75,000 of sales on account for resale customers, exempt from sales tax.
16 1/31/2019 Collect $25,000 of sales on account, net of sales discounts taken by customers of $250.
17 1/31/2019 Customers returned $1,200 of merchandise purchased for cash, with 7% sales tax, refunds made in cash.
18 1/31/2019 Paid dividends of $3,000 to shareholders 19 1/31/2019 Purchased merchandise costing $30,000 from SupplyCo on account.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started