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what is needed to be answered: Requirement 2 of chapter 10. Requirement 2 and 3 of chapter 13 The rest can be found on Chegg.
what is needed to be answered:
Requirement 2 of chapter 10.
Requirement 2 and 3 of chapter 13
The rest can be found on Chegg.
Record the following transactions: Feb 1 completed a consulting engagement and received cash of$8,500. 1 See chapter 11 section for a note to be recorded. 1 See Chapter 13 section for the journal to incorporate the company. 9 Purchased 60 units of software inventory on account from Mraz Co., $1,620 (including freight) 12 sold 50 software units on account to James Williams, $4,500 (cost $1,350) 19 Consulted with a client, Joseph Smith, for a fee of $500 for cash. 20 Paid employee salaries, $2,055. 21 Paid on accounts $7,000. 22 Received telephone bill and paid for $300. 24 sold 150 units software for cash for $13,125 (cost $3,770). 24 Don't forget to record the sale of common stock and preferred stock here 28 Record the following adjusting entries a. Accrued salaries expense, $680 b. Expiration of prepaid rent $550. c. Depreciation, see Chapter 10 section for instructions. d. Accrued interest-See chapter 11 for details. e. Bad debt-Davis Consulting uses the Allowance methods for receivables, estimating collectibles to be 5% of February credit sales of $4,500. Davis identified on March 15 f, that a customer is not going to pay his receivable of $200. NOTE: There are additional instructions for each chapter so there are additional journal entries-READ EVERYTHING CAREFULLYllllll Requirements: 1. Journalize all the entries above except the adjusting entries. 2. Journalize the February 28 entry to record and establish the allowance using the 3. percent-of-sales method. March 15, 2014 the entry to record the write-offs of the customer's bad debt on in the Notes section of your records. Do not record the March 15 bad debt in our journals or post in your ledgers. Record the following transactions: Feb 1 completed a consulting engagement and received cash of$8,500. 1 See chapter 11 section for a note to be recorded. 1 See Chapter 13 section for the journal to incorporate the company. 9 Purchased 60 units of software inventory on account from Mraz Co., $1,620 (including freight) 12 sold 50 software units on account to James Williams, $4,500 (cost $1,350) 19 Consulted with a client, Joseph Smith, for a fee of $500 for cash. 20 Paid employee salaries, $2,055. 21 Paid on accounts $7,000. 22 Received telephone bill and paid for $300. 24 sold 150 units software for cash for $13,125 (cost $3,770). 24 Don't forget to record the sale of common stock and preferred stock here 28 Record the following adjusting entries a. Accrued salaries expense, $680 b. Expiration of prepaid rent $550. c. Depreciation, see Chapter 10 section for instructions. d. Accrued interest-See chapter 11 for details. e. Bad debt-Davis Consulting uses the Allowance methods for receivables, estimating collectibles to be 5% of February credit sales of $4,500. Davis identified on March 15 f, that a customer is not going to pay his receivable of $200. NOTE: There are additional instructions for each chapter so there are additional journal entries-READ EVERYTHING CAREFULLYllllll Requirements: 1. Journalize all the entries above except the adjusting entries. 2. Journalize the February 28 entry to record and establish the allowance using the 3. percent-of-sales method. March 15, 2014 the entry to record the write-offs of the customer's bad debt on in the Notes section of your records. Do not record the March 15 bad debt in our journals or post in your ledgersStep by Step Solution
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