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What is the journal entry for the following transctions NewCo paid $3,000 for a one-year liabilitiy insurance policy with a term from 2/1/2019 to 1/31/2020.
What is the journal entry for the following transctions
NewCo paid $3,000 for a one-year liabilitiy insurance policy with a term from 2/1/2019 to 1/31/2020. |
NewCo ordered $15,500 in merchandise from SupplyCo on account, terms 2/10 n30, FOB shipping point. They shipped 1/25/2019, were received 2/5/2019. |
Payment of Supply Co invoice on 1/30/2019, taking allowable discounts. |
NewCo received $500 from Supply Co for defective merchandise that was returned. |
NewCo's payroll for the period 1/10/2019 to 1/20/2019 is recorded, with salaries and wages of $15,000 and employer taxes of $2,000. |
Pay the payroll for the period ended 1/20/2019, with $15,000 in salaries and wages, net of $3,000 payroll taxes withheld. |
Pay the payroll taxes for the period ended 1/20/2019. |
NewCo paid expenses for January, $350 for advertising, and $650 for supplies, Dues and subscriptions of $450, Office supplies of $600, Current month rent of $5,000, Telephone expenses of 1,500, Utilities of $2,300. |
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