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What would be the journal entires for each scenario? Transactions for August 2024 1 Paid $735 cash for office supplies 2 Purchased merchandise on account
What would be the journal entires for each scenario?
Transactions for August 2024 1 Paid $735 cash for office supplies 2 Purchased merchandise on account for $825 4 Collected $5.600 cash from customers on account 7 Received a $500 Invoice for radio advertising on account 8 Established a petty cash fund for $200. 11 Received $7.250 cash for performing coaching Services 15 Paid previous month's salaries 17 Collected $2,100 in advance for coaching services to be performed later. 20 Completed a large coaching job and billed the customer for $6,375 22 Received the electric bill and cell phone bill for the business totaling $825. (Credit Accounts Payable) 25 Collected $2,400 cash from customers on account 27 Sold merchandise to customers for $3.800 on account. The merchandise cost $1.580. 30 Paid $3,250 on account 31 Cash dividends of $2,800 were paid to stockholders, Adjusting Entries Depreciation method on the truck was changed to the units of production method in August. Depreciation a was recorded assuming a useful life of five years, salvage value of $3,000 and estimated miles of 100,000 The truck was used 2.400 miles in August b Prepaid Insurance for the month has expired Office Supplies on hand, $535 Unearned Revenue earned during the month, $900. Another month of rent has expired The company records bad debt using the percent of receivables method estimating that 2% of receivables 1 will not be collected Bad debt is calculated after all regular entries are recorded g Accrued payroll expense for August Accrued payroll tax expense for August d h Step by Step Solution
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