Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Write ONLY the adjusted journal entries for the transactions Theres no opening balance. Assume it's 0 Date Transaction December 1. Gene Autry became a new
Write ONLY the adjusted journal entries for the transactions
Theres no opening balance. Assume it's 0
Date Transaction December 1. Gene Autry became a new owner of Grandpa's Cough Inc. by investing $25,000 Cash and office equipment worth $5,760 in return for common stock of Grandpa's Cough Inc 1 Purchased Mixing Barrels worth $3,000 and Other Factory Equipment worth $3,600 on credit, N/30 1 Purchased Inventory on credit for $72,000 with terms NV15 1 Paid Vendor $15,000 for prior month purchases 2 Paid $8,400 for the store's annual premium on insurance coverage starts on December 15 3 During the grand opening of the store GCl sold 200 Bottles of Cough Syrup 4 A wholesale customer ordered 100 cases, GCl shipped the order and billed the customer 2/5 N/10 5 Received payment from customer from prior month sale $5,000 6 Sold 300 Bottles of Cough Syrup through the store 7 Received half the payment for sale of goods on December 4 10 Paid $4,200 for three months' rent for store front starting on December 1, 2017 13 Sold 400 Bottles of Cough Syrup through the store 15 Shipped order for another wholesale customer 500 cases N/10 15 Received and paid Utility Bill for $500 18 Shipped order of 300 Cases to a wholesale customer N/10 20 Sold 700 Bottles of Cough Syrup through the store 25 Shipped order to wholesale customer 1,000 cases 2/10 N/30 26 Paid for mixing barrels and equipment purchased on December 1 27 Sold 3.000 bottles of Cough Syrup through the store 31 Paid wages to employees of $15,000 (ignore payroll taxes) 31 Paid $2,000 for 12 month advertising campaign through local radio stations. The campaign starts January 1st
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