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26 The company sold merchandise with a $4,640 cost for $5,800 on credit to KC, Inc., invoice dated January 26. 31 The company paid cash to Lyn Addie for 10 days' work at $125 per day. Feb. 1 The company paid $2,475 cash to Hillside Mall for another three months' rent in advance. 3 The company paid Kansas Corp. for the balance due, net of the cash discount, less the $496 amount in the credit memorandum. 5 The company paid $1200 cash to the local newspaper for an advertising insert in today's paper. 11 The company received the balance due from Alex's Engineering Co. for fees billed on January 11. 15 The company paid $5000 cash in dividends. 23 The company sold merchandise with a $2,660 cost for $3,220 on credit to Delta Co., invoice dated February 23. 26 The company paid cash to Lyn Addie for nine days' work at $125 per day. 27 The company reimbursed Santana Rey for business automobile mileage (1600 miles at $0.32 per mile). Mar. 8 The company purchased $3,730 of computer supplies from Harris Office Products on credit, invoice dated March 8. 9 The company received the balance due from Delta Co. for merchandise sold on February 23. 11 The company paid $610 cash for minor repairs to the company's computer. 16 The company received $5,260 cash from Dream, Inc., for computing services provided. 19 The company paid the full amount due to Harris Office Products, consisting of amounts created on December 15 (of $1,100) and March 8. 24 The company billed Easy Leasing for $9,047 of computing services provided. 25 The company sold merchandise with a $2,002 cost for $2,800 on credit to Wildcat Services, invoice dated March 25. 30 The company sold merchandise with a $1,048 cost for $2,220 on credit to IFM Company, invoice dated March 30. 31 The company reimbursed Santana Rey for business automobile mileage (400 miles at $0.32 per mile).

Question
100%

With the given information prepare journal entries in the General Journal to record each of the transactions.

Jan. 4 The company paid cash to Lyn Addie for five days' work at the rate of $125 per day.
Four of the five days relate to wages payable that were accrued in the prior year.
5 Santana Rey invested an additional $25,000 cash in the company in exchange for more
common stock,
7 The company purchased $9,800 of merchandise from Kansas Corp. with terms of 1/10,
n/30, FOB shipping point, invoice dated January 7.
9 The company received $2,668 cash from Gomez Co. as full payment on its account.
11 The company completed a five-day project for Alex's Engineering Co. and billed it
$5,500, which is the total price of $7,000 less the advance payment of $1,500.
13 The company sold merchandise with a retail value of $5,200 and a cost of $3,560 to Liu
Corp., invoice dated January 13.
15 The company paid $600 cash for freight charges on the merchandise purchased on
January 7.
16 The company received $4,000 cash from Delta Co. for computer services provided.
17 The company paid Kansas Corp. for the invoice dated January 7, net of the discount.
20 Liu Corp. returned $500 of defective merchandise from its invoice dated January 13.
The returned merchandise, which had a $320 cost, is discarded. (The policy of
Business Solutions is to leave the cost of defective products in cost of goods sold.)
22 The company received the balance due from Liu Corp., net of both the discount and the
credit for the returned merchandise.
24 The company returned defective merchandise to Kansas Corp. and accepted a credit
against future purchases. The defective merchandise invoice cost, net of the discount,
was $496.
26 The company purchased
n/30, FOB destination, invoice dated January 26.
,000 of merchandise from Kansas Corp. with terms of 1/10,
expand button
Transcribed Image Text:Jan. 4 The company paid cash to Lyn Addie for five days' work at the rate of $125 per day. Four of the five days relate to wages payable that were accrued in the prior year. 5 Santana Rey invested an additional $25,000 cash in the company in exchange for more common stock, 7 The company purchased $9,800 of merchandise from Kansas Corp. with terms of 1/10, n/30, FOB shipping point, invoice dated January 7. 9 The company received $2,668 cash from Gomez Co. as full payment on its account. 11 The company completed a five-day project for Alex's Engineering Co. and billed it $5,500, which is the total price of $7,000 less the advance payment of $1,500. 13 The company sold merchandise with a retail value of $5,200 and a cost of $3,560 to Liu Corp., invoice dated January 13. 15 The company paid $600 cash for freight charges on the merchandise purchased on January 7. 16 The company received $4,000 cash from Delta Co. for computer services provided. 17 The company paid Kansas Corp. for the invoice dated January 7, net of the discount. 20 Liu Corp. returned $500 of defective merchandise from its invoice dated January 13. The returned merchandise, which had a $320 cost, is discarded. (The policy of Business Solutions is to leave the cost of defective products in cost of goods sold.) 22 The company received the balance due from Liu Corp., net of both the discount and the credit for the returned merchandise. 24 The company returned defective merchandise to Kansas Corp. and accepted a credit against future purchases. The defective merchandise invoice cost, net of the discount, was $496. 26 The company purchased n/30, FOB destination, invoice dated January 26. ,000 of merchandise from Kansas Corp. with terms of 1/10,
26 The company sold merchandise with a $4,640 cost for $5,800 on credit to KC, Inc.,
invoice dated January 26.
31 The company paid cash to Lyn Addie for 10 days' work at $125 per day.
Feb. 1 The company paid $2,475 cash to Hillside Mall for another three months' rent in
advance.
3 The company paid Kansas Corp. for the balance due, net of the cash discount, less the
$496 amount in the credit memorandum.
5 The company paid $1200 cash to the local newspaper for an advertising insert in
today's paper.
11 The company received the balance due from Alex's Engineering Co. for fees billed on
January 11
15 The company paid $5000 cash in dividends.
23 The company sold merchandise with a $2,660 cost for $3,220 on credit to Delta Co.,
invoice dated February 23.
26 The company paid cash to Lyn Addie for nine days' work at $125 per day.
27 The company reimbursed Santana Rey for business automobile mileage (1600 miles at
$0.32 per mile).
Mar. 8 The company purchased $3,730 of computer supplies from Harris Office Products on
credit, invoice dated March 8.
9 The company received the balance due from Delta Co. for merchandise sold on
February 23.
11 The company paid $610 cash for minor repairs to the company's computer.
16 The company received $5,260 cash from Dream, Inc., for computing services provided.
19 The company paid the full amount due to Harris Office Products, consisting of amounts
created on December 15 (of $1,100) and March 8.
24 The company billed Easy Leasing for $9,047 of computing services provided.
25 The company sold merchandise with a $2,002 cost for $2,800 on credit to Wildcat
Services, invoice dated March 25.
30 The company sold merchandise with a $1,048 cost for $2,220 on credit to IFM
Company, invoice dated March 30.
31 The company reimbursed Santana Rey for business automobile mileage (400 miles at
$0.32 per mile).
expand button
Transcribed Image Text:26 The company sold merchandise with a $4,640 cost for $5,800 on credit to KC, Inc., invoice dated January 26. 31 The company paid cash to Lyn Addie for 10 days' work at $125 per day. Feb. 1 The company paid $2,475 cash to Hillside Mall for another three months' rent in advance. 3 The company paid Kansas Corp. for the balance due, net of the cash discount, less the $496 amount in the credit memorandum. 5 The company paid $1200 cash to the local newspaper for an advertising insert in today's paper. 11 The company received the balance due from Alex's Engineering Co. for fees billed on January 11 15 The company paid $5000 cash in dividends. 23 The company sold merchandise with a $2,660 cost for $3,220 on credit to Delta Co., invoice dated February 23. 26 The company paid cash to Lyn Addie for nine days' work at $125 per day. 27 The company reimbursed Santana Rey for business automobile mileage (1600 miles at $0.32 per mile). Mar. 8 The company purchased $3,730 of computer supplies from Harris Office Products on credit, invoice dated March 8. 9 The company received the balance due from Delta Co. for merchandise sold on February 23. 11 The company paid $610 cash for minor repairs to the company's computer. 16 The company received $5,260 cash from Dream, Inc., for computing services provided. 19 The company paid the full amount due to Harris Office Products, consisting of amounts created on December 15 (of $1,100) and March 8. 24 The company billed Easy Leasing for $9,047 of computing services provided. 25 The company sold merchandise with a $2,002 cost for $2,800 on credit to Wildcat Services, invoice dated March 25. 30 The company sold merchandise with a $1,048 cost for $2,220 on credit to IFM Company, invoice dated March 30. 31 The company reimbursed Santana Rey for business automobile mileage (400 miles at $0.32 per mile).
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