Question

Complete the journal entries

Jan. 1 - Issued 6,500 shares of no-par common stock for $10 per share.
Jan. 1 - Purchased a computer equipment for $5,000. Monthly depreciation for the equipment is $250.
Jan. 3 – Paid $3,000 in rent on the warehouse building for the month of January
Jan. 6 - Purchased office supplies for $6,000.
Jan. 10 - Performed repairs and maintenance on their machine costing $1,500.
Jan. 11 - Purchased inventory on account for $95,000.
Jan. 16 - Declared and paid $15,000 in dividends to its shareholders.
Jan. 21 - Paid $55,000 to its suppliers for inventory purchased on credit in December 2019 ($45,000) and on January 11, 2020 ($10,000).
Jan. 25 - Provided services for which a customer had paid $7,500 in December of 2019 (hint: see the deferred revenue account in the January 1, 2020 trial balance).
Jan. 31 - Paid its employees $24,800 for work performed from December 26 – January 25. $4,800 was for work performed in December 2019, and 20,000 was for work performed from January 1 – January 25, 2020.
During January Packing Inc. made credit sales for $225,000. The cost of the goods sold was $123,750 (make one summary entry for the entire month).
During January Packing Inc. collected $145,000 in accounts receivable from customers (make one summary entry for the entire month).

Answer 1

Date	Accounts	Debit	Credit
Jan 1	Cash	65000
	Common Stock		65000
Jan 1	Computer equipment	5000
	Cash		5000
Jan 3	Rent expense	3000
	Cash		3000
Jan 6	Office supplies	6000
	Account Payable		6000
Jan 10	maintenance expenses	1500
	Cash		1500
Jan 11	Inventory	95000
	Cash		95000
Jan 16	Dividends	15000
	Cash		15000
Jan 21	Account Payable	55000
	Cash		55000
Jan 25	Deferred Revenue	7500
	Service Revenue		7500
Jan 31	Salaries and wages payable	4800
	Salaries and wages expenses	20000
	Cash		24800
Jan 31	Cash	145000
	Account receivable		145000
	Account receivable	225000
	Sales revenue		225000
	Cost of goods sold	123750
	Inventory		123750