Question

In: Accounting

The following transactions occurred during 2020 (the company uses a perpetual inventory system with FIFO): 1)...

The following transactions occurred during 2020 (the company uses a perpetual inventory system with FIFO):

1) Jan 4 Stockholders invested an additional $10,000 cash in the business in exchange for common stock

2) Jan 4 Purchased 20 rabbits at $50 each on account from Jelly Bean Farms.

3) Jan 4 Established a $200 petty change fund

4) Jan 5 Sold 6 rabbits for $200 each to Mr. Karrot, terms 2/10, n/30.

5) Jan 6 Sold 12 rabbits at $200 each for cash

6) Jan 8 Paid wages of $240

7) Jan 9 Mr. Karrot returned one rabbit because they originally ordered only 5.

8) Jan 12 Purchased equipment on account for $2,000

9) Jan 14 Received payment in full from Mr. Karrot

10) Jan 15 Purchased 10 rabbits at $52 each on account from Easter Industries, terms 1/10, n/30.

11) Jan 15 Paid utility bill of $120

12) Jan 16 Returned 2 rabbits to Easter Industries because they were defective.

13) Jan 17 Sold 8 rabbits for $245 each for cash

14) Jan 18 Paid tax bill from 2019.

15) Jan 18 Performed the service of rabbit grooming ($800 worth); we received the cash in 2019

16) Jan 19 Paid Accounts Payable in full from 2019

17) Jan 20 Received $2,200 cash from customers paying on their accounts

18) Jan 21 Received a bill from the local radio station for advertising in the amount of $400

19) Jan 22 Purchased 20 rabbits for $55 each on account from Eggs & Chicks Company; terms 2/5, n/30

20) Jan 23 Paid freight costs from Eggs & Chicks Company of $10.

21) Jan 25 Sold 10 rabbits to Bunny Tail Corporation for $260 each on account; terms 3/10, n/30

22) Jan 26 Received payment in full from Bunny Tail Corporation

23) Jan 27 Sold 10 rabbits to customers on credit for $260 each.

24) Jan 28 Paid Eggs & Chicks Company for the purchase on Jan 22

25) Jan 29 Petty cash was replenished and had the following receipts: gas receipt for $20, postage stamps for $39, Office Depot receipt for $16, miscellaneous receipt for $30, travel receipts for $40

26) Jan 30 Performed a physical inventory count and count only 1 rabbit on hand.

27) Jan 30 Bank statement arrives today and there is a $20 bank service charge as well as a $120 NSF check.

28) Jan 31 One month’s prepaid insurance needs to be expensed for January ($1,200 is for the whole year)

29) Jan 31 Depreciate one month’s worth of the building and equipment (Using straight line method; building has a useful life of 20 years, equipment has a useful life of 5 years and no salvage value)

30) Jan 31 The estimated bad debt expense under the percentage of sales basis is $120.

31) Jan 31 Paid dividends of $500

What would the journal entries be for Jan 16,18,19,30 and 31st??? Numbers 12, 14, 15, 16, 26, 27, 29, 30?

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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