Question

Step 2:

Complete the following transactions in the August Journal Entries tab in your workbook

August 5- paid employee for period ending 7/31

August 8-Receive payments from customers towards accounts receivable in amount of $3200.

August 10 – paid July telephone bill

August 15- Purchase additional baking supplies in amount of $5000 from vendor, on account.

August 15 – Accrue wages earned for employee from period of 1^st through 15^th of August

                     (Wage calculations table provided below)

August 15-Pay rent on bakery space $1500

August 18-Receive payments from customers towards accounts receivable in amount of $1000

August 20- paid $8500 toward baking supplies vendor payable

August 20- pay employee for period ending 8/15

August 22- $300 in misc. supplies purchased

August 31- received telephone bill for August in amount of $45. Payment is due on September 10^th.

August 31- Accrue wages earned for employee for period of August 16^th through August 31^st

                    (Wage calculations table provided below)

August bakery sales total $20,000. $7,500 of this total on accounts receivable.

Wage calculation data:

Month	Hours	Rate	Pay
31-Jul	10	12	120
15-Aug	40	12	480
31-Aug	35	12	420
15-Sep	38	12	456
30-Sep	40	12	480

Answer 1

Journal Entries

Date	Accounts	Debit	Credit
5-Aug	Salaries and Wages Expenses	$              120
	Cash		$              120
	(July salary paid
8-Aug	Cash	$          3,200
	Accounts Receivable		$          3,200
10-Aug	Telephone Expenses
	Cash
	(Amount not given)
15-Aug	Supplies Expenses	$          5,000
	Accounts payable		$          5,000
15-Aug	Rent Expenses	$          1,500
	Cash		$          1,500
15-Aug	Salaries and Wages Expenses	$              480
	Salaries and Wages Payable		$              480
18-Aug	Cash	$          1,000
	Accounts Receivable		$          1,000
20-Aug	Accounts payable	$          8,500
	Cash		$          8,500
20-Aug	Salaries and Wages Payable	$              480
	Cash		$              480
22-Aug	Supplies Expenses	$              300
	Cash		$              300
31-Aug	Telephone Expenses	$                45
	Accounts Payable		$                45
31-Aug	Salaries and Wages Expenses	$              420
	Salaries and Wages Payable		$              420
31-Aug	Accounts Receivable	$          7,500
	Cash	$        12,500
	Sales Revenue		$        20,000