ACCY 1 Accounting Fundamentals Extra Credit Assignment – Journal Entry Practice Complete the following requirements by...

ACCY 1 Accounting Fundamentals Extra Credit Assignment – Journal Entry Practice Complete the following requirements by hand and upload your work in pdf to Canvas by March 20. No late assignment will be accepted. CASE: World Co. commenced operations on January 1, 2018 and has a year end of December 31 (reporting date). The company uses a perpetual inventory method. During 2018, the company had the following events: 1. January 1. Issued common stock for $40,000 cash. 2. April 1 Purchased equipment for $10,000 cash. This equipment has a monthly depreciation expense of $1000. 3. May 1 Paid auto insurance for 12 months in advance for $6,400. 4. July 1 Purchased inventory costing $7,000 on account from Sam Co. Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. In addition, freight costs of $500 were paid in cash. 5. July 10 Paid the amount due on its account payable to Sam Co. within the cash discount period. 6. September 1 Sold all inventory for $20,600 on account to Mac Co. under terms 1/10, n/45. 7. September 10 Received the payment from Mac Co. for the September 1 sale within the discount period. 8. September 30 Received cash from Victory Co. in advance for the merchandise order to be delivered in November. 9. October 1 Paid $4,000 cash for inventory received from Viva Inc. 10. November 31 Delivered the merchandise ordered on September 30 to Victory Co. Requirements: Prepare journal entries for the events above AND appropriate adjusting journal entries.

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