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In: Accounting

Complete August Journal Entries: August 5: Paid employee for period ending 7/31. August 8: Receive payments...

Complete August Journal Entries:

August 5: Paid employee for period ending 7/31.


August 8: Receive payments from customers towards accounts receivable in amount of $3,800.

August 10: Paid July telephone bill.

August 15: Purchase additional baking supplies in amount of $5,000 from vendor, on account.

August 15: Accrue wages earned for employee from period of 1st through 15th of August (Wage calculations table provided below).

August 15: Pay rent on bakery space.

August 18: Receive payments from customers towards accounts receivable in amount of $3,000.

August 20: Paid $8,500 toward baking supplies vendor payable.

August 20: Pay employee for period ending 8/15.

August 22: $300 in office supplies purchased.

August 31: Received telephone bill for August in amount of $75. Payment is due on September 10.

August 31: Accrue wages earned for employee for period of August 16th through August 31st (Wage calculations table provided below).

August 31: August bakery sales total $20,000. $7,500 of this total is on accounts receivable.

Wage calculation data:

31 Jul. Hours:10 Rate:12 Pay:120

15 Aug. Hours:40 Rate:12 Pay:480

31 Aug. Hours:35 Rate:12 Pay:420

15 Sep. Hours:38 Rate:12 Pay:456

30 Sep. Hours:40 Rate:12 Pay:480

Solutions

Expert Solution

Aug 10, Amount of telephone bill paid not given
Aug 15, Amount of rent not given

Date Account Titles Debit Credit
Aug-05 Wages Payable $            120
      Cash $            120
Aug-08 Cash $         3,800
      Accounts Receivable $         3,800
Aug-10 Accounts Payable
       Cash
Aug-15 Baking Supplies $            480
        Accounts Payable $            480
Aug-15 Wages Expense $            480
        Wages Payable $            480
Aug-15 Rent Expense
        Cash    
Aug-18 Cash $         3,000
      Accounts Receivable $         3,000
Aug-20 Accounts Payable $         8,500
        Cash $         8,500
Aug-20 Wages Payable $            480
       Cash $            480
Aug-22 Office Supplies $            300
       Cash/Accounts Payable $            300
Aug-31 Utilities Expense $            420
        Accounts Payable $            420
Aug-31 Cash $      12,500
Accounts Receivable $         7,500
        Sales Revenue $      20,000

ekkarill92 answered 2 years ago
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