Journal Entries for Accounting Help Please?
Please if you can help me just create journal entries only I would really appreciate it.. Thanks
21.Paid 0 cash to have the above machine installed.
22.Record the entry required, if any, on April 30th, regarding the interest on the two-month note.
23.Record the entry required, if any, on May 31st, regarding the interest on the two-month note.
24.Record the entry for the repayment of the note.
25.Sell 35,000 units of product for each, customers pay cash.
26.Sell 2,000 units of product for each. Customers used various bank credit cards to purchase these units (Visa/Mastercard/Discover). Your bank charges a 5% fee for processing these transactions.
27.Sell 10,000 units of product for each, on account, terms 2/10, n/30.
28.Collect ,000 of the accounts receivable within the discount period. (Hint: you did not collect ,000 in cash).
29.Collect 0,000 of the accounts receivable after the discount period.
30.The petty cash fund currently has in cash remaining and receipts for the following expenses: Postage ; Auto expenses .
31.The president of the company purchases a car using personal funds, paying 00 cash and financing the balance.
32.On June 30th, the board of directors declares and pays a dividend of 00.
33.On December 31st, the board of directors declares a dividend of 00 to be paid in January (year 3).
34.Order 5000 units of inventory at a cost of each to be delivered on or about January 5th (year three).
35.Record payment of current year salaries of 5,000. Ignore payroll taxes.
36.Collect ,000 cash in December for services to be provided in January (year 3).
37.Pay telephone bills for the current period of 0.
38.Pay utility bills for the current period of 00.
39.Receive December’s telephone bill in the amount of . The bill will be paid on or about January 5th.
40.Receive December’s utility bill in the amount of 0. The bill will be paid on or about January 10th.
41.Employees work the last week in December, wages totaled ,000 (ignore payroll tax). Employees will be paid on January 7th.
42.Depreciation for the current year is 00.
43.The company paid 00 for advertising expense in the current period.
44.The company had routine maintenance performed on the delivery vehicle, totaling 0.
45.Paid $ 1,500,000 on account (accounts payable).
None of those sites are really helping me - This is for my college final project for my accounting class and I never understood Journal Entries and just need some answers. Please and Thank you!
Tags: accounts receivable, auto expenses, bank credit cards, board of directors, company purchases, discount period, dividend, journal entries, payroll tax, payroll taxes, personal funds, petty cash fund, receipts, salaries, telephone bill, utility bills, visa mastercard, wages