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Transactions for December 20xx
December 01
Borrowed $50,000.00 from North Bank by signing a 6%, 12 month note. Interest payments are due on January 01 and July 01 throughout the life of the note.
December 01
Issued Check No. 5855 for $3,840.00 to Rainey Dae Insurance Company for a one-year insurance policy on the building, effective January 01 next year.
December 01
Issued Check No. 5857 for $1,600.00 to Sterling Supply Company in exchange for office supplies.
December 01
Distributed the net salaries amount for the bi-weekly period ending 11/30/xx, which was accrued in
November, to employees via direct deposits.
Note: This entry should include a credit to the Cash account.
December 02
Issued Check No. 5858 for $4,500.00 to Xtreme Sports Magazine to run a two page advertisement for six months, effective January 01 next year.
December 02
Issued Check No. 5859 for $1,727.18 to Portland Lending Bank for monthly mortgage payment: Interest Payable for $ 643.85 and Mortgage Payable for $1,083.33.
December 03
Sold two XTRM – X23F ATVs to a cash customer for $6,500.00 each.
December 03
Billed customer A. Reece $565.24, for service work performed on his XTRM – X23F ATV. The costs of parts and accessories totaled $367.41 (Invoice No. SA20123).
December 04
Received a check for $6,370.00 from customer C. Diaz as payment on her account, less discount (Invoice No. SI18453).
December 04
Purchased ATV parts and accessories from supplier Dust Quest ATV Supply Company on account for $1,365.25 (Invoice No. SP11653). Freight costs amounted to $24.50, with terms FOB destination.
December 07
Issued Check No. 5860 for $1,765.26 to purchase office equipment from P.N. Sill
Equipment Company.
December 07
Issued Check No. 5861 for $27,300.00 to Winding Trail ATVs as payment on their account, less discount, on a November 27 purchase of merchandise inventory (Invoice No. IP5676). The terms of the purchase were 2/15, n/60.
December 08
Sold on account three XTRM – X23F ATVs to customer S. Paulson for $6,500.00 each, terms 2/15, n/60 (Invoice No. S12861). The goods were shipped FOB destination point via carrier US Shipping Company. The transportation costs will be paid later upon receipt of the invoice.
December 08
Exchanged an old truck and signed a $14,000.00 6%, 4 month note for a similar new truck. The old truck had an original cost of $32,000.00, accumulated depreciation of $11,000.00, and a fair value of $21,000.00.
December 09
Issued Check No. 5862 for $475.29 to We Fix It Truck Repair Services for repair and maintenance work performed on trucks.
December 09
Received a check for $6500.00, in exchange for the sale of one XTRM – X23F ATV.
December 10
Owner A. Marks withdrew $4,000.00 cash for personal use (Check No. 5864).
December 11
Purchased office furniture from Woodland Furniture, Inc., for $10,000.00 by signing a 6%, 5 month note.
December 11
Sold on account one XTRM – X23F ATV to customer S. Thompson for $6,500.00, terms 2/10, n/30 (Invoice No. S12862). Freight costs amounted to $104.20, with terms FOB shipping point.
December 11
Issued Check No. 5865 for $201.23 to Portland Utilities Co. to pay the November 20xx utilities bill.
December 11
Issued Check No. 5866 for $1,365.25 to Dust Quest ATV Supply Company for ATV parts and accessories purchased on December 04 (Invoice No. SP11653).
December 14
Granted customer S. Paulson credit for one XTRM – X23F ATV returned from the December 08 transaction (Invoice No. S2861).

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