Journalize the transactions fo

BAYWEST Stationery & Supplies located in Montego Bay, Jamaica, sells a variety of school supplies
including several brands of tablets. The business uses a perpetual inventory system and adjusts cost of goods
sold for any shortage or excess inventory. BAYWEST began the third quarter (July to September) of 2020
with 30 (Alcatel) tablets at a total cost of $187,800. During the quarter, with the onset of the COVID-19
pandemic, the business completed the following transactions relating to the “Alcatel” tablets.
July 8 98 tablets were purchased at a cost of $6,202 each. In addition, the business paid a freight
charge of $248 cash on each tablet to have the inventory shipped from the point of
purchase to their warehouse.
July 31 The sales for July were 85 tablets which yielded total sales revenue of $809,030. (25 of
these tablets were sold on account to longstanding customers)
August 4 A new batch of 67 tablets was purchased at a total cost of $465,650
August 10 5 of the tablets purchased on August 4 were returned to the supplier, as they were not of
the model ordered.
August 31 During the month 60 tablets were sold at a price of $10,350 each.
September 4 A customer, to whom 9 tablets were sold during the first business day of August, returned
3 of the instruments, as they were of another brand.
September 10 Owing to an increased demand, a further 115 tablets were purchased at a cost of $7,900
each; these were subject to a trade discount of 2% each.
September 30 121 tablets were sold during September at a unit selling price of $11,085.
September 30 An actual count of inventory was carried out which revealed that there were 34 units of the
“Alcatel” brand of merchandise in the store room.
Unless otherwise stated, assume that all purchases were on account and received on the dates stated.

 

Journalize the transactions for the month of July, assuming the company uses a:
– Periodic inventory system
– Perpetual inventory system 
(D) Wheels & Deals Limited uses 60,000 batteries each year in its production of motorcycles at a cost
of $450 per battery. The cost of placing an order is $75.00. The cost of holding one unit of
inventory for one year is 0.5% of the unit purchase price. Currently, Wheels & Deals Limited places
12 orders of 5,000 batteries per year. Compute the cost Wheels & Deals’ current inventory policy. Is
this the minimum cost? Explain. 

 

 

Journalize the transactions fo

*Journalize the transactions for the month of July.

*Create a Trial Balance and an adjusted trial balance using the data below as your adjustments:

Data for the adjustments are as follows:

  1. Insurance expired during the month, $1,020.
  2. Depreciation of building for the month, $480.
  3. Depreciation of pool/slide facility for the month, $675.
  4. Depreciation of pool furniture for the month, $220.
  5. Wages accrued at July 31, $920.

July

1

Judar deposited $135,000 in a bank account for the purpose of buying Blast Off! The business is a recreation area offering three large waterslides (called “tubes”)—one children’s slide, an inner tube run, and a looping extreme slide.

 2

Bought Blast Off! in its entirety for a total price of $540,800. The assets include pool furniture, $3,800; the pool/slide facility (includes filter system, pools, pump, and slides), $148,800; building, $96,200; and land, $292,000. Paid $120,000 down and signed a mortgage note for the remainder.

 2

Received and paid the bill for a one-year premium for insurance, $12,240.

 2

Bought 125 inner tubes from Worn Tires for $1,225, paying $500 down, with the remainder due in 20 days.

 3

Signed a contract with a video game company to lease space for video games and to provide a food concession. The rental income agreed upon is 10 percent of the revenues generated from the machines and food, with the estimated monthly rental income paid in advance. Received cash payment for July, $250.

 5

Received bills totaling $1,320 for the grand opening/Fourth of July party. The bill from Party Rentals for the promotional handouts, balloons, decorations, and prizes was $620, and the newspaper advertising bills from the City Star were $700.

 6

Signed a one-year contract for the pool maintenance with All-Around Maintenance and paid the maintenance fee for July of $1,600.

 6

Paid cash for employee picnic food and beverages, $128. (Miscellaneous Expense.)

 7

Received $12,086 in cash as income for the use of the facilities.

 9

Bought parts to repair the filter system on account from Arlen’s Pool Supply, $646.

 14

Received $10,445 in cash as income for the use of the facilities.

 15

Paid wages to employees for the period ended July 14, $9,460.

 16

Paid $1,150 cash as partial payment on account for promotional expenses recorded on July 5. Party Rentals was paid $620 and City Star was paid the remainder of $530.

 16

Judar withdrew cash for personal use, $2,500.

 17

Bought additional pool furniture from Pool Suppliers for $2,100; payment due in 30 days.

 18

Paid cash to seamstress for alterations and repairs to the character costumes, $328. (Miscellaneous Expense.)

 21

Received $10,330 in cash as income for the use of the facilities.

 21

Paid cash to Worn Tires as partial payment on account, $600.

 23

Received a $225 reduction of our account from Pool Suppliers for lawn chairs received in damaged condition.

 25

Received and paid telephone bill, $292.

 29

Paid wages for the period July 15 through 28 of $8,227.

 31

Received $11,870 in cash as income for the use of the facilities.

 31

Paid cash to Arlen’s Pool Supply to apply on account, $360.

 31

Received and paid water bill, $684.

 31

Paid cash as an installment payment on the mortgage, $3,890. Of this amount, $1,910 represents a reduction in the principal and the remainder is interest.

 31

Received and paid electric bill, $942.

 31

Bought additional inner tubes from Worn Tires for $480, paying $100 down, with the remainder due in 30 days.

 31

Judar withdrew cash for personal use, $3,200.

 31

Sales for the video and food concessions amounted to $4,840, and 10 percent of $4,840 equals $484. Because you have already recorded $250 as concessions income, record the additional $234 revenue due from the concessionaire. (Cash was not received.)

Journalize the transactions fo

Journalize the transactions for the month of July.

July

1

Judar deposited $135,000 in a bank account for the purpose of buying Blast Off! The business is a recreation area offering three large waterslides (called “tubes”)—one children’s slide, an inner tube run, and a looping extreme slide.

 2

Bought Blast Off! in its entirety for a total price of $540,800. The assets include pool furniture, $3,800; the pool/slide facility (includes filter system, pools, pump, and slides), $148,800; building, $96,200; and land, $292,000. Paid $120,000 down and signed a mortgage note for the remainder.

 2

Received and paid the bill for a one-year premium for insurance, $12,240.

 2

Bought 125 inner tubes from Worn Tires for $1,225, paying $500 down, with the remainder due in 20 days.

 3

Signed a contract with a video game company to lease space for video games and to provide a food concession. The rental income agreed upon is 10 percent of the revenues generated from the machines and food, with the estimated monthly rental income paid in advance. Received cash payment for July, $250.

 5

Received bills totaling $1,320 for the grand opening/Fourth of July party. The bill from Party Rentals for the promotional handouts, balloons, decorations, and prizes was $620, and the newspaper advertising bills from the City Star were $700.

 6

Signed a one-year contract for the pool maintenance with All-Around Maintenance and paid the maintenance fee for July of $1,600.

 6

Paid cash for employee picnic food and beverages, $128. (Miscellaneous Expense.)

 7

Received $12,086 in cash as income for the use of the facilities.

 9

Bought parts to repair the filter system on account from Arlen’s Pool Supply, $646.

 14

Received $10,445 in cash as income for the use of the facilities.

 15

Paid wages to employees for the period ended July 14, $9,460.

 16

Paid $1,150 cash as partial payment on account for promotional expenses recorded on July 5. Party Rentals was paid $620 and City Star was paid the remainder of $530.

 16

Judar withdrew cash for personal use, $2,500.

 17

Bought additional pool furniture from Pool Suppliers for $2,100; payment due in 30 days.

 18

Paid cash to seamstress for alterations and repairs to the character costumes, $328. (Miscellaneous Expense.)

 21

Received $10,330 in cash as income for the use of the facilities.

 21

Paid cash to Worn Tires as partial payment on account, $600.

 23

Received a $225 reduction of our account from Pool Suppliers for lawn chairs received in damaged condition.

 25

Received and paid telephone bill, $292.

 29

Paid wages for the period July 15 through 28 of $8,227.

 31

Received $11,870 in cash as income for the use of the facilities.

 31

Paid cash to Arlen’s Pool Supply to apply on account, $360.

 31

Received and paid water bill, $684.

 31

Paid cash as an installment payment on the mortgage, $3,890. Of this amount, $1,910 represents a reduction in the principal and the remainder is interest.

 31

Received and paid electric bill, $942.

 31

Bought additional inner tubes from Worn Tires for $480, paying $100 down, with the remainder due in 30 days.

 31

Judar withdrew cash for personal use, $3,200.

 31

Sales for the video and food concessions amounted to $4,840, and 10 percent of $4,840 equals $484. Because you have already recorded $250 as concessions income, record the additional $234 revenue due from the concessionaire. (Cash was not received.)

Journalize the Transactions fo

(a) Journalize the transactions, assuming that the common stock has a par value of $5 per share.
(b) Journalize the transactions, assuming that the common stock is no-par with a stated value
of $1 per share.
E12-2 Garza Co. had the following transactions during the current period.
Mar. 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill
for $30,000 for services provided in helping the company to incorporate.
June 12 Issued 60,000 shares of $1 par value common stock for cash of $375,000.
July 11 Issued 1,000 shares of $100 par value preferred stock for cash at $110 per share.
Nov. 28 Purchased 2,000 shares of treasury stock for $80,000.

Journalize the transactions fo

Please help with the following problem.

The following transactions were made by Vickers Company. Assume all investments are short-term and are readily marketable.

June 2 Purchased 300 shares of Boswell Corporation common stock for $30 per share.
July 1 Purchased 200 Kane Corporation bonds for $210,000.
30 Received a cash dividend of $2 per share from Boswell Corporation.
Sept. 15 Sold 90 shares of Boswell Corporation stock for $35 per share.
Dec. 31 Received semiannual interest check for $10,500 from Kane Corporation.
31 Received a cash dividend of $2 per share from Boswell Corporation.

Instructions
Journalize the transactions

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