Remington Communications has been providing cellular phone service for several years. During November and December 2011, the following transactions occurred:
Nov. 2 Remington received $2,400 for November phone service from Enrico Company.
6 Remington purchased $4,750 of supplies from Technology Associates on account.
10 Remington paid $5,250 to its hourly employees for their weekly wages.
15 Remington paid $4,750 to Technology Associates in full settlement of their account payable.
28 Remington paid $2,150 for utilities used during November.
30 Remington received a bill from Monticello Construction for $1,230 for repairs made to Remington’s loading dock on November 15. Remington plans to pay the bill in early December.
Dec. 10 Remington paid $1,230 to Monticello Construction to settle the repair bill received on November 30.
1. Prepare a journal entry for each of these transactions.
2. Conceptual Connection: What accounting principle did you apply in recording the November 10 transaction?