6.−6.−$6.-$6.− Consider the following information about some events held during the accounting

period:

1.11.1$1.1$1.1st October year 1,1,$1,$1, the company bought a machine for 12,000.12,000.$12,000.$12,000. The estimated

machine$$s useful service life is 55$5$5 years. It will be pay four months later. The

Company has paid in cash 5,0005,000$5,000$5,000 for the machine$$ installation process.

2.2.$2.$2. In November year 1,1,$1,$1, the manager decided to pay the machine because he has

received a 10%10%$10\%$10% discount for early payment.

3.13.1$3.1$3.1st February year 2,2,$2,$2, the company sold 250,000250,000$250,000$250,000 worth of finished products, with

a 2%2%$2\%$2% discount in invoice (($($(trade discounts are not entered in the accounts

records))$)$) and 6060$60$60 days to receive payment. 2020$20$20th February the company reached the

following new payment agreement with its customers: in addition a 6%6%$6\%$6% discount

for early payment if the customers paid immediately. The customer sing the new

payment agreement.

4.4.$4.$4. In September year 2,2,$2,$2, the company purchased Raw material 10,00010,000$10,000$10,000 kg..$.$. at 1.101.10$1\mathrm{.}10$1.10

per kilo. They will be pay two months later. The company assumed and paid in

cash the freight in expenses: 600.600.$600.$600.

5.5.$5.$5. In December year 2,2,$2,$2, the Raw material ending inventory was 2,0002,000$2,000$2,000 kg..$.$.

Required: 11.

.1.$1.$ Record accounting journal entries. 2.2.

2.$2.$ Prepare a table: the columns will display the months (($($(October year 1,1,$1,$1, November Year 1,1,$1,$1, december year 1,1,$1,$1, february year 2,2,$2,$2, september year 2,2,$2,$2, november year 2,2,$2,$2, december year 2)2)$2)$2) and the rows will display the accounting concepts (($($(identify the value of each of the following accounting concepts for each month: payment, expense ,,$,$, cost ,,$,$, investment, revenue, and receive payment))$)$) 

 

Answer rating: 100% (QA)

To record the accounting journal entries and prepare the table lets go through each event and identi... View the full answer