Cookies, Cakes & Crumbs Bakery (CC& C) ended its first year of operations on December 31, 2015. During 2015, the following transactions occurred:
January 10: The owners of CC& C invested $ 200,000 (the par value of the stock) and acquired 20,000 shares of common stock.
March 15: CC& C purchased equipment in the amount of $ 48,000 on credit account with the vendor.
April 12: CC& C purchased supplies in the amount of $ 24,000 and paid cash.
May 31: CC& C collected $ 82,000 in sales revenue for the month, all of which was paid in cash. Ignore Cost of Goods Sold.
June 15: CC& C paid employees $ 22,000 in cash for wages.
July 31: CC& C purchased supplies in the amount of $ 16,000 on credit account with the supplier.
September 30: CC& C paid the balance due to the equipment vendor for the purchase made on March 15.
November 10: CC& C paid the balance due to the supplier for the purchase made on July 31.
November 30: CC& C recorded sales revenue in the amount of $ 216,000, half on credit and the other half paid in cash. Ignore Cost of Goods Sold.
December 20: The customers who owed CC& C for the November 30 purchases paid their ­balances in full with cash.
CC& C uses the following chart of accounts:
Assets
100 Cash
101 Accounts Receivable
102 Supplies
111 Equipment
Liabilities
200 Accounts Payable
Stockholders’ Equity 300 Common Stock
Revenues
400 Sales Revenue
Expenses
503 Wage Expense
Prepare the journal entries in the general journal format for CC& C’s transactions using appropriate account numbers.