Analyze each of July's transactions and prepare the journal entries Calculate the depreciation and amortization expenses...

 

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Analyze each of July's transactions and prepare the journal entries Calculate the depreciation and amortization expenses for the month of July for the tangible and intangible assets Calculate Cost of Goods Sold assuming the company uses a periodic inventory system and FIFO for cost method Post the appropriate journal entries in T accounts Prepare a trial balance Prepare the Balance Sheet and Income Statement for the month of July July Transactions 7/1 The company paid the monthly rent 7/1 Paid on account for an ad in the local radio station for $700 7/2 Paid the first installment due for the purchase of the Ice Cream Equipment (total $4200) 7/5 Purchased the following inventory items: Description Quantity in LB Price 7/5 Milk Sugar Cacao Butter 200 $ 200 $ Total Cost 1.30 $260.00 $ 180.00 0.90 2.80 $ 280.00 190.00 100 $ 100 $ 1.90 $ Incurred $50 of freight cost, which they paid in cash All the inventory left over from June and purchased July was fully utilized in making the ice cream in July 7/15 Paid in full the Furniture purchased on account in June. 7/15 Paid in full the cost of the laptop 7/15 Paid in full the cost of the QuickBooks software 7/30 Paid the salaries of the two employees for July 7/30 Collected $7,000 in cash sales Analyze each of July's transactions and prepare the journal entries Calculate the depreciation and amortization expenses for the month of July for the tangible and intangible assets Calculate Cost of Goods Sold assuming the company uses a periodic inventory system and FIFO for cost method Post the appropriate journal entries in T accounts Prepare a trial balance Prepare the Balance Sheet and Income Statement for the month of July July Transactions 7/1 The company paid the monthly rent 7/1 Paid on account for an ad in the local radio station for $700 7/2 Paid the first installment due for the purchase of the Ice Cream Equipment (total $4200) 7/5 Purchased the following inventory items: Description Quantity in LB Price 7/5 Milk Sugar Cacao Butter 200 $ 200 $ Total Cost 1.30 $260.00 $ 180.00 0.90 2.80 $ 280.00 190.00 100 $ 100 $ 1.90 $ Incurred $50 of freight cost, which they paid in cash All the inventory left over from June and purchased July was fully utilized in making the ice cream in July 7/15 Paid in full the Furniture purchased on account in June. 7/15 Paid in full the cost of the laptop 7/15 Paid in full the cost of the QuickBooks software 7/30 Paid the salaries of the two employees for July 7/30 Collected $7,000 in cash sales

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