David Carter has decided to start a new business and needs your help. Based on yo...

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David Carter has decided to start a new business and needs your help. Based on yo Ready Α' Α' 155 David Carter 查理 C TTONSOLLIVIT 7-Jul He receives the supplies he ordered from Mr. Supply on July 2nd along with a bill for $9,900. 11-Jul The ad runs in the Great News newspaper and he receives a bill for $500. 12-Jul Journal Entries General David Carter invested $40,000 in cash, equipment valued at $60,000 and a building valued at $150,000 in his new business. He receives an equal value in common stock. He placed an order with Mr. Supply for $10,000 in supplies for the business. Net 30. He placed a $500 ad with the Great News newspaper to advertise his new business. The newspaper will bill him when the ad runs. $%9 He receives an order to produce 500 widgets from Major Corporation for $20.00 per widget. He pays for the supplies that he ordered on July 2nd. He uses a perpetual inventory system and produces the widgets out of his supplies for a supply cost of $5.00 per widget. 21-Jul He ships the widgets and bills Major Corporation for the sale. His terms are 2/10, net 30 - FOB shipping point. 23-Jul He receives a new order to produce 200 widgets from Minor Inc. for $25.00 per widget. 26-Jul He produces the widgets out of his supplies for a supply cost of $5.00 per widget. 27-Jul He ships the widgets and bills Minor Inc. for the sale. His terms are 2/10, net 30 - FOB shipping point. 30-Jul He receives the payment due from Major Corporation. 31-Jul He receives his electric bill from Volts Utility for $1,200. 31-Jul The building is being depreciated on a straight-line basis over 40 years with a residual value of $30,000 31-Jul The equipment is being depreciated on a straight-line over 10 years with no residual value Closing Journal Entries Trial Balance Income Statemen MacBook P David Carter has decided to start a new business and needs your help. Based on yo Ready Α' Α' 155 David Carter 查理 C TTONSOLLIVIT 7-Jul He receives the supplies he ordered from Mr. Supply on July 2nd along with a bill for $9,900. 11-Jul The ad runs in the Great News newspaper and he receives a bill for $500. 12-Jul Journal Entries General David Carter invested $40,000 in cash, equipment valued at $60,000 and a building valued at $150,000 in his new business. He receives an equal value in common stock. He placed an order with Mr. Supply for $10,000 in supplies for the business. Net 30. He placed a $500 ad with the Great News newspaper to advertise his new business. The newspaper will bill him when the ad runs. $%9 He receives an order to produce 500 widgets from Major Corporation for $20.00 per widget. He pays for the supplies that he ordered on July 2nd. He uses a perpetual inventory system and produces the widgets out of his supplies for a supply cost of $5.00 per widget. 21-Jul He ships the widgets and bills Major Corporation for the sale. His terms are 2/10, net 30 - FOB shipping point. 23-Jul He receives a new order to produce 200 widgets from Minor Inc. for $25.00 per widget. 26-Jul He produces the widgets out of his supplies for a supply cost of $5.00 per widget. 27-Jul He ships the widgets and bills Minor Inc. for the sale. His terms are 2/10, net 30 - FOB shipping point. 30-Jul He receives the payment due from Major Corporation. 31-Jul He receives his electric bill from Volts Utility for $1,200. 31-Jul The building is being depreciated on a straight-line basis over 40 years with a residual value of $30,000 31-Jul The equipment is being depreciated on a straight-line over 10 years with no residual value Closing Journal Entries Trial Balance Income Statemen MacBook P

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