During December the following transactions were carried out:

December 2. $16,000 in salaries were paid, including the outstanding balance as of the 1st. from December. 5.

Beauty products were purchased on credit for $35,000.

7. $13,500 received for cash beauty services.

9. Taxes due at the beginning of the month were paid.

10. Pending accounts with suppliers for $8,200 were settled.

13. $9,750 was collected from customers who were pending collection.

15. The amount of $7,000 was paid for the rent of the premises.

18. The amount of $5,198 was paid for electricity, water, and telephone.

21. $13,250 cash received for client services.

24. A payment was made to suppliers for outstanding accounts in the purchase of beauty products for $4,500.

28. Customers were charged $5,520 for services provided on credit.

   It is requested:

a) Make the journal entries.

b) Make the passes to the largest.

c) Prepare the trial balance.

d) Prepare the income statement.

e) Presents the statement of financial position.

f) Prepare closing entries.

Answer rating: 100% (QA)

a Journal Entries December 2 Salary Payment Debit Salaries Expense 16000 Credit Cash 16000 December 5 Beauty Products Purchase on Credit Debit Beauty ... View the full answer