Individual work A company (VAT payer) sells laminate and paneling. The company uses the perpetual entory...

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Individual work A company (VAT payer) sells laminate and paneling. The company uses the perpetual entory system FIFO method. Beginning merchandise inventory is 110 m² of laminate for €15 of h and 200 m² of paneling for €22 of each. During September the company completed the following sactions: o. Day 5 . 7. 12. 5 10 9. 19 10. 21 34 11 12 11. 23 14. 331 19. 13. 24 26 17 Purchased 110 m² of laminate for €19 of each and 90 m² of paneling for €32 of each + total VAT .€ on account from company "Sky" with terms 2/10, n/30. Received payment from company "Apple". ****** Sold 180 m² of laminate for €37 of each + total VAT ...... to company "Moon" and received cash 23 15. 30 16. 30 17. 30 18. 30 Transactions. Purchased 90 m² of laminate for €17 of each + total VAT... on account from company "Sky" Prepaid four month insurance of €320. Sold 140 m² of laminate for €36 of each and 130 m² of paneling for €42 of each + total VAT ......€ on account to company "Apple" with terms 2/10,n/30. 30 Paid company "Sky" Purchased 170 m² of laminate for €22 of each and 140 m² of paneling for €25 of each + total VAT......€ from company "Blue" and paid cash. Paid the personal income task of €480 Paid the social insurance contribution of €460 Purchased 60 m² of laminate for €20 of each + total VAT......€ from company "Garden" and paid cash Purchased vehicle for €14000 on account from company "Auto". The asset was placed in service on the purchasing day. Return 10 m² of laminate + VAT ......€ purchased on September 23 Sold 154 m² of laminate for €19 of each and 250 m² of paneling for €32 of each + total VAT......€ on account to company "Apple" Received an electricity bill for €240 + VAT ..... €. Received an utility bill for €110 + VAT...... € One month of prepaid insurance was expired. Calculated the salary of employees: 1 employee - €1100, 2 employee - €1400 and deducted taxes from employees' salary. Accrued depreciation of furniture €80. Requirements: 1. Enter transactions into the journal. Fill the inventory cards. 2. Calculate total income and total expenses. 3. Closed income and expenses accounts. 4. Closed VAT accounts. Individual work A company (VAT payer) sells laminate and paneling. The company uses the perpetual entory system FIFO method. Beginning merchandise inventory is 110 m² of laminate for €15 of h and 200 m² of paneling for €22 of each. During September the company completed the following sactions: o. Day 5 . 7. 12. 5 10 9. 19 10. 21 34 11 12 11. 23 14. 331 19. 13. 24 26 17 Purchased 110 m² of laminate for €19 of each and 90 m² of paneling for €32 of each + total VAT .€ on account from company "Sky" with terms 2/10, n/30. Received payment from company "Apple". ****** Sold 180 m² of laminate for €37 of each + total VAT ...... to company "Moon" and received cash 23 15. 30 16. 30 17. 30 18. 30 Transactions. Purchased 90 m² of laminate for €17 of each + total VAT... on account from company "Sky" Prepaid four month insurance of €320. Sold 140 m² of laminate for €36 of each and 130 m² of paneling for €42 of each + total VAT ......€ on account to company "Apple" with terms 2/10,n/30. 30 Paid company "Sky" Purchased 170 m² of laminate for €22 of each and 140 m² of paneling for €25 of each + total VAT......€ from company "Blue" and paid cash. Paid the personal income task of €480 Paid the social insurance contribution of €460 Purchased 60 m² of laminate for €20 of each + total VAT......€ from company "Garden" and paid cash Purchased vehicle for €14000 on account from company "Auto". The asset was placed in service on the purchasing day. Return 10 m² of laminate + VAT ......€ purchased on September 23 Sold 154 m² of laminate for €19 of each and 250 m² of paneling for €32 of each + total VAT......€ on account to company "Apple" Received an electricity bill for €240 + VAT ..... €. Received an utility bill for €110 + VAT...... € One month of prepaid insurance was expired. Calculated the salary of employees: 1 employee - €1100, 2 employee - €1400 and deducted taxes from employees' salary. Accrued depreciation of furniture €80. Requirements: 1. Enter transactions into the journal. Fill the inventory cards. 2. Calculate total income and total expenses. 3. Closed income and expenses accounts. 4. Closed VAT accounts.

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The detailed answer for the above question is provided below Journal Entries 1 Purchased 90 m2 of laminate for 17 of each total VAT on account from company Sky Debit Accounts Payable Sky 1530 Credit I... View the full answer