Prepare journal entries for the following transactions of Basics Inc. a. Sent Invoice to customers $1900...

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Prepare journal entries for the following transactions of Basics Inc. a. Sent Invoice to customers $1900 for services performed b. Made the monthly mortgage payment of $2500. S650 is for paying off principal, the balance covers the interest. c On December 1, paid $18,000 cash for rent for 1 year. d. Company was paid a $1,000 down payment for a product to be delivered next year e. Purchased 500 units of merchandise from a supplier for $15 per unit, on account. f. Sold 50 units of merchandise purchased in e. to a customer for $30 per unit on account. Prepare journal entries for the following transactions of Basics Inc. a. Sent Invoice to customers $1900 for services performed b. Made the monthly mortgage payment of $2500. S650 is for paying off principal, the balance covers the interest. c On December 1, paid $18,000 cash for rent for 1 year. d. Company was paid a $1,000 down payment for a product to be delivered next year e. Purchased 500 units of merchandise from a supplier for $15 per unit, on account. f. Sold 50 units of merchandise purchased in e. to a customer for $30 per unit on account.

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11 Preparation of Journal Entries for given transactions Journal Entries Date Account ... View the full answer