Prepare the journal entries to record the December 2020 transactions below. Skip a line between each log

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Question:

Prepare the journal entries to record the December 2020 transactions below. Skip a line between each log entry and replace the date with J1, J2, J3, etc. Don't forget to use it.

1. On December 1, Rocky Ram, Inc. received $17,000 from Kanga Roo Inc. for partial payment of the account.(First entry logged and posted for you.)

2. On December 1, Rocky Ram, Inc. received $6,000 upfront to lease office space to Bullwinkle, Inc. from December 1, 2020 to February 28, 2021.

3. On December 6, Rocky Ram, Inc. checks for $12,000 to Acne Corporation, $8,000 to Bow & Arrow, Inc., and $15,000 to Boa Construction Inc. gave.

4. On December 10, the company purchased $4,000 in material from Boa İnşaat A.Ş. (FOB Shipment Point, terms n/10, n/30), the order was shipped in December.

5. On December 10, Rocky Ram, Inc. received a check from Poodle & Co. for $30,000 as payment to the account.

6. On December 13, Rocky Ram, Inc. made a sale to Poodle & Co for $77,000 (terms 2/10, n/30). The cost of inventory sold was $36,000.

7. On December 17, the Board of Directors announced a dividend of $8,200, payable in January.

8. On December 20, the company paid its employees $31,000 for wages earned in the period from December 1 to December 15, 2020.

9. On December 23, full payment was received from Poodle & Co. during the discount period for the sale on December 13(J6).

10. On December 23, Rocky Ram, Inc. made a sale to Bulldog Inc. for $90,000 (terms 2/10, n/30). The cost of inventory sold was $28,000.

11. On December 28, Bulldog Inc. returned $14,000 of goods purchased on December 25. The inventory cost was $9,000.

12. On December 28, Rocky Ram, Inc. ordered $50,000 of inventory from Bow & Arrow, Inc. (FOB Destination, terms 2/10, n/30), inventory is expected sometime in January.

13. On December 31, the company purchased office equipment costing $60,000. They paid $15,000 upfront for the equipment and signed a promissory note for the remaining balance. The maturity of the note is March 31, 2021.

14. On December 31, Rocky Ram, Inc. paid a total electricity bill of $2,020 for utilities used during the month of December.