Purchasing and sales activities in a periodic system.

a) Ordered and received 30 basketballs @$25.00 each and 10 backboards @ $83 .00 from velocity sporting goods terms 2/10, net 30: freight bill received from carrier and paid upon delivery :$300.

b)returned 2 damaged basketballs and 1 cracked backboard to velocity from order in A .Above.

c)Paid invoice from velocity sporting Goods on order above within the discount period.

d) received and shipped customer order from wright university for 15 basketballs @$35.00 and 3 backboards @ $106.00, terms 2/10.Net 30.

e) processed a sales returns (CM) to Wright University for one damaged backboards returned authorized on order above

f)Received a check in the mail from Wright University for merchandise received in order D.above within the discount period.

Review of Recording common adjusting entries in General journal:

g) Unexpired Insurance at year -end equals $2,200, prepaid balance before adjustment $6,300.

h) Accounting services work completed but not billed at year-end $8,400.

i) Wages earned by employees prior to year -end but not paid $22,640. Additional employer taxes ,$2683 ( 11.85%) * Use payroll tax expenses & payroll tax payavle for employer taxes.