Record these transactions as journal entries The following events took place during the month of February, 2023

Record these transactions as journal entries

 

   

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The following events took place during the month of February, 2023 affecting Aggie Spirit. Round all parts to the nearest dollar as you record the transactions. February Transactions: February 1 - A six-month advertising campaign was purchased to display print ads in the local media and prepare all direct mail catalogs beginning the first week of February and running through May 31. Aggie Spirit paid $24,000 in advance for this ad campaign. February 2 Aggie Spirit purchased the following assets, paying 30% down and giving a two-year, 4% note for the balance. Furniture Fixtures Equipment $14,400 7,800 9,120 February 3 - Apparel merchandise costing $15,400 was purchased. The company paid 50% down and put the rest on account. The merchandise will be available for resale to customers. February 4 - Purchased a 6 month insurance policy with Good Ag Insurance Company. Aggie Spirit paid the premium in advance of $2,400. February 5- Printer paper, ink, paper clips, staples, and pens costing $650 were purchased on account February 6 - Gift inventory costing $8,230 was purchased, paying cash. February 7 - Online orders of $3,200 were received and shipped for both apparel and gift merchandise. All catalogue sales are on account. The cost of the merchandise sold included the following: Apparel Gifts $ 445 $ 880 February 8 - The store's cash register receipts indicate the following sales transactions: Sales Category $ Sales Amount Apparel Gift Of these sales, 25% were made on account. February 9 - For the first week of February, $1,000 of gift certificates were sold. All gift certificate sales were cash transactions. February 10 - Paid total amount due to the apparel supplier for purchases made on February 3. February 11 - Aggie Spirit received and paid a bill from its attorney amounting to $765 for legal services rendered. February 12 - Wages and salaries totaling $6,750 were paid to the Aggie Spirit employees. $6,600 2,900 $ Cost of Merchandise $2,600 1,370 The following events took place during the month of February, 2023 affecting Aggie Spirit. Round all parts to the nearest dollar as you record the transactions. February Transactions: February 1 - A six-month advertising campaign was purchased to display print ads in the local media and prepare all direct mail catalogs beginning the first week of February and running through May 31. Aggie Spirit paid $24,000 in advance for this ad campaign. February 2 Aggie Spirit purchased the following assets, paying 30% down and giving a two-year, 4% note for the balance. Furniture Fixtures Equipment $14,400 7,800 9,120 February 3 - Apparel merchandise costing $15,400 was purchased. The company paid 50% down and put the rest on account. The merchandise will be available for resale to customers. February 4 - Purchased a 6 month insurance policy with Good Ag Insurance Company. Aggie Spirit paid the premium in advance of $2,400. February 5- Printer paper, ink, paper clips, staples, and pens costing $650 were purchased on account February 6 - Gift inventory costing $8,230 was purchased, paying cash. February 7 - Online orders of $3,200 were received and shipped for both apparel and gift merchandise. All catalogue sales are on account. The cost of the merchandise sold included the following: Apparel Gifts $ 445 $ 880 February 8 - The store's cash register receipts indicate the following sales transactions: Sales Category $ Sales Amount Apparel Gift Of these sales, 25% were made on account. February 9 - For the first week of February, $1,000 of gift certificates were sold. All gift certificate sales were cash transactions. February 10 - Paid total amount due to the apparel supplier for purchases made on February 3. February 11 - Aggie Spirit received and paid a bill from its attorney amounting to $765 for legal services rendered. February 12 - Wages and salaries totaling $6,750 were paid to the Aggie Spirit employees. $6,600 2,900 $ Cost of Merchandise $2,600 1,370

Answer rating: 100% (QA)

Here are the stepbystep workings for all the February transactions February 1 Advertising campaign ... View the full answer