Salazar Company had the following transactions in the month of August 2023. Provide the journal entries...

 

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Salazar Company had the following transactions in the month of August 2023. Provide the journal entries required for each transaction: 1) The Company purchased inventory on account for $16,700 2) Employees earned $3,000 in wages for the last week in August 2023. These amounts will be paid in September 2023. 3) The Company incurred $37,500 of operating expenses, but only paid $32,000 of this amount 4) The Company collected $80,000 in cash for services that will be provided in September 2023. 5) The Company paid a cash dividend of $4,000 to the stockholders Salazar Company had the following transactions in the month of August 2023. Provide the journal entries required for each transaction: 1) The Company purchased inventory on account for $16,700 2) Employees earned $3,000 in wages for the last week in August 2023. These amounts will be paid in September 2023. 3) The Company incurred $37,500 of operating expenses, but only paid $32,000 of this amount 4) The Company collected $80,000 in cash for services that will be provided in September 2023. 5) The Company paid a cash dividend of $4,000 to the stockholders

Answer rating: 100% (QA)

Certainly here are the journal entries for the transactions you mentioned 1 Purchased i... View the full answer