Window Store opened for business on September 1, 2021. The following account balances existed: Cash $85,192 Window
Question:
Window Store opened for business on September 1, 2021.
The following account balances existed:
Cash $85,192
Window Inventory (210 units @ $65/unit) $13,650
Building $52,500
Accounts Payable (Great Wattage) $13,650
Notes Payable $37,692
Common Stock (5,000 shares, $1 par) $80,000
Preferred Stock (200 shares, 5%, $10 par) $20,000
The following events and transactions occurred through December 31, 2021:
12/19 Sold 55 windows to Shanda Lear's Lighting Store for $43,500, on account. Payment terms were 2/15, n/25.
12/21 Declared $2,000 of dividends to shareholders of record on 12/31, payable on 1/2/2022.
12/31 Incurred the following expenses at year-end which are not due and payable until 1/3/2022:
Telephone $653 Fuel $849 Utilities $988 Postage $132
QUESTION: How do I make the journal entries for these four transactions?
Advanced Accounting
ISBN: 978-1259444951
13th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni