Journalize the Corporations Transactions for August 2024 August 1/ Paid $836 cash for office supplies. August 2/ Purchased merchandise on account for $675 August 4/ Collected $5,655 cash from customers on account. August 7/ Received a $560 invoice for radio advertising on account. August 8/ Established a petty cash tund for $ /30. August 11/ Received $6,940 cash for performing coaching services. August 15/ Paid previous month's salaries August 17/ Collected $3,900 in advance for coaching services to be performed later. August 20/ Completed a large coaching job and billed the customer for $6,865 August 22/ Received the electric bill and cell phone bill for the business totaling $965. (Credit Accounts Payable) August 25/ Collected $2,950 cash from customers on account. August 27/ Sold merchandise to customers for $4,260 on account. The merchandise cost $2,010 August 30/ Paid $3,360 on account. August 31/ Cash dividends of $2,700 were paid to stockholders. Adjusting Entries Depreciation method on the truck was changed to the units of production method in August. Depreciation was recorded assuming a useful life of five years, salvage value of $3,000 and estimated miles of 100,000. The truck was used 2,400 miles in August. Prepaid Insurance for the month has expired Office Supplies on hand, $795 Unearned Revenue earned during the month, $1,900. Another month of rent has expired The company records bad debt using the percent of receivables method estimating that 2% of receivables will not be collected. Bad debt is calculated after all other entries are recorded Another month of depreciation was recorded on the building Another month of depreciation was recorded on the equipment Accrue payroll expense for August Accrue payroll tax expense for August Back ground Info: Accounts available : Cash Petty Cash Accounts Receivable Allowance for Bad Debt Merchandise Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Prepaid Rent Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Truck Accumulated Depreciation-Truck Accounts Payable Salaries Payable Employee Federal Income Taxes Payable Employee State Income Taxes Payable Federal Unemployment Taxes Payable FICA—Medicare Taxes Payable FICA—OASDI Taxes Payable State Unemployment Taxes Payable Interest Payable Refunds Payable Unearned Revenue Notes Payable Common Stock Dividends Service Revenue Sales Revenue Sales Discounts Forfeited Cost of Goods Sold Salaries Expense Payroll Tax Expense Rent Expense Utilities Expense Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Truck Advertising Expense Interest Expense Delivery Expense Supplies Expense Insurance Expense Bad Debt Expense Also in the images provided is the corporation previous account balance from July 2024 trial balance this will be needed to determine the beginning retained earnings balance.

Journalize the Corporations Transactions for August 2024 August 1/ Paid $836 cash for office supplies. August 2/ Purchased merchandise on account for $675 August 4/ Collected $5,655 cash from customers on account. August 7/ Received a $560 invoice for radio advertising on account. August 8/ Established a petty cash tund for $ /30. August 11/ Received $6,940 cash for performing coaching services. August 15/ Paid previous month's salaries August 17/ Collected $3,900 in advance for coaching services to be performed later. August 20/ Completed a large coaching job and billed the customer for $6,865 August 22/ Received the electric bill and cell phone bill for the business totaling $965. (Credit Accounts Payable) August 25/ Collected $2,950 cash from customers on account. August 27/ Sold merchandise to customers for $4,260 on account. The merchandise cost $2,010 August 30/ Paid $3,360 on account. August 31/ Cash dividends of $2,700 were paid to stockholders. Adjusting Entries Depreciation method on the truck was changed to the units of production method in August. Depreciation was recorded assuming a useful life of five years, salvage value of $3,000 and estimated miles of 100,000. The truck was used 2,400 miles in August. Prepaid Insurance for the month has expired Office Supplies on hand, $795 Unearned Revenue earned during the month, $1,900. Another month of rent has expired The company records bad debt using the percent of receivables method estimating that 2% of receivables will not be collected. Bad debt is calculated after all other entries are recorded Another month of depreciation was recorded on the building Another month of depreciation was recorded on the equipment Accrue payroll expense for August Accrue payroll tax expense for August Back ground Info: Accounts available : Cash Petty Cash Accounts Receivable Allowance for Bad Debt Merchandise Inventory Estimated Returns Inventory Office Supplies Prepaid Insurance Prepaid Rent Land Building Accumulated Depreciation-Building Equipment Accumulated Depreciation-Equipment Truck Accumulated Depreciation-Truck Accounts Payable Salaries Payable Employee Federal Income Taxes Payable Employee State Income Taxes Payable Federal Unemployment Taxes Payable FICA—Medicare Taxes Payable FICA—OASDI Taxes Payable State Unemployment Taxes Payable Interest Payable Refunds Payable Unearned Revenue Notes Payable Common Stock Dividends Service Revenue Sales Revenue Sales Discounts Forfeited Cost of Goods Sold Salaries Expense Payroll Tax Expense Rent Expense Utilities Expense Depreciation Expense - Building Depreciation Expense - Equipment Depreciation Expense - Truck Advertising Expense Interest Expense Delivery Expense Supplies Expense Insurance Expense Bad Debt Expense Also in the images provided is the corporation previous account balance from July 2024 trial balance this will be needed to determine the beginning retained earnings balance.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 14E

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Question

Journalize the Corporations Transactions for August 2024

August 1/ Paid $836 cash for office supplies.

August 2/ Purchased merchandise on account for $675

August 4/ Collected $5,655 cash from customers on account.

August 7/ Received a $560 invoice for radio advertising on account.

August 8/ Established a petty cash tund for $ /30.

August 11/ Received $6,940 cash for performing coaching services.

August 15/ Paid previous month's salaries

August 17/ Collected $3,900 in advance for coaching services to be performed later.

August 20/ Completed a large coaching job and billed the customer for $6,865

August 22/ Received the electric bill and cell phone bill for the business totaling $965. (Credit Accounts

Payable)

August 25/ Collected $2,950 cash from customers on account.

August 27/ Sold merchandise to customers for $4,260 on account. The merchandise cost $2,010

August 30/ Paid $3,360 on account.

August 31/ Cash dividends of $2,700 were paid to stockholders.

Adjusting Entries

Depreciation method on the truck was changed to the units of production method in August. Depreciation was recorded assuming a useful life of five years, salvage value of $3,000 and estimated miles of 100,000. The truck was used 2,400 miles in August.
Prepaid Insurance for the month has expired
Office Supplies on hand, $795
Unearned Revenue earned during the month, $1,900.
Another month of rent has expired
The company records bad debt using the percent of receivables method estimating that 2% of receivables will not be collected. Bad debt is calculated after all other entries are recorded
Another month of depreciation was recorded on the building
Another month of depreciation was recorded on the equipment
Accrue payroll expense for August

Accrue payroll tax expense for August

Back ground Info: Accounts available :

Cash

Petty Cash

Accounts Receivable

Allowance for Bad Debt

Merchandise Inventory

Estimated Returns Inventory

Office Supplies

Prepaid Insurance

Prepaid Rent

Land

Building

Accumulated Depreciation-Building

Equipment

Accumulated Depreciation-Equipment

Truck

Accumulated Depreciation-Truck

Accounts Payable

Salaries Payable

Employee Federal Income Taxes Payable

Employee State Income Taxes Payable Federal Unemployment Taxes Payable

FICA—Medicare Taxes Payable

FICA—OASDI Taxes Payable

State Unemployment Taxes Payable

Interest Payable

Refunds Payable

Unearned Revenue

Notes Payable

Common Stock

Dividends

Service Revenue

Sales Revenue

Sales Discounts Forfeited

Cost of Goods Sold

Salaries Expense

Payroll Tax Expense

Rent Expense

Utilities Expense

Depreciation Expense - Building

Depreciation Expense - Equipment

Depreciation Expense - Truck

Advertising Expense

Interest Expense

Delivery Expense

Supplies Expense

Insurance Expense

Bad Debt Expense

Also in the images provided is the corporation previous account balance from July 2024 trial balance this will be needed to determine the beginning retained earnings balance.

Account Title
Cash
Accounts Receivable
Merchandise Inventory
Estimated Returns Inventory
Office Supplies
Prepaid Insurance
Prepaid Rent
Land
Building
Accumulated Depreciation-Building
Equipment
Accumulated Depreciation-Equipment
Truck
Accumulated Depreciation-Truck
Accounts Payable
Salaries Payable
Interest Payable
Refunds Payable
Unearned Revenue
Notes Payable
Common Stock
Retained Earnings
Dividends
Service Revenue
Sales Revenue
Sales Discounts Forfeited
Cost of Goods Sold
Salaries Expense
Rent Expense
Utilities Expense
Depreciation Expense - Building
Depreciation Expense - Equipment
Depreciation Expense - Truck
Advertising Expense
Delivery Expense
Supplies Expense
Insurance Expense
Adjusted Trial Balance
July 31, 2024
Interest Expense
Income Tax Expense
Balance
Debit
$ 172,947
17,320
2,710
556
965
2,175
7,500
45,000
6,500
28,250
1,290
4,390
11,200
1,500
1,140
1,400
1,200
454
-
1,365
435
-
Credit
4,200
3,600
454
17,410
11,200
2,610
1,300
3,120
43,500
128,250
58,662
25,710
8,114
166
$308,296.17 $308,296.17
Account Title
Cash
Accounts Receivable
Merchandise Inventory
Estimated Returns Inventory
Office Supplies
Prepaid Insurance
Prepaid Rent
Land
Building
Accumulated Depreciation-Building
Equipment
Accumulated Depreciation-Equipment
Truck
Accumulated Depreciation-Truck
Accounts Payable
Salaries Payable
Interest Payable
Refunds Payable
Unearned Revenue
Notes Payable
Common Stock
Retained Earnings
Dividends
Service Revenue
Sales Revenue
Sales Discounts Forfeited
Cost of Goods Sold
Salaries Expense
Adjusted Trial Balance
July 31, 2024
5 Rent Expense
6 Utilities Expense
7 Depreciation Expense - Building
8 Depreciation Expense - Equipment
Depreciation Expense - Truck
Advertising Expense
1 Delivery Expense
2 Supplies Expense
3 Insurance Expense
4 Interest Expense
5 Income Tax Expense
6 Total
7
Balance
Debit
$ 174,602
14,010
3,880
556
970
2,133
7,500
45,000
6,500
24,000
1,225
1,970
4,280
1,500
1,190
383
1,250
427
Credit
2,800
2,400
383
16,360
12,840
2,610
1,300
2,865
43,500
124,000
55,162
22,175
4,880
100
$ 291,375.33 $ 291,375.33

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