Solution-Create journal entries for each of the transactions

Create journal entries for each of the transactions

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Reference no: EM132506079

Pool Corporation, Inc., is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. The majority of Pool's customers are small, family-owned businesses. Assume that Pool Corporation completed the following transactions during the current year.

Sept.15 Purchased and paid for merchandise for resale. The invoice amount was $132,500. Assume Pool uses a periodic inventory system.
Oct.1 Borrowed $907,500 from Southwest Bank for general use; signed an 11-month, 5% annual interest-bearing note for the money.
Oct.5 Received a $43,750 customer deposit from Joe Lipscomb for services to be performed in the future.
Oct.15 Performed $21,000 of the services paid for by Mr. Lipscomb.
Dec.12 Received electric bill for $12,750. Pool plans to pay the bill in early January. 31 Determined wages of $53,500 earned but not yet paid on December 31 (disregard payroll taxes).

Question 1: Prepare journal entries for each of these transactions and all adjusting entries required on December 31.

Reference no: EM132506079

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Create journal entries for each of the transactions

Reference no: EM132506079

Reference no: EM132506079

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