During the month supplies were purchased at a cost of 520

Assignment Help Accounting Basics

Reference no: EM13581939

Bert & Ernie Corp had the following tansactions for the month of July 2013:

a) The firm borrowed $2,500 from the bank; a short-term note was signed.

b) Merchandise inventory costing $700 was pruchased; cash of $200 was paid and the balance is due in 30 days.

c) Employee wages of $1,000 were accrued at the end of the month.

d) Merchandise that cost$300 was sold for $450 in cash.

e. This month's rent of $750 was paid.

f) Revenues from services during month totaled $7,500. Of this amount, $2,500 was received in cash and the balance is expected to be received within 30 days.

g) During the month, supplies were purchased at a cost of $520, and debited into the Supplies account. A total of $400 of supplies were used during the month.

h) Interest of $235 has been earned on a note receivable, but has not yet been received.

Required:

1) Prepare journal entries for the transactions.

2) What is the change in assets, in liabilities and in owners' equity for July 2013?

Reference no: EM13581939

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