Reference no: EM13484103 , Length: 5
Journalize the following transactions:
1) Bought $20,000 of inventory on account from a vendor.
2) Billed customers $670,000 for sales of product. Product had a cost of $393,000.
3) Office equipment for $30,000 was purchased with a useful life of 5 years. One year's worth of depreciation needs to be recorded as well.
4) A $240,000 premium for a 2-year insurance policy was paid, capitalizing the cost. Six months of the policy had expired.
5) Made a $61,430 payment to the utility company for last month's bill.
6) Founder of iAccounting.com, Sly Smithers, funded $25,000 in this new startup.
7) Paid $18,999 for this months rent.
8) Received a $1,200, 7.5% note from a customer who could not pay the balance of the trade account receivable due to potential bankruptcy problems.
9) Paid $1234.56 for this next year's insurance bill.
10) Received $1,792.20 from customers on account.