Porter sold inventory that cost 700 to fred berman for 1000

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Reference no: EM13605206

Prepare journal entries for the transactions and adjusting entries.

Jan. 1- porter accepted a 4-month 8% not from Anderko Company in payment of Anderko's $1,200 account
Jan. 3- Porter wrote off as uncollectible the accounts of Elrich Corporation ($450) and Rios Company ($280)
Jan. 8- Porter purchased $17,200 of inventory on account
Jan. 11- Porter sold for $25,00 on account inventory that cost $17,500.
Jan. 15- Porter sold inventory that cost $700 to Fred Berman for $1,000. Berman charged this amount on his Visa First Bank Card. The service fee charged porter by first bank is 3%.
Jan. 17- Porter collected $22,900 from customers on account.
Jan. 21- Porter paid $16,300 on accounts payable.
Jan. 24- Porter received payment in full ($280) from Rios Compant on the account written off on Jan 3.
Jan. 27- Porter purchased advertising supplies from $1,400 cash.
Jan. 31- Porter paid other operating expenses, $3,218.

adjustment data:
1. interest is recorded for the month on the note from January 1.
2. Bad debts are expected to be 6% of the January 31, 2012, accounts receivable.
3. A count of advertising supplies on January 31, 2012, reveals that $560 remains unused.

Reference no: EM13605206

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