Reference no: EM133067777
Question - Prepare the necessary journal entries for the month of January for the Quilter Company for each situation given below. The Quilter Company's chart of accounts follows: Cash, A/R, Supplies, Inventory, Prepaid Insurance, Office Equipment, Computer, A/P, Unearned Revenue, Capital, Withdraw, Service Revenue, Sales, COGS, Rent Expense, Salary Expense
Jan 1 The Owner invested $25,000 cash and a computer valued at $2,000 in the business.
Jan 2 Customers paid $750 in advance for services to be rendered in March.
Jan 3 Purchased merchandise for $68,000 on account.
Jan 4 The Company paid $2,500 cash for office equipment.
Jan 5 The Company purchased supplies costing $500 on credit.
Jan 6 The Company paid $1,000 for the January rent.
Jan 7 Sold merchandise for $15,000 to customers on account. The cost of the merchandise sold was $9,000.
Jan 10 The Company provided services to a client and received $3,000 in cash.
Jan 11 Returned $6,500 worth of defective merchandise to suppliers (purchased on Jan 3).
Jan 12 The Company provided services to a client for $4,000, the client agreed to pay within 30 days.
Jan 15 The Company paid for the supplies originally purchased on Jan 5.
Jan 19 The Company receives payment on the account from the client entry on Jan 12.
Jan 22 The Company paid salaries of $2,000 to the employees.
Jan 30 The Owner withdrew $3,000 for personal use.
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