Write journal entries-liability insurance policy

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Reference no: EM131293649

Write journal entries for the following;

1. Mr. Smith signed a one year rental agreement he was required to pay 8000 for rent for the months of April 1 2016- June 30 2016

2. You arranged for for a liability insurance policy and paied 3,600 to state farm. This is a 12 month premium coverage

3. Mr. Smith signed a notes payable to borrow 7,000 from the bank. They have a 5% anual intrest and the mote is to be repaid within six months

4. Mr. Smith sold merchandise that cost 2,800 for 5,000. The sales tax would be 350 and the cost for the keyboard is 2540 and for screen is 625. The merchandise shipped FOB destination.

Reference no: EM131293649

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