Required: prepare journal entries for the above transactions, Financial Accounting

Assignment Help:

Sleek Ride, a company providing limo services, has a December 31 year-end date. For Sleek Ride, the following transactions occurred during the ?rst 10 days of June:
a. Purchased, on credit, space for classi?ed advertisements in the New York Times for $1,950. The advertising was run the day the space was purchased.
b. Purchased of?ce supplies from Of?ce Max on credit in the amount of $475.
c. One of Sleek Ride's sales staff signed a $20,000 contract to provide exclusive limo services for a large company for the remainder of the month. The salesperson's commission is 10% of service revenue. The commission will be paid July 10. ( Note: Concern yourself only with the commission.)
d. Received electric bill for May. The bill is $4,200 and is due June 15.
e. Received a bill for $970 from Harry's Auto. Harry's repaired 10 limos for Sleek Ride in late May. Payment is due June 18.

Required: Prepare journal entries for the above transactions

 


Related Discussions:- Required: prepare journal entries for the above transactions

What do you mean by earnings per share, Q. What do you mean by earnings per...

Q. What do you mean by earnings per share? Anti-dilution - Condition which may increase computation of EARNINGS PER SHARE (EPS)or decrease loss per share solely due to the incl

Work sheet, Q : The Trial Balance of Dephane Main Fashion Center contained ...

Q : The Trial Balance of Dephane Main Fashion Center contained the following accounts at November, 30 the end of the company fiscal year. Dephane Main Fashion Center Trial Balanc

Public debt, effects of public debt on production, d

effects of public debt on production, d

Show the capitalized cost, Q. Show the Capitalized Cost? Capitalized Co...

Q. Show the Capitalized Cost? Capitalized Cost - Expenditure identified with services or goods acquired and measured by theamount of cash paid or market value of other property

Compute the npv and irr, Question: Consider a project that involves the...

Question: Consider a project that involves the purchase of a $100,000 machine.  The machine will last for three years.  It is expected to produce 20,000 units per year.  The sa

Carriage inwards, difference between carriage inwards and carriage out ward...

difference between carriage inwards and carriage out wards

Calculate the amount that should be capitalised as property, The following ...

The following costs were incurred in 2010 in the design and construction of a new office building over a nine-month period during 2010: Requirement Calculate the amount

What is the sampling unit, What is the objective of performing this test? W...

What is the objective of performing this test? What is the sampling unit? What is the population? These are the questions I am confused on the sampling and population I have som

Balance sheet, Is there two type of way to do balance sheet?

Is there two type of way to do balance sheet?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd