Revnues, expenses, and dividends
I am having a hard time doing this homework, if someone can please help. I have to turn the homework at 5.30. Need helpppppppp...
Journal Entries with Revnues, expenses, and dividends
Make the journal entries necessary to record the following eight transactions.
a) Purchashed inventory on the account for $130,000.
b) Sold goods for $100,000 cash. The goods originally cost $65,000.
c)Paid $27,000cash for employees wages.
d)Paid $125,000 cash for advertising.
e) Sold goos for $25,ooo cash and $60,000 on account(a total of 85,000) The goods originally cost $57,000.
f) Collected cash of $47,000 from the 60,000 receivable on account ; the remaining $130,000 is expected to be collected later.
g) Paid cash of $55,000 on the $130,000 payable on the account; the remaining $75,000 is expected to be paid later.
h) Paid cash dividends of 85,000.
