Hello, I need help please The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow.a. The firm was organized and the stockholders invested cash of $8,400.b. The firm borrowed $4,300 from the bank; a short-term note was signed.c. Display cases and other store equipment costing $1,750 were purchased for cash. The original list price of the equipment was$1,910, but a discount was received because the seller was having a sale.d. A store location was rented, and $1,400 was paid for the first month's rent.e. Inventory of $15,600 was purchased; $8,200 cash was paid to the suppliers, and the balance will be paid within 45 days.f. During the first week of operations, merchandise that had cost $3,900 was sold for $6,700 cash.g. A newspaper ad costing $140 was arranged for; it ran during the second week of the store's operations. The ad will be paid for inthe next month.h. 'Additional inventory costing $4,350 was purchased; cash of $1,400 was paid, and the balance is due int30 days.i. In the last three weeks of the first month, sales totaled $13,750, of which $9,700 was sold on account. The cost of the goods soldtotaled $8,100.j. Employee wages for the month totaled $1,900; these will be paid during the first week of the next month.k. The firm collected a total of $3,600 from the sales on account recorded in transaction i.I. The firm paid a total of $4,200 of the amount owed to suppliers from transaction e.ntencesRequired:Prepare the journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entryrequired" in the first account field.)View transaction listJournal entry worksheetGrawHillEducation< Prev1 of 3Next > View transaction listJournal entry worksheet3.46.781412Inventory of $15,600 was purchased; $8,200 cash was paid to the suppliers,and the balance will be paid within 45 days.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditе.Record entryCiear entryView general journal

Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

8 14 1 2 4 Inventory of $15,600 was purchased; $8,200 cash was paid to the suppliers, and the balance will be paid within 45 days. Note: Enter debits before credits. Transaction General Journal Debit Credit e.

8 14 1 2 4 Inventory of $15,600 was purchased; $8,200 cash was paid to the suppliers, and the balance will be paid within 45 days. Note: Enter debits before credits. Transaction General Journal Debit Credit e.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 27E

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Concept explainers

Consumer Credit Counseling Services

Credit counseling teaches consumers about credit, budgeting, money management, and debt management. The counselor ensures that consumers can pay off their debts without declaring bankruptcy. Counselors also assist the negotiator, who negotiates with creditors on behalf of their clients to reduce interest rates on outstanding debt. Counselors can offer credit counseling to customers before or after they take on debt. Consumer Credit Counseling Services (CCCS) is a non-profit organization that offers credit counseling services. Some organizations can also be for profit. This type of organization comprises a group of professionals who are skilled negotiators.

Question

Hello, I need help please

The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow.
a. The firm was organized and the stockholders invested cash of $8,400.
b. The firm borrowed $4,300 from the bank; a short-term note was signed.
c. Display cases and other store equipment costing $1,750 were purchased for cash. The original list price of the equipment was
$1,910, but a discount was received because the seller was having a sale.
d. A store location was rented, and $1,400 was paid for the first month's rent.
e. Inventory of $15,600 was purchased; $8,200 cash was paid to the suppliers, and the balance will be paid within 45 days.
f. During the first week of operations, merchandise that had cost $3,900 was sold for $6,700 cash.
g. A newspaper ad costing $140 was arranged for; it ran during the second week of the store's operations. The ad will be paid for in
the next month.
h. 'Additional inventory costing $4,350 was purchased; cash of $1,400 was paid, and the balance is due int30 days.
i. In the last three weeks of the first month, sales totaled $13,750, of which $9,700 was sold on account. The cost of the goods sold
totaled $8,100.
j. Employee wages for the month totaled $1,900; these will be paid during the first week of the next month.
k. The firm collected a total of $3,600 from the sales on account recorded in transaction i.
I. The firm paid a total of $4,200 of the amount owed to suppliers from transaction e.
nt
ences
Required:
Prepare the journal entries for each of these transactions. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
View transaction list
Journal entry worksheet
Graw
Hill
Education
< Prev
1 of 3
Next >

View transaction list
Journal entry worksheet
3.
4
6.
7
8
14
1
2
Inventory of $15,600 was purchased; $8,200 cash was paid to the suppliers,
and the balance will be paid within 45 days.
Note: Enter debits before credits.
Transaction
General Journal
Debit
Credit
е.
Record entry
Ciear entry
View general journal

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