8/31/21 9/1/21 9/30/21 10/1/21 10/31/21 Paid monthly expenses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs $18,000 $37,000 $90,000 (charge to Inventory) Made various board sales totaling $360,000 on account for 500 boards. In order to entice off-season sales to the fans of our logo-encrypted boards, we offered a coupon for 50% off an NCAA football ticket normally costing $200. It is estimated that 80% of the tickets will be redeemed by December 31, 2021. Each board normally sells for $720. The cost of the boards was $151,000. Use the gross method to record the sale. Paid monthly expenses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs Received $346,000 cash from the 9/1/21 board deliveries. $18,000 $37,000 $90,000 (charge to Inventory) Paid monthly expenses: Selling expenses $18,000 General and Administrative expenses $37.000
8/31/21 9/1/21 9/30/21 10/1/21 10/31/21 Paid monthly expenses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs $18,000 $37,000 $90,000 (charge to Inventory) Made various board sales totaling $360,000 on account for 500 boards. In order to entice off-season sales to the fans of our logo-encrypted boards, we offered a coupon for 50% off an NCAA football ticket normally costing $200. It is estimated that 80% of the tickets will be redeemed by December 31, 2021. Each board normally sells for $720. The cost of the boards was $151,000. Use the gross method to record the sale. Paid monthly expenses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs Received $346,000 cash from the 9/1/21 board deliveries. $18,000 $37,000 $90,000 (charge to Inventory) Paid monthly expenses: Selling expenses $18,000 General and Administrative expenses $37.000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
i need journal entries please!
Transcribed Image Text:8/31/21
9/1/21
9/30/21
10/1/21
10/31/21
11/30/21
12/5/21
12/31/21
12/31/21
12/31/21
12/31/21
Paid monthly expenses:
Selling expenses
General and Administrative expenses
Payroll and Factory overhead costs
Made various board sales totaling $360,000 on account for 500 boards. In
order to entice off-season sales to the fans of our logo-encrypted boards, we
offered a coupon for 50% off an NCAA football ticket normally costing $200.
It is estimated that 80% of the tickets will be redeemed by December 31,
2021. Each board normally sells for $720. The cost of the boards was
$151,000. Use the gross method to record the sale.
Paid monthly expenses:
Selling expenses
General and Administrative expenses
Payroll and Factory overhead costs
$18,000
$37,000
$90,000 (charge to Inventory)
Paid monthly expenses:
Selling expenses
General and Administrative expenses
Payroll and Factory overhead costs
$18,000
$37,000
$90,000 (charge to Inventory)
Received $346,000 cash from the 9/1/21 board deliveries.
$18,000
$37,000
$90,000 (charge to Inventory)
Paid monthly expenses which includes Christmas bonuses:
Selling expenses
General and Administrative expenses
Payroll and Factory overhead costs
$25,000
$47,000
$110,000 (charge to Inventory)
Had a blow-out Christmas sale and sold $700,000 worth of boards on
account. The cost of the boards was $420,000. Use the gross method to
record the sale.
Paid monthly expenses:
Selling expenses
$18,000
General and Administrative expenses
$37,000
Payroll and Factory overhead costs $90,000 (charge to Inventory)
The NCAA football ticket coupons have expired. Five hundred
paddleboard/coupon packages were sold and 480 were redeemed. Go Boards
had to pay $100 to each venue chosen. The rest of the coupons expired.
Paid $65,000 to lock in a good rate for insurance for the next two years. Each
year is represented equally.
Dividends of $100,000 were declared to shareholders of record on January
10, 2022 to be paid on January 15, 2022.
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