Donald Reagan started a new business in November of the current year. The following are the business transactions completed by The DR Consulting Company during the month of November. Note: the company uses a perpetual, FIFO cost flow system for inventory. Using the following transactions, record journal entries for The DR Consulting Company. If no journal entry is needed input "No Journal Entry Needed". November 1 Donald Reagan invested $116,000 cash along with office equipment valued at $26,100 in exchange for 10,500 shares of common stock of a new company named The DR Consulting Company. The common stock has a $1 par value/share. November 2 The company purchased a 6-month insurance policy by paying the insurance company $720 cash. November 3 The company purchased land valued at $46,000 and a building valued at $162,300. The purchase is paid with $30,800 cash and a long-term note payable for $177,500. November 5 The company purchased $3,600 of office supplies on credit with terms n/15. November 7 Donald Reagan invested an automobile in the company in exchange for more common stock. The automobile has a value of $19,960. November 9 The company purchased 4,020 units of inventory for $12.08 per unit with terms n/30. November 11 The company paid $3,650 cash salary to an assistant. November 13 The company provided services to a client and collected $6,700 cash. November 14 The shipping cost for the inventory purchase of November 9, was $520 with terms FOB Destination. November 15 The company paid $92 cash for this month’s utilities. November 16 The company sold 3,000 units of inventory to Big Al's for $23.00 per unit with terms 2/10,n/30. November 17 The company paid $3,600 cash to settle the account payable created on November 5. November 19 The company purchased $20,700 of new office equipment by paying $20,700 cash. November 20 The company purchased 5,620 units of inventory for $12.12 per unit with terms 1/15,n/30. November 21 The company completed $6,875 of services for a client on credit, who must pay within 30 days. November 22 The shipping costs for the inventory sale of November 16, were $320 with terms FOB Destination. November 23 The company paid $3,650 cash salary to an assistant. November 24 The company received payment from Big Al's for the sale made on November 16. November 25 The company received $3,720 cash in partial payment on the receivable created on November 21. November 26 The shipping cost for the inventory purchase of November 20, was $281 with terms FOB Shipping Point. November 27 The company sold 2,500 units of inventory to Little Matt's for $23.00 per unit for cash. November 30 The shipping costs for the inventory sale of November 27, were $260 with terms FOB Shipping Point. Note: Round all dollar amounts to the nearest whole dollar. Do not round the interim calculations, only round the final answers.
Donald Reagan started a new business in November of the current year. The following are the business transactions completed by The DR Consulting Company during the month of November.
Note: the company uses a perpetual, FIFO cost flow system for inventory.
Using the following transactions, record journal entries for The DR Consulting Company. If no
November 1 Donald Reagan invested $116,000 cash along with office equipment valued at $26,100 in exchange for 10,500 shares of common stock of a new company named The DR Consulting Company. The common stock has a $1 par value/share.
November 2 The company purchased a 6-month insurance policy by paying the insurance company $720 cash.
November 3 The company purchased land valued at $46,000 and a building valued at $162,300. The purchase is paid with $30,800 cash and a long-term note payable for $177,500.
November 5 The company purchased $3,600 of office supplies on credit with terms n/15.
November 7 Donald Reagan invested an automobile in the company in exchange for more common stock. The automobile has a value of $19,960.
November 9 The company purchased 4,020 units of inventory for $12.08 per unit with terms n/30.
November 11 The company paid $3,650 cash salary to an assistant.
November 13 The company provided services to a client and collected $6,700 cash.
November 14 The shipping cost for the inventory purchase of November 9, was $520 with terms FOB Destination.
November 15 The company paid $92 cash for this month’s utilities.
November 16 The company sold 3,000 units of inventory to Big Al's for $23.00 per unit with terms 2/10,n/30.
November 17 The company paid $3,600 cash to settle the account payable created on November 5.
November 19 The company purchased $20,700 of new office equipment by paying $20,700 cash.
November 20 The company purchased 5,620 units of inventory for $12.12 per unit with terms 1/15,n/30.
November 21 The company completed $6,875 of services for a client on credit, who must pay within 30 days.
November 22 The shipping costs for the inventory sale of November 16, were $320 with terms FOB Destination.
November 23 The company paid $3,650 cash salary to an assistant.
November 24 The company received payment from Big Al's for the sale made on November 16.
November 25 The company received $3,720 cash in partial payment on the receivable created on November 21.
November 26 The shipping cost for the inventory purchase of November 20, was $281 with terms FOB Shipping Point.
November 27 The company sold 2,500 units of inventory to Little Matt's for $23.00 per unit for cash.
November 30 The shipping costs for the inventory sale of November 27, were $260 with terms FOB Shipping Point.
Note: Round all dollar amounts to the nearest whole dollar. Do not round the interim calculations, only round the final answers.
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