EXERCISE (All exercise would be saved in one record) Journalize the following transactions for the month of February 1:Sold merchandise on account for $10,000 (other income, other receivable,); Cost of Goods Sold $3,000 (Inventory, Cost of Sale)Received the utilities bill for $250.00 (accrued expense, utilities expense)Salaries for the week are $3,300 (salaries expense, wages payable)Received an invoice of $100 for advertising. Create a new customer (use your own information), Term 3%, n/15, credit limit $1,000. Prepare the Customer List Report only for your account, include a column for term conditions and credit limits. (February 5) Prepare a sales order (15 units of any product). In the Sales Order Register include a column with the name of the vendor. (February 7) The invoice from the sales order above was delivered completely (February 9) (Prepare an Invoice Register) Prepare an Income Statement (February 28) Prepare a Balance Sheet (February 28) Prepare a Cash Flow

The objective of this question is to journalize the given transactions, create a new customer,…

Answered: EXERCISE (All exercise would be saved…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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EXERCISE (All exercise would be saved in one record)

Journalize the following transactions for the month of February 1:
Sold merchandise on account for $10,000 (other income, other receivable,); Cost of Goods Sold $3,000 (Inventory, Cost of Sale)
Received the utilities bill for $250.00 (accrued expense, utilities expense)
Salaries for the week are $3,300 (salaries expense, wages payable)
Received an invoice of $100 for advertising.

Create a new customer (use your own information), Term 3%, n/15, credit limit $1,000. Prepare the Customer List Report only for your account, include a column for term conditions and credit limits. (February 5)