Could you please help me with the journal and ledger of these transactions, I want to make sure I am on the right path. Thank you so much! Feb.Billy Bob began selling T-shirts to the kids and parents. Billy pays cash for 50 T-shirts at an introductory cost of $5/each. The T-shirts are being held for resale.Billy uses the perpetual method and uses the FIFO method to account forinventory.Purchased supplies on account for $300.Paid the employee cash of $1,155. *Do not forget that a portion of the amount of$1,155 was already recorded as an expense at the end of January.815Paid a cleaning service to have the daycare professionally cleaned, $125.Paid cash for the utility bill received at the end of January.11 Provided the service for the daycare services owed from January 21st. Hint:Unearned daycare fees was recorded in January for services owed. Reduce theliability and increase revenues as service has been provided.11 Collected cash of $535 from customers on account.911 Collected cash of $3,900 from parents for daycare provided from February 1stthrough February 11th.12 Sold 40 T-Shirts at a price of $10/each receiving cash.13Paid cash for a newspaper advertisement, $150.14 Billy Bob had 30 more T-shirts made in exchange for cash. The cost of the T-shirts increased to $6/each. The T-shirts are to be held for resale.15 Billy gives one of the T-shirts to his helper and keeps one T-shirt for himself. TheT-shirts are considered cost of merchandise sold.15 Purchased groceries on account for $550 (recorded as food expense).16 Sold 20 T-shirts at a price of $10/each receiving cash.16 Billy Bob had 30 more T-shirts made in exchange for cash. The cost of the T-shirts increased to $7/each. The T-shirts are to be held for resale.19 Paid the employees cash of $2,100 for last two weeks.20 Paid a cleaning service to have the daycare professionally cleaned, $125.25 Collected cash of $4,750 from parents for daycare provided from February 12ththrough February 25th.25 Billy Bob paid cash of $3,000 of amount owed on account.25 Sold 28 Billy Bob T-shirts at a price of $10/T-shirt receiving cash.28 Daycare paid Billy a salary of $2,500.28 Daycare paid Billy a dividend of $250.

Journal entry refers to the primary record of transactions and events that supports as a base for…

Feb. Billy Bob began selling T-shirts to the kids and parents. Billy pays cash for 50 T- shirts at an introductory cost of $5/each. The T-shirts are being held for resale. Billy uses the perpetual method and uses the FIFO method to account for inventory. 3 Purchased supplies on account for $300. Paid the employee cash of $1,155. *Do not forget that a portion of the amount of $1,155 was already recorded as an expense at the end of January. Paid a cleaning service to have the daycare professionally cleaned, $125. Paid cash for the utility bill received at the end of January. 1 5 9 11 Provided the service for the davcare services owed from January 21st Hint:

Feb. Billy Bob began selling T-shirts to the kids and parents. Billy pays cash for 50 T- shirts at an introductory cost of $5/each. The T-shirts are being held for resale. Billy uses the perpetual method and uses the FIFO method to account for inventory. 3 Purchased supplies on account for $300. Paid the employee cash of $1,155. *Do not forget that a portion of the amount of $1,155 was already recorded as an expense at the end of January. Paid a cleaning service to have the daycare professionally cleaned, $125. Paid cash for the utility bill received at the end of January. 1 5 9 11 Provided the service for the davcare services owed from January 21st Hint:

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter9: Deduct Ions: Employee And Self-employed - Related Expenses

Section: Chapter Questions

Problem 33P

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