GreatJob Company buys and sells home appliances and uses the perpetual inventory system. The company has a year-end of December 31. Assume 13% HST on all purchase and sale transactions. During 2020, the company had the following transactions. Purchased vacuum cleaners worth $52,000 from W Wholesalers, by Jan signing a one-year, 7% note payable; interest is to be accrued on 15 December 31 and paid at maturity plus principal. Feb Sold vacuum cleaners for $35,000 cash, which includes a 3-year 4 warranty. GreatJob bought these vacuum cleaners for $21,000. Feb Recorded $19,000 of estimated warranty liability for the year. 4 Feb Paid the full amount owing to W Wholesalers including accrued 15 interest. May Received utilities bill for $2,600, to be paid exactly after 15 days 8 (disregard HST for this transaction). May Paid the utilities bill which was received on May 8. 23 Received $36,160 cash (including $4,160 HST) for the sale of vacuum Jul cleaners which cost the company $19,200. The delivery is to be made 11 on August 31. Aug Delivered the vacuum cleaners paid for on July 11. 31 Prepare journal entries to record the above transactions.

GreatJob Company buys and sells home appliances and uses the perpetual inventory system. The company has a year-end of December 31. Assume 13% HST on all purchase and sale transactions. During 2020, the company had the following transactions. Purchased vacuum cleaners worth $52,000 from W Wholesalers, by Jan signing a one-year, 7% note payable; interest is to be accrued on 15 December 31 and paid at maturity plus principal. Feb Sold vacuum cleaners for $35,000 cash, which includes a 3-year 4 warranty. GreatJob bought these vacuum cleaners for $21,000. Feb Recorded $19,000 of estimated warranty liability for the year. 4 Feb Paid the full amount owing to W Wholesalers including accrued 15 interest. May Received utilities bill for $2,600, to be paid exactly after 15 days 8 (disregard HST for this transaction). May Paid the utilities bill which was received on May 8. 23 Received $36,160 cash (including $4,160 HST) for the sale of vacuum Jul cleaners which cost the company $19,200. The delivery is to be made 11 on August 31. Aug Delivered the vacuum cleaners paid for on July 11. 31 Prepare journal entries to record the above transactions.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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