Please help me post journal entries for the following transactions: Every enty should have narration please The Michigan Flyer Wholesale Building Products Company began operations on January 1, 2022 During the month of January 2022, the following transactions occurred: a b. C. d. e. 1. 9. h. i 1. k L m n On January 1st, Scott Jones and Evie Lawson each invest $50,000 cash in the corporation in exchange for 5,000 shares of common stock. On January 1st, equipment is purchased for $15,000 cash. On January 1st, $3,500 in monthly rent on a building is prepaid for the months of January and February On January 6th, office supplies are purchased on account for $850. On January 10th, merchandise inventory costing $55,000 is purchased on account. The company uses the perpetual inventory system. On January 25th, $25,000 is borrowed from a local bank, and a note payable is signed. On January 27th, a customer deposits $2,200 for February delivery of shipment of lumber. Sales on account for the month of January are $57,000. The cost of merchandise sold is $28,500. Record the transaction on January 30th. On January 30th, $15,000 is collected on account from customers. On January 30th, $20,000 is paid on account to vendors. Salaries of $3,500 are paid to employees for January. Federal withholding is $900, state withholding is $450, Social sScurity is 6.2%, and Medicare is 1.45% of gross wages. Record the transaction on January 30 On January 31st, a bill for $1,500 is received from the local utility company for the month of January. On January 31st, a customer has requested that the company convert his account receivable of 20,000 to a note and the company agrees. On December 15, 2021, the corporation declared cash dividends of 1,000, payable on January 31st of 2022. Record the payment of the previously declared cash dividend on January 31st.
Please help me post journal entries for the following transactions: Every enty should have narration please The Michigan Flyer Wholesale Building Products Company began operations on January 1, 2022 During the month of January 2022, the following transactions occurred: a b. C. d. e. 1. 9. h. i 1. k L m n On January 1st, Scott Jones and Evie Lawson each invest $50,000 cash in the corporation in exchange for 5,000 shares of common stock. On January 1st, equipment is purchased for $15,000 cash. On January 1st, $3,500 in monthly rent on a building is prepaid for the months of January and February On January 6th, office supplies are purchased on account for $850. On January 10th, merchandise inventory costing $55,000 is purchased on account. The company uses the perpetual inventory system. On January 25th, $25,000 is borrowed from a local bank, and a note payable is signed. On January 27th, a customer deposits $2,200 for February delivery of shipment of lumber. Sales on account for the month of January are $57,000. The cost of merchandise sold is $28,500. Record the transaction on January 30th. On January 30th, $15,000 is collected on account from customers. On January 30th, $20,000 is paid on account to vendors. Salaries of $3,500 are paid to employees for January. Federal withholding is $900, state withholding is $450, Social sScurity is 6.2%, and Medicare is 1.45% of gross wages. Record the transaction on January 30 On January 31st, a bill for $1,500 is received from the local utility company for the month of January. On January 31st, a customer has requested that the company convert his account receivable of 20,000 to a note and the company agrees. On December 15, 2021, the corporation declared cash dividends of 1,000, payable on January 31st of 2022. Record the payment of the previously declared cash dividend on January 31st.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Please help me post journal entries for the following transactions: Every enty should have narration please
a.
b.
C.
d.
e.
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The Michigan Flyer Wholesale Building Products Company began operations on January 1, 2022.
During the month of January 2022, the following transactions occurred:
On January 1st, Scott Jones and Evie Lawson each invest $50,000 cash in the corporation in exchange for 5,000 shares of common stock.
On January 1st, equipment is purchased for $15,000 cash.
On January 1st, $3,500 in monthly rent on a building is prepaid for the months of January and February.
On January 6th, office supplies are purchased on account for $850.
On January 10th, merchandise inventory costing $55,000 is purchased on account. The company uses the perpetual inventory system.
On January 25th, $25,000 is borrowed from a local bank, and a note payable is signed.
On January 27th, a customer deposits $2,200 for February delivery of shipment of lumber.
Sales on account for the month of January are $57,000. The cost of merchandise sold is $28,500. Record the transaction on January 30th.
On January 30th, $15,000 is collected on account from customers.
On January 30th, $20,000 is paid on account to vendors.
Salaries of $3,500 are paid to employees for January. Federal withholding is $900, state withholding is $450, Social sScurity is 6.2%, and Medicare is 1.45% of gross wages. Record the transaction on January 30th.
On January 31st, a bill for $1,500 is received from the local utility company for the month of January.
On January 31st, a customer has requested that the company convert his account receivable of 20,000 to a note and the company agrees.
On December 15, 2021, the corporation declared cash dividends of 1,000, payable on January 31st of 2022. Record the payment of the previously declared cash dividend on January 31st.
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