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Please illustrate how to find the sales revenue, COGS, Insurance expense, and salaries expense for the month of December. Known information: Debit--Accts receivable  Nov. 10,000   Dec. 3,000 Debit--Prepaid Insurance  Nov 5,000   Dec 7,500 Debit--Inventory   Nov 7,000    Dec 6,000 Credit--Accounts Payable   Nov 12,000   Dec 15,000 Credit--Salaries Payable    Nov  5,000    Dec 3,000   Cash collected from credit customers $80,000 Cash paid for insurance   $5,000 Cash paid to suppliers of inventory  $60,000  (entire accts payable relate to inventory purchases) Cash paid to employees for salaries  $10,000 What would be the journal entries for the above information?

Please illustrate how to find the sales revenue, COGS, Insurance expense, and salaries expense for the month of December. Known information: Debit--Accts receivable  Nov. 10,000   Dec. 3,000 Debit--Prepaid Insurance  Nov 5,000   Dec 7,500 Debit--Inventory   Nov 7,000    Dec 6,000 Credit--Accounts Payable   Nov 12,000   Dec 15,000 Credit--Salaries Payable    Nov  5,000    Dec 3,000   Cash collected from credit customers $80,000 Cash paid for insurance   $5,000 Cash paid to suppliers of inventory  $60,000  (entire accts payable relate to inventory purchases) Cash paid to employees for salaries  $10,000 What would be the journal entries for the above information?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter7: Accounting Information Systems
Section: Chapter Questions
Problem 17MC: Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this...
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Please illustrate how to find the sales revenue, COGS, Insurance expense, and salaries expense for the month of December.

Known information:

Debit--Accts receivable  Nov. 10,000   Dec. 3,000

Debit--Prepaid Insurance  Nov 5,000   Dec 7,500

Debit--Inventory   Nov 7,000    Dec 6,000

Credit--Accounts Payable   Nov 12,000   Dec 15,000

Credit--Salaries Payable    Nov  5,000    Dec 3,000

 

Cash collected from credit customers $80,000

Cash paid for insurance   $5,000

Cash paid to suppliers of inventory  $60,000  (entire accts payable relate to inventory purchases)

Cash paid to employees for salaries  $10,000

What would be the journal entries for the above information?

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