The company paid the monthly rent
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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I need help turing these trasnactions into a journal entry.please don't give solution image format thanku

Transcribed Image Text:A B
fx
July Transactions
7/1
7/1
C
Milk
Sugar
Cacao
Butter
D
The company paid the monthly rent
2400
Paid on account for an ad in the local radio station for $900
Instructions
Project Instructions
E
July General Journal
F
7/2 Paid the first installment due for the purchase of the Ice Cream Equipment (total $3400)
7/5
Purchased the following inventory items:
Description
Quantity in LB Price
240 $
2.95
190 $
1.65
120 $
3.75
130 $ 3.25
July T Account Ledger
Total Cost
$708.00
$313.50
$450.00
$422.50
G
July FIFO
7/5 Incurred $75 of freight cost, which they paid in cash
All the inventory left over from June and purchased July was fully utilized in making the ice cream in July
7/15 Paid in full the Furniture purchased on account in June.
7/15 Paid in full the cost of the laptop
7/15 Paid in full the cost of the QuickBooks software
7/30 Paid the salaries of the two employees for July
7/30 Collected $8,900 in cash sales
H
July Trial Balance
I
July Income Statement
J
July Balance Sheet +
K
L
M
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