I need HELP in journalizing the following please:
February 1 Paid $3,750 accounts payable balance due to a supplier.
March 15 Received $2,500 partial payment on a $5,000 accounts receivable balance. Wrote off the rest of the account as uncollectible.
April 1
April 15 Purchased on account 2,500 units merchandise for resale at $21.50 per unit, with 2/10, n/30 terms.
Paid the invoice for April 1 purchase
October 10 Sold 700 units of merchandise for a cash price of $40/unit.
November 1 Borrowed $20,000 at 6% interest for 5 years with annual payments of principal and interest on October 31. Used the loan proceeds plus cash to purchase a $25,000 delivery truck.
December 1 Bought back 500 shares of outstanding stock, paying $15/share.
December 5 Sold 2,400 units of merchandise on account for $41/unit. Payment terms on the invoice were 1/10, n/30.
December 7 Of the merchandise sold on December 5, 50 units were returned.
December 15 Paid $3,000 for rent of a warehouse facility. The payment covers rent for December and January.
December 15 Declared a $1/share cash dividend, payable January 14 to shareholders of record on January 3.
December 18 Purchased office supplies of $1,600 on account.
December 31 Recorded depreciation for the year
Buildings have a 30-year life, a $6,000 residual value and use straight-line depreciation
Equipment has a 5-year life, no residual value and use double-declining balance depreciation
NOTE: Equipment was all purchased January 1, 2011
Vehicles have a 5-year life, no residual value and use straight-line depreciation
December 31 The allowance for doubtful accounts balance is estimated as follows:
2% of current balances are estimated as uncollectible
20% of past-due balances are estimated as uncollectible.
December 31 A count of office supplies shows $550 still on hand on December 31.
January 2, 2013 Paid salaries of $24,500 for the pay period December 31 through January 4. Salaries are earned evenly during the pay period.
To journalize the given transactions, you need to record them in a journal entry format. Here's how you can do it:
1. February 1:
Accounts Payable [Supplier name] $3,750
Cash $3,750
2. March 15:
Cash $2,500
Accounts Receivable [Customer name] $2,500
Allowance for Doubtful Accounts $2,500
Accounts Receivable [Customer name] $5,000
3. April 1:
Inventory $54,250 [(2,500 units * $21.50) - (2,500 units * $21.50 * 0.02)]
Accounts Payable [Supplier name] $54,250
4. April 15:
Accounts Receivable [Customer name] $5,000
Allowance for Doubtful Accounts $5,000
5. April 1 Invoice Payment:
Accounts Payable [Supplier name] $54,250
Cash $XX,XXX (Actual payment amount)
6. October 10:
Cash $28,000 (700 units * $40)
Sales Revenue $28,000 (Revenue can be recorded separately)
Cost of Goods Sold $XX,XXX (Calculate the cost based on inventory purchased)
7. November 1:
Delivery Truck [or Assets name] $25,000
Loan Payable $20,000
Cash $5,000 ($25,000 - $20,000)
8. December 1:
Treasury Stock $7,500 (500 shares * $15)
Cash $7,500
9. December 5:
Accounts Receivable [Customer name] $98,400 (2,400 units * $41)
Sales Revenue $98,400 (Revenue can be recorded separately)
Cost of Goods Sold $XX,XXX (Calculate the cost based on inventory purchased)
10. December 7:
Sales Returns and Allowances $2,050 (50 units * $41)
Accounts Receivable [Customer name] $2,050
11. December 15:
Rent Expense $3,000
Prepaid Rent $3,000
12. December 15:
Dividends Payable $2,500 (Number of outstanding shares * $1)
Cash $2,500
13. December 18:
Office Supplies Expense $1,600
Accounts Payable [Supplier name] $1,600
14. December 31:
Depreciation Expense - Buildings $XXX (Calculate depreciation based on building's cost)
Accumulated Depreciation - Buildings $XXX (Previous accumulated depreciation + current year depreciation)
Depreciation Expense - Equipment $XXX (Calculate depreciation based on equipment's cost)
Accumulated Depreciation - Equipment $XXX (Previous accumulated depreciation + current year depreciation)
Depreciation Expense - Vehicles $XXX (Calculate depreciation based on vehicle's cost)
Accumulated Depreciation - Vehicles $XXX (Previous accumulated depreciation + current year depreciation)
15. December 31:
Bad Debt Expense $XX,XXX (2% * current balances + 20% * past-due balances)
Allowance for Doubtful Accounts $XX,XXX (Amount written off as uncollectible)
16. December 31:
Office Supplies Expense $1,050 (Initial amount - amount on hand)
17. January 2, 2013:
Salaries Expense $24,500
Cash $24,500
Please note that the XX,XXX and $XXX values are dependent on the specific amounts and calculations that need to be done based on the given information. Ensure to fill in the correct values based on the details provided.