A7X Ltd. is a guitar manufacturing, repair, and retail business. A7X Ltd. engaged in the...
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A7X Ltd. is a guitar manufacturing, repair, and retail business. A7X Ltd. engaged in the following transactions during November 2020:Nov 5 Issued new shares to the owner for $20,000 cash.Nov 8Sold two ZV Custom guitars in store to a customer on account at a price of $3,000 each. Nov 12 Collected a $50,000 advance payment from a customer for repairs to be completed in December.Nov 15Purchased a new piece of woodworking equipment for $12,000 by signing a promissory note.Nov 27 Collected $6,000 cash from the customer who bought the guitars on Nov 8.Nov 28 Promised a supplier, Schecter Guitars, that A7X Ltd. would order 50 guitars for $800 each in December.
Required:For each of the above activities, indicate the appropriate journal entry that the company should record at the given dates, or, if applicable, indicate if no journal entry should be recorded.
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