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Assume that credit sales "to be received in 90 days" are received in exactly 90 days...

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Accounting

Assume that credit sales "to be received in 90 days" arereceived in exactly 90 days and that EFT wage payments are made inexactly 7 days. Expected to pay income tax of 35%? And its journalentries CR and DR

01-January-2016

Open business bank account with transfer of personal funds

$210,000

02-January-2016

EFT for rental of office space. Immediate occupancy. 60 monthsat $3500 per month.

$210,000

11-January-2016

Office equipment purchased for cash to get discount from theretail price of $56,000.

$50,000

11-January-2016

The office equipment will be replaced in 5 years at an expectedcost of $67,000.

$67,000

13-January-2016

Bank loan approved and credited to account. Payable in 2021

$310,000

28-June-2016

Credit sales. EFT payment to be received in 90 days.

$65,500

04-July-2016

Employee timesheets submitted for work performed. Payment (EFT)to be made in 7 days.

$5,200

29-July-2016

Cash sales.

$33,500

12-December-2016

Credit sales. EFT payment to be received in 90 days.

$42,500

28-December-2016

Employee timesheets submitted for work performed. Payment (EFT)to be made in 7 days.

$5,720

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