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i) For each of the following transaction, prepare journal entries in "Good Form" including proper...

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Accounting

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i) For each of the following transaction, prepare journal entries in "Good Form" including proper dates and descriptions. (20 Marks) - On May 1, Nike purchased 5000 shirts on account for $250,000, with terms 2/15, net/30 - Nike was invoiced for the full amount and paid for its swieaters on May 12 - Nibe sold 100 shirts on October 1 on account for $3,000 with terms 1/10, net/30. Niker' cost of the sweaten was 52,000. - On October 10, Nike receved poyment in full for the 100 ahirts sold - Salaries Eapense is 55,000 per day -Mondey through Friday- and the bus noss pays emplovees each friday. This year December 31 falls on a Fuendw. Preoare the aciustre entry - On April 1, we paid 524,000 for to one-vear insuronce selicy. We debited Prepaid insurance and Credited Cash, prepare the adjustenz entry on Det 31 - On Desember 31 , we had an inventory balance of 5300.000. A shyrical count of inventory only shous 5295,000 . Prepare the adjustrin entry. ii) Post your journal entries to the appropriate T-Accounts. Use the answer sheet provided. (8 Marks)

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