Junktrader is an online company that specializes in matching buyers and sellers of used items....
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Junktrader is an online company that specializes in matching buyers and sellers of used items. Buyers and sellers can purchase a membership with Junktrader, which provides them advance notice of potentially attractive offers. a. Junktrader provided online advertising services for another company for $365 on account. b. On the last day of the month, Junktrader paid $80 cash to run an ad promoting the company's services. The ad ran that day in the local newspaper. c. Recelved $320 cash in membership fees for the month from new members. d. Received an electricity bill for $145 for usage this month. The bill will be paid next month. e. Billed a customer $188 for helping sell some junk. Junktrader expects to recelve the customer's payment by the end of next month. Required: 1. Prepare journal entries for the above transactions, which occurred during a recent month. 2. Determine Junktrader's preliminary net income
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