On December 1, 2020, Bonita Company had the following account balances. During December, the company...

50.1K

Verified Solution

Question

Accounting

image

image

image

image

image

image

On December 1, 2020, Bonita Company had the following account balances. During December, the company completed the following transactions. Dec. 7 Received $3,600 cash from customers in payment of account (no discount allowed). 12 Purchased merchandise on account from Vance Co. $11,000, terms 1/10, n/30. 17 Sold merchandise on account $16,300, terms 2/10,n/30. The cost of the merchandise sold was $9,200. 19 Paid salaries $2,200. 22 Paid Vance Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17. 31 Received \$2,800 cash from customers in payment of account (no discount allowed). Adjustment data: 31 Received $2,800 cash from customers in payment of account (no discount allowed). Adjustment data: 1. Depreciation $210 per month. 2. Insurance expired $400. (a) Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Journalize the vecember transactions. (ASsume a perpetual inventory system.) IC reait account tities are automaticaliy inaentea when amount is entered. Do not indent manually.) (10 record sales) (To record cost of goods sold) 4 eTextbook and Media

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students