December 15 Paid $3,000 for rent of a warehouse facility. The payment covers ren

Question

December 15 Paid $3,000 for rent of a warehouse facility. The payment covers rent for December and January. December 15 Declared a $1/share cash dividend, payable January 14 to shareholders of record on January 3. December 18 Purchased office supplies of $1,600 on account. December 31 Recorded depreciation for the year Buildings have a 30-year life, a $6,000 residual value and use straight-line depreciation Equipment has a 5-year life, no residual value and use double-declining balance depreciation NOTE: Equipment was all purchased January 1, 2011 Vehicles have a 5-year life, no residual value and use straight-line depreciation December 31 The allowance for doubtful accounts balance is estimated as follows: 2% of current balances are estimated as uncollectible 20% of past-due balances are estimated as uncollectible. December 31 A count of office supplies shows $550 still on hand on December 31. January 2, 2013 Paid salaries of $24,500 for the pay period December 31 through January 4. Salaries are earned evenly during the pay period. Journalize the appropriate entries for the following transactions. The company uses a perpetual inventory system and FIFO cost method. Beginning inventory on January 1 consisted of 1,000 units at $20.20 per unit.

Explanation / Answer

IF you will get a good answer to this since the question doesn't seem complete. Here're a couple of reasons why: April 1 - no transaction details were given April 15 Paid the invoice for April 1 purchase - this cannot be answered since no details for Apr 1 were given April 15 Purchased on account 2,500 units merchandise October 10 Sold 700 units of merchandise December 5 Sold 2,400 units of merchandise Huh? How can you sell more than you purchased? December 31 Recorded depreciation for the year How can this be done when we don't know the cost of the company assets? and so on.

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