Paid December\'s rent, check # 6287, $2,000. 2 Paid annual premiums on property

Question

Paid December's rent, check # 6287, $2,000. 2 Paid annual premiums on property and casualty insurance policies, check # 6288, $3,600. 3 Performed locksmith services on new house, sent invoice # 602 to the homeowner, Joe 1 Martin, $2,000. 4 IssuedInvoice # 601 to Hastings who purchased a new safe on account, $3,800. COMS was $1,250 5 Purchased office supplies, check # 6289, $417. Purchased inventory from Key Supplies Co., $5,500. terms 1/10, n/30 7 Paid UPS $216 cash for delivery of the inventory purchased on December 6th. 7 Jake deposited an additional $5,000 cash in the business. 8 Returned damaged inventory to Key Supplies, $500 8 Received $2,500 cash, an advance payment for locksmith services. 9 Unlocked a safe for a customer and received $1,000 cash. 9 Bought a new computer (equipment) from Office Depot on account, $967. 10 Sold 2 safes and received cash, 2,200. COMS was $800. 11 Purchased 5 safes to restock inventory on account from Brinks Co, $4,187 terms, 2/5, n/45 12 Customer returned one of the safes purchased on December 10, refunded the customer $1,000 cash. COMS was $475. 13 Paid Verizon for wireless telephone services, $482, check # 6290. (14) Paid Key Supplies Co for the purchase on December 6, less return and discount, check # 6291 15 Recorded cash sales for the store from the 1st to the 15th, $13,908. cOMS was $4,783. 16 Received $1.900 from Hastings on account.

Explanation / Answer

Journal entry to record Dec 14 transaction is as shown below:

Date Particulars L.F Amount ($) Amount ($) Dec-14 Accounts payable -Key Supplies 5,000 Purchase discount (5,000*1%) 50 Cash 4,950 (For paid cash to key supplies) Total purchase 5,500 Less: Return on Dec 8 500 Less: Discount 50 Cash paid 4,950

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