Dec. 1 Received a check for $2,352.00 from Northeast Realtors, Inc. in payment o

ID: 2795006 • Letter: D

Question

Dec. 1 Received a check for $2,352.00 from Northeast Realtors, Inc. in payment of our invoice of Nov. 22 for $2,400.00 less discount. (Reminder: All invoices bear terms of 2/10, net 30.)

1 Sold merchandise on account to Southeast Dental Group, Invoice # 708; computers, $561.75; peripherals, $506.25; total $1,068. Cost of goods $449.40 & $405.00 respectively.

1 Issued check # 1102 to SF Computers in payment of its Nov. invoice of $1,522.50 for computers, less discount.

2 Purchased store supplies on account from Zack Store Supplies & Equipment Company for $296.25.

2 Issued check # 1103 for $2,270.00 to Central Insurance Company for the premium on a $30,000 policy for one year beginning December 1.

2 Issued check # 1104 for $1,047.75 to Complete Advertising for store advertising materials.

2 Issued check # 1105 for $2,456.25 to the Fresno Bee for advertising for the month of December.

3 Sold computers on account to Blue Sky Enterprises, Invoice # 708, for $4,106.25. Cost of goods. Cost of goods $3285.00.

3 Issued check # 1106 for $7,011.75 to Sam’s Furniture for the purchase of new office equipment for the office.

3 Received an invoice for $560.25 from Lopez & Ortega, Attorneys for legal services. (Debit Professional Fees Expense.)

3 Purchased computers on account for $5,586.75 from SF Computers.

3 Cash sales for December 1-2 were as follows:

peripherals, $7,824.00

computers, 5517.75

Cost of goods $4,414.20 & $6,259.20 respectively.

6 Received a check for $1,543.50 from Valley Builders in payment of our invoice of Nov. 25 for $1,575.00, less discount.

6 Sold computers on account to Northeast Realtors, Inc. Invoice # 207 for $734.25. Cost of goods $587.00.

6 Declared dividends, payable on December 20, to stockholders of record on December 13 as follows:

a. Cash dividends of 4% on the preferred stock.

b. Cash dividends of $1.00 per share on the 20,250 common share outstanding.

6 Issued check # 1107 for $5,612.25 to MD Computers for computers.

6 Purchased $648.75 of office supplies and $925.50 of store supplies on account from Ready Office Supplies, Inc.

6 Issued check # 1108 for $631.50 to All About Roofing, Inc. for roof repair and maintenance.

Dec 6 Received a check from Happy Island Golf Course in payment of our invoice of Nov. 29 for $3,075.00.

7 Completed computer servicing and installing computers for Ted’s 24-7 Grill and billed them $9,369.75, Inv. # 210, for professional services.

7 Received a check from Jake Construction Company in payment of our invoice of Nov. 30 for $4275.00, less discount.

8 Sold computers on account to Southeast Dental Group, Inv. # 711 for $1,162.50. Cost of Goods sold $930.

8 Issued a check # 1109 for $209.25 to Joseph King for plumbing repairs

9 Received a check for $561.75 from Valley Water Sports, Inc. in payment of our invoice of Nov. 14.

9 Received a check for $97.50 from Supplies R Us or the return of office supplies previously purchased for cash.

9 Sold computer-servicing services on account to Lucky’s Sports Bar, Invoice # 217, for $1,156.50.

9 Issued check # 1110 for $506.25 to Jose Campos a tax lawyer for a one-time consultation fee. (Debit Professional Fees Expense).

10 Record the biweekly payroll, details as follows:

Sales salaries $2,692.50,

Office salaries, $438.75

Officers’ salaries 1,500.00

Federal income tax withheld, $1,387.50;

FICA taxes withheld, $347.34.

10 Issued check # 1111 for $2,896.41 to Payroll Bank Account in payment of the net payroll.

10 Record the employer’s payroll taxes:

FICA tax, $347.34

State unemployment tax, $126.17

Federal unemployment tax, $14.57.

10 Issued check # 1112 to Island Community Bank in payment of payroll taxes

FICA tax payable, $649.68

Employees’ federal income tax payable, $1,387.50.

10 Cash sales for the week ended December 11 were as follows:

Computers, $5,210.25

Peripherals, $587.25

Computer servicing, $710.25.

Cost of goods, $4,168.00 & $469.80 respectively.

12 Received a check from Jim Smith, JD in payment of our invoice of Nov. 15 for $1,302.75, no discount.

12 Received a check dated Dec 10 from Southeast Dental Group in payment of our invoice of Dec. 1 for $1068.00, less discount.

12 Received a check from Blue Sky Enterprises in payment of our invoice of Dec. 3 for $4,106.25, less discount.

12 Sold computers on account to Valley Builders, Inv. # 713 for $4,106.25. Cost of goods - $3,285.00.

13 Issued check # 1113 for $279.91 to PG&E for electricity for November.

14 Sold additional 10,000 shares of common stock for $172,500.00.

14 Purchased computers on account from SF Computers for $6,982.50.

14 Issued check # 1114 for $99.17 to Pacific Telephone Company for November services.

15 Issued check # 1115 for $47.42 to City of Fresno for water and sewer charges for November.

17 Received a check from Northeast Realtors, Inc. In payment of our invoice of December 6, no discount.

17 Cash sales for the week ended December 18 were as follows:

computers, $5,619.00

peripherals, $1,149.00

computer servicing, $552.75.

Cost of goods $4,495.20 & $919.20 respectively.

18 Received a check from Southeast Dental Group in payment of our invoice of Dec. 8 less discount.

19 Issued a check # 1116 for $131.25 to Maria’s Janitorial Services, In. for cleaning for the month of November.

20 Issued check # 1117 to Island Community Bank for the cash dividends previously declared.

24 Record the bi-weekly payroll, details as follows:

Sales salaries, $2,755.50

Office salaries, 438.75

Officers’ salaries, $1,500.00

Federal income tax withheld, $1,066.50

FICA tax withheld, $352.07.

24 Issued check # 1118 for $3,275.68 to the Payroll Bank Account in payment of net payroll.

24 Record the employer’s payroll taxes:

FICA tax, $352.07

State unemployment tax, $69.56

Federal unemployment tax, $10.07.

24 Issued check # 1119 to Island Community Bank in payment of payroll taxes: FICA tax, 704.14 Employees’ Federal Income Tax Payable $1,066.50

24 Cash sales for the week ended December 25 were as follows:

Computers, $4,815.75

Peripherals, $995.25.

Cost of goods - $3,852.60 & $796.20 respectively

31 Cash sales for the week ended December 31 were as follows:

Computers, $1,179.75

Peripherals, $509.25.

Cost of goods - $943.80 & $417.40 respectively.

31 Issued check # 1120 for $221.44 to replenish the petty cash fund. Payments from the fund are summarized as follows:

Store Supplies, $107.24

Office Supplies, $114.20