Question

how to do journal entries for these

Vision Audio Visual Products, Inc. Transactions- March 2019 Date Description 3/3/2019 Paid employees for the pay period ending Feb 28, 2019. 3/3/2019 Traded in the company's fleet of service vans which were originally purchased for $150,000 Amt. $ 95,504 for new vans with a market price of $180,000. Paid $18,000 in cash and $150,000 in a note payable. The company has depreciated the old vans using the straight line method of depreciation and assumed a 5 year service life with no residual value. No depreciation has been booked for the old vans during fiscal 2019 3/5/2019 Purchased installation supplies from a vendor on account 3/11/2019 Purchased Audio Visual Equipment (inventory) for $147,000. Terms were 2/10 Net 30 and $ 12,500 $ 147,000 FOB Shipping Point. Freight and Insurance charges totaled $950 and $800, respectively, and are paid seperately to different vendors and not subject to receiving a discount. The company uses the Net Method for recording purchase discounts 3/12/2019 Received payment (cash) from account customers 3/12/2019 Signed a contract with a customer for the purchase and installation of a large Audio $ 152,720 $ 325,000 In addition to the hardware component, the contract calls for the company to Visual installation. provide ongoing service and training for a period of one year after the installation is completed. The total contract price is $325,000, due upon completion of the install. The company estimates that 85 % of the contract price is related to hardware, 5 % for the installation and the remaining balance for the service contract Payment is due in full 30 days after the installation is completed. The Cost of the Hardware is $165,375 $ 37,856 S 27,000 3/15/2019 Paid various invoices (accounts payable) 3/17/2019 Returned defective inventory purchased last month to a supplier. Inventory was $ 138,500 purchased on account and had not yet been paid for. Supplier issues a Credit Memo. 3/20/2019 Received payment (cash) from account customers 3/21/2019 Paid for the Inventory purchased on 3/11/2019 3/23/2019 Wrote off a large account (AR) customer. The company uses the Allowance Method. 3/30/2019 Completed the installation of the contract signed on 3/12/2019 3/30/2019 Received and paid the monthly utility bills 3/31/2019 The company prepays rent on the last day of the month for the following month's occupancy period $ 27,500 6184 S 10,000 $ 96,405 ADJUSTMENTS 3/31/2019 Incurred March's monthly salary expense to be paid

Answer 1

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