If anyone can help me with any of these Journal Entry, T- Accounts, and Unadjusted Trial Balance. I mostly need help with the journal entry but if you know anything that could help for the others it is greatly appreciated.
Date Transaction Week 1 April 1 Zita contributes $7,000 to commence the business 1 Zita borrows $15,000 from Fremont Bank for three years with interest charged at 9% (annually) Zita hires two staff to be paid every 2 weeks (on a Thursday) 3 Zita signs a rent contract on a shop and pays $2,300 for two months' rent (April and May). She purchases four ice-cream freezers for $600 each. The estimated life is 8 years using straight line depreciation and Zita believes that she could sell the freezers at the end of this time for $120 each. Zita rents a portable ice-cream trailer for catering. She pays $200 for the month of April. 4 Zita purchases an ipad which will be used as a cash register for $576. The estimated life is 4 years using straight-line depreciation. Zita also purchases supplies (ice-cream boxes, napkins etc.) for $140 cash. 2 6 Zita purchases bulk ice-cream on credit from Sandhu Stores for $1,024. Zita pays $960 for insurance for the year April 1, 2021-March 31, 2022. 1 Hint: While this business is a sole proprietorship, you are required to account for this cash contribution as you would for a corporation 2 Hint: Supplies are those types of supplies that are used up in the course of doing business. They are not part of cost of goods. Week 2 10 On Saturday 10th April, Zita supplied ice-cream for Lucy Hernandez' wedding. That evening, she sent Mr. Hernandez an invoice for $810. Terms 3/10, n/30 (The cost of materials was $340) 11 Mr. Hernandez rang to complain that four buckets of ice-cream had melted. Zita agreed to give him a credit for $110. 12 Zita purchases candy for add-in ice-cream mixing for $116 cash. 14 Ice-cream cash sales for the week are $1,700. (The cost of sales was $730) Week 3 April 15 Wages of $360 per employee, per week were paid to employees for the two-week period ended April 15th. Zita withheld a total of $160 ($80 from each employee) for taxes. 18 Mr. Hernandez paid for his daughter's wedding (less amount for returned ice-creams) 19 Purchased supplies for $70 on credit. Paid for ice-cream ingredients bought on April 6. 20 Purchased ice-cream ingredients for $3,880 on credit. Zita supplied ice-cream for a graduation function for La Vista Community College and prepared an invoice for $1500. Terms 3/10, n/30 (The cost of materials was $695) 21 Recorded ice-cream cash sales for the week, $3384. (The cost of ingredients was $1322) Week 4 22 Paid for supplies purchased April 19. 24 Paid $220 to 'Adriana's Ads' for advertising 26 Received gas bill of $116. 28 Recorded ice-cream cash sales for the week, $2,950. (The cost of ingredients was $1136) Week 5 29 Wages of $360 per employee, per week were paid to employees for the two-week period ended April 15th. Zita withheld a total of $160 ($80 from each employee) for taxes. 30 La Vista paid the amount owing from the April 20 graduation ceremony. Zita paid herself an amount of $600 from the business profits 3 Recorded ice-cream cash sales for the final two days $856. (The cost of ingredients was $380)
Date
Transaction
Week 1
April 1
Zita contributes $7,000 to commence the business 1
Zita borrows $15,000 from Fremont Bank for three years with interest charged at 9%
(annually) Zita hires two staff to be paid every 2 weeks (on a Thursday)
April 3
Zita signs a rent contract at a shop and pays $2,300 for two months' rent (April and May).
She purchases four ice-cream freezers for $600 each. The estimated life is 8 years using
straight line depreciation and Zita believes that she could sell the freezers at the end of
this time for $120 each.
Zita rents a portable ice-cream trailer for catering. She pays $200 for the month of
April.
April 4
Zita purchases an ipad which will be used as a cash register for $576. The estimated life
is 4 years using straight-line depreciation.
Zita also purchases supplies (ice-cream boxes, napkins etc.) for $140 cash.
2
April 6
Zita purchases bulk ice-cream on credit from Sandhu Stores for $1,024.
Zita pays $960 for insurance for the year April 1, 2021-March 31, 2022.
1
Hint: While this business is a sole proprietorship, you are required to account for this cash contribution as you would for a corporation
2
Hint: Supplies are those types of supplies that are used up in the course of doing business. They are not part of the cost of goods.
Week 2
April 10
On Saturday 10th April, Zita supplied ice-cream for Lucy Hernandez' wedding. That evening, she sent Mr. Hernandez an invoice for $810. Terms 3/10, n/30 (The cost of materials was $340)
April 11
Mr. Hernandez rang to complain that four buckets of ice-cream had melted. Zita agreed to give him a credit for $110.
April 12
Zita purchases candy for add-in ice-cream mixing for $116 cash.
April 14
Ice-cream cash sales for the week are $1,700. (The cost of sales was $730)
Week 3
April 15
Wages of $360 per employee, per week were paid to employees for the two-week period ended April 15th. Zita withheld a total of $160 ($80 from each employee) for taxes.
April 18
Mr. Hernandez paid for his daughter's wedding (less amount for returned ice-creams)
April 19
Purchased supplies for $70 on credit. Paid for ice-cream ingredients bought on April 6.
April 20
Purchased ice-cream ingredients for $3,880 on credit.
Zita supplied ice-cream for a graduation function for La Vista Community College and prepared an invoice for $1500. Terms 3/10, n/30 (The cost of materials was $695)
April 21
Recorded ice-cream cash sales for the week, $3384. (The cost of ingredients was $1322)
Week 4
April 22
Paid for supplies purchased April 19.
April 24
Paid $220 to 'Adriana's Ads' for advertising
April 26
Received gas bill of $116.
April 28
Recorded ice-cream cash sales for the week, $2,950. (The cost of ingredients was $1136)
Week 5
April 29
Wages of $360 per employee, per week were paid to employees for the two-week period ended April 15th. Zita withheld a total of $160 ($80 from each employee) for taxes.
April 30
La Vista paid the amount owing from the April 20 graduation ceremony. Zita paid herself an amount of $600 from the business profits 3 Recorded ice-cream cash sales for the final two days $856. (The cost of ingredients was $380)
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If anyone can help me with any of these Journal Entry, T- Accounts, and Unadjusted Trial Balance. I mostly need help with the journal entry but if you know anything that could help for the others it is greatly appreciated.
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Office Supplies, Office Equipment, Notes Payable, Accounts Payable,
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