Question

Please make journal entries for the following events: 11) During the month of November REI made the following sales with installation to take place 1 week later:  Nov 6 - 150 DoorSpy units at $90 each plus $55 each for installation, on account to Saskatoon Co-op  Nov 15 - 150 DoorSpy units at $90 each plus $55 each for installation, on account to Princeton Inc.  Nov 22 - 180 DoorSpy units at $90 each plus $55 each for installation, on account to Regina Public Schools. 12) On November 30th REI received and paid $415 for the telephone bill for the month of November. 13) On November 30th REI received and paid $505 for the utility bill for the month of November. 14) On November 30th, REI paid their first payment on the installment note. 15) On December 4th REI paid $28,000 on its account owing to EDL (transaction/event #2 – quarter 4).

Answer 1

Following are the journal entries which are required to be posted as per question

Journal Entries
Date	Particulars	Dr	Credit
Nov 6	Saskatoon Co-op	$ 21,750.00
	to Sales of Goods		$ 13,500.00
	To service income		$    8,250.00
Nov 15	Princeton Inc	$ 21,750.00
	to Sales of Goods		$ 13,500.00
	To service income		$    8,250.00
Nov 22	Regina Public Schools	$ 26,100.00
	to Sales of Goods		$ 16,200.00
	To service income		$    9,900.00
Nov 30	Telephone Expenses	$        415.00
	To Cash A/c		$        415.00
Nov 30	Utility Expenses	$        505.00
	To Cash A/c		$        505.00
Dec 04	EDL A/c	$        800.00
	To Cash A/c		$        800.00