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    The Following Transactions Were Completed by Hammond Auto Supply During

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    trilocksp Singh
    Hammond Auto Supply completed various transactions during January. They issued checks for rent, supplies, expenses, freight charges, and salaries. They also received checks from customers in payment of invoices, less discounts. Hammond purchased inventory on account from various suppliers and sold inventory on account to various customers. The owner also invested additional capital and withdrew funds for personal use.

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    The Following Transactions Were Completed by Hammond Auto Supply During

    Uploaded by

    trilocksp Singh
    24 views1 page
    Hammond Auto Supply completed various transactions during January. They issued checks for rent, supplies, expenses, freight charges, and salaries. They also received checks from customers in payment of invoices, less discounts. Hammond purchased inventory on account from various suppliers and sold inventory on account to various customers. The owner also invested additional capital and withdrew funds for personal use.

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    Hammond Auto Supply completed various transactions during January. They issued checks for rent, supplies, expenses, freight charges, and salaries. They also received checks from customers in payment of invoices, less discounts. Hammond purchased inventory on account from various suppliers and sold inventory on account to various customers. The owner also invested additional capital and withdrew funds for personal use.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    24 views1 page

    The Following Transactions Were Completed by Hammond Auto Supply During

    Uploaded by

    trilocksp Singh
    Hammond Auto Supply completed various transactions during January. They issued checks for rent, supplies, expenses, freight charges, and salaries. They also received checks from customers in payment of invoices, less discounts. Hammond purchased inventory on account from various suppliers and sold inventory on account to various customers. The owner also invested additional capital and withdrew funds for personal use.

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    © All Rights Reserved
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    The following transactions were completed by Hammond

    Auto Supply during


    The following transactions were completed by Hammond Auto Supply during

    The following transactions were completed by Hammond Auto Supply during January, which
    is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts
    as of January 1 have been recorded in the general ledger in your Working Papers or in
    CengageNow. Hammond Auto Supply does not track cash sales by customer.
    Jan. 2 Issued Ck. No. 6981 to JSS Management Company for monthly rent, $775.
    2 J. Hammond, the owner, invested an additional $3,500 in the business.
    4 Bought merchandise on account from Valencia and Company, invoice no. A691, $2,930;
    terms 2/10, n/30; dated January 2.
    4 Received check from Vega Appliance for $980 in payment of $1,000 invoice less discount.
    4 Sold merchandise on account to L. Paul, invoice no. 6483, $850.
    6 Received check from Petty, Inc., $637, in payment of $650 invoice less discount.
    7 Issued Ck. No. 6982, $588, to Fischer and Son, in payment of invoice no. C1272 for $600 less
    discount.
    7 Bought supplies on account from Doyle Office Supply, invoice no. 1906B,
    $108; terms net 30 days.
    7 Sold merchandise on account to Ellison and Clay, invoice no. 6484, $787.
    9 Issued credit memo no. 43 to L. Paul, $54, for merchandise returned.
    11 Cash sales for January 1 through January 10, $4,863.20.
    11 Issued Ck. No. 6983, $2,871.40, to Valencia and Company, in payment of
    $2,930 invoice less discount.
    14 Sold merchandise on account to Vega Appliance, invoice no. 6485, $2,050.
    Jan. 18 Bought merchandise on account from Costa Products, invoice no. 7281D, $4,854;
    terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the
    invoice, $147 (total $5,001).
    21 Issued Ck. No. 6984, $194, to M. Miller for miscellaneous expenses not recorded previously.
    21 Cash sales for January 11 through January 20, $4,591.
    23 Issued Ck. No. 6985 to Forbes Freight, $96, for freight charges on merchandise purchased
    on January 4.
    23 Received credit memo no. 163, $376, from Costa Products for merchandise returned.
    29 Sold merchandise on account to Bruce Supply, invoice no. 6486, $1,835.
    31 Cash sales for January 21 through January 31, $4,428.
    31 Issued Ck. No. 6986, $53, to M. Miller for miscellaneous expenses not recorded previously.
    31 Recorded payroll entry from the payroll register: total salaries, $6,200; employees' federal
    income tax withheld, $872; FICA Social Security tax withheld, $384.40, FICA Medicare tax
    withheld, $89.90.
    31 Recorded the payroll taxes: Social Security tax, $384.40, FICA Medicare tax, $89.90; state
    unemployment tax, $334.80; federal unemployment tax, $37.20.
    31 Issued Ck. No. 6987, $4,853.70, for salaries for the month.
    31 J. Hammond, the owner, withdrew $1,000 for personal use, Ck. No. 6988.
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