5. Take Care Company completed the following transactions during September. Analyze each transaction and make...
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5. Take Care Company completed the following transactions during September. Analyze each transaction and make the appropriate journal entry in the space provided on the next page. 45 points Date 9/1 Transaction Description Pay 3 months' rent in advance using $6,000 cash Purchase Merchandise Inventory paying cash $50,000 Purchase Merchandise Inventory on Account with terms 3/10 Net 30 $100,000 9/2 9/3 9/4 Sell Merchandise Inventory for cash. The sale is $2,500 and the Cost of goods Sold is $1,200 9/10 Provide Consulting Services for a customer on account for $9,000 with terms Net 30. 9/11 Pay employee salaries in cash $7,500 9/12 Purchase Office Supplies on Account with terms Net 30, S1,500 9/14 Sign Note Payable in exchange for Computer Equipment $20,000 9/17 Pay cash for the account from 93. It is outside the discount date, so the discount does not apply $100,000 9/20 Receive the cash from the account from 9/10 for $9,000 9/21 A customer pays cash in advance for consulting services to be performed in October $4,000 9/23 Issue 5,000 shares of Common Stock with a Par Value of $1 per share in exchange for Land with a market value of $80,000 I Pay cash for interest to holders of Bonds Payable $2,000 9/25 9/31 Journalize the adjusting entry for depreciation expense of Machinery $3,700 931 Journalize the adjusting entry to use up $2,000 of prepaid rent Accounts DR CR Date 9/1 9/2 9/3 9/4 9/10 9/11 9/12 | 9/14 Table Styles Borders 9/17 9/20 9/21 9/23 9/25 9/31 9/31
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