| Transaction | Journal Assigned |
| Jimmy Seals invested $36,000 cash in exchange for 2,400 share os $5 par common stock | |
| Dash Crofts invested $24,000 cash in exchange for 1,600 shares of $5 par common stock | |
| Paid Evan Williams Mgmt one month's rent, $750 check #100 | |
| Purchased equipment on account from James Beam Co. $14,000 cost, Terms n/60, 5 year life, $2,000 salvage value, SL method | |
| Purchased a van from Boones Farm Auto Sales. $30,000 cost, 5 year life, $3,000 salvage value, DDB method: The purchase was financed on a note with terms of: 24 months, 8% annual interest rate. The monthly payments on the van are $1,356.82. The payments will be made on the first day of the month starting with February | |
| Spend $900 at Elijah Craig Suppliers for office and store supplies to be used over the next few months (record as an asset) Check # 101 | |
| Paid George Dickels Ads $300 to advertise during January . Check # 102 | |
| Used purchase order #1000 to order merchandise from Jack Daniels, Ltd. $25,000 | |
| Received the merchandise and invoice for the merchandise order from Jack Daniels, Ltd. The perpetual inventory method is used to account for inventory transactions | |
| Merchandise was sold for cash to customers in the store: $2,500 total sales, $1,000 Cost of Goods Sold | |
| Sold merchandise on account to Peter Yarrow. Terms 2/10 net 30. $24,000 Total sales, $9,600 Cost of Goods Sold | |
| Prepared checks to pay the payroll for the biweekly through January 11. Employees work a 5 day week, Monday through Friday. Check #103 and #104 | |
| The business records payrolls taxes on the above payroll of: $403.00 SS Taxes, $94.25 Medicare, $39.00 FUTA, $175.50 SUTA | |
| Sold travel products on account to Paul Stookey. Terms net 30. $18,000 total sales, $7,200 COGS | |
| Received a check from Peter Yarrow for all that is owed | |
| Received (not paid) the electric bill from Jonathan Walker Power $300 | |
| Paid the internet bill from Maker's Mark Wireless. $160 check # 105 | |
| Sold travel products on account to Mary Traverse. $10,000 total sales, $4,000 COGS. Terms 2/10 net 30 | |
| Paid the balance due to Jack Daniels, Ltd. $25,000 check # 106 | |
| Prepared checks to pay the payroll for the biweekly period ending January 25. Check # 107 and # 108 | |
| The business records payroll taxes on the above payroll | |
| Purchased merchandise inventory from Jack Daniels, Ltd. for $12,000 | |
| Partially paid the balance due to James Beam Co. $7,000 check # 109 | |
| Issued a credit memo to Mary Traverse for return of $2,000 of the travel merchandise we sold to her on January 24 because it was the wrong merchandise. The COGS was $800 | |
| Merchandise was sold for cash to customers in the store. $6,000 total sales. $2,400 COGS | |
| Paid a cash dividend to the owners. Dividends per share is $2. Jimmy Seals check #110. Dash Crofts check #111 | |
| Prepared adjusting entries (no adjusting entry is made for payroll taxes) | |
| Prepared closing entries (assume this S Corp had a 1/31/XX fiscal year-end) | |
