The following transactions occurred during January 2021:
Jan. 1 Sold merchandise for cash, $2,600. The cost of the merchandise was $1,100. The company uses the perpetual inventory system.
2 Purchased equipment on account for $4,600 from the Strong Company.
4 Received a $200 invoice from the local newspaper requesting payment for an advertisement that Whitlow placed in the paper on January 2.
8 Sold merchandise on account for $4,800. The cost of the merchandise was $2,600.
10 Purchased merchandise on account for $9,400.
13 Purchased equipment for cash, $800.
16 Paid the entire amount due to the Strong Company.
18 Received $3,800 from customers on account.
20 Paid $800 to the owner of the building for January's rent.
30 Paid employees $2,800 for salaries and wages for the month of January.
31 Paid a cash dividend of $1,000 to shareholders.
Prepare journal entries.
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Home » Business » The following transactions occurred during January 2021: Jan. 1 Sold merchandise for cash, $2,600. The cost of the merchandise was $1,100. The company uses the perpetual inventory system.