With the following information of La Marina, Inc. for November 2008, prepare:
- Journal entries
- T Accounts
- Trial balance- Income Statement
- Statement of Changes in Owners equity
- Balance Sheet
Notes receivable $20,000
Accounts payable $110,000
Paid-in capital $270,000
Transactions for November 2008:
1. Salaries accrued $50,000; $30,000 for the sales personnel and therest for the managers.
2. Commissions accrued $15,000.
3. Telephone service accrued. The total for the administrative department is $4,500, and for the sales department is$3,200.
4. A $50,000 check was issued to pay the salaries.
5. A $15,000 check was issued to pay the commissions.
6. A check for $7,700 was issued to pay the telephonebill.
7. Purchase of merchandise inventory for $40,000, paid with a check.
8. Purchase of merchandise inventory on credit $28,000
9. La Marina purchased a computer for$22,000; $12,000 was paid with merchandise inventory and the rest on account.
10. Purchase of equipment for $70,000; $20,000 was paid with merchandise inventory and the rest with anote.
11. Merchandise was returned to suppliers for a total of $3,000. The purchase was made on credit.
12. La Marina sold merchandise inventory for $80,000 on credit. Shippingcosts for $2,000 were paid with a check. The cost of the merchandise is $30,000.
13. A note receivable for $15,000 plus 6% of interest were collected.
14. La Marina made a bankdeposit for $2,000 dlls. The bank accepted the deposit at $11. The exchange rate on that day was $11.25
15. Sale for $90,000, 80% cash and 20% on credit. Cost of goods sold $32,000.