Homework Help is Here – Start Your Trial Now!
Business
Accounting
8/31/21 9/1/21 9/30/21 10/1/21 10/31/21 Paid monthly expenses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs $18,000 $37,000 $90,000 (charge to Inventory) Made various board sales totaling $360,000 on account for 500 boards. In order to entice off-season sales to the fans of our logo-encrypted boards, we offered a coupon for 50% off an NCAA football ticket normally costing $200. It is estimated that 80% of the tickets will be redeemed by December 31, 2021. Each board normally sells for $720. The cost of the boards was $151,000. Use the gross method to record the sale. Paid monthly expenses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs Received $346,000 cash from the 9/1/21 board deliveries. $18,000 $37,000 $90,000 (charge to Inventory) Paid monthly expenses: Selling expenses $18,000 General and Administrative expenses $37.000

8/31/21 9/1/21 9/30/21 10/1/21 10/31/21 Paid monthly expenses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs $18,000 $37,000 $90,000 (charge to Inventory) Made various board sales totaling $360,000 on account for 500 boards. In order to entice off-season sales to the fans of our logo-encrypted boards, we offered a coupon for 50% off an NCAA football ticket normally costing $200. It is estimated that 80% of the tickets will be redeemed by December 31, 2021. Each board normally sells for $720. The cost of the boards was $151,000. Use the gross method to record the sale. Paid monthly expenses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs Received $346,000 cash from the 9/1/21 board deliveries. $18,000 $37,000 $90,000 (charge to Inventory) Paid monthly expenses: Selling expenses $18,000 General and Administrative expenses $37.000

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter7: Budgeting
Section: Chapter Questions
Problem 12EB: Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the...
See similar textbooks
icon
Related questions
Question
i need journal entries please!
8/31/21 9/1/21 9/30/21 10/1/21 10/31/21 11/30/21 12/5/21 12/31/21 12/31/21 12/31/21 12/31/21 Paid monthly expenses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs Made various board sales totaling $360,000 on account for 500 boards. In order to entice off-season sales to the fans of our logo-encrypted boards, we offered a coupon for 50% off an NCAA football ticket normally costing $200. It is estimated that 80% of the tickets will be redeemed by December 31, 2021. Each board normally sells for $720. The cost of the boards was $151,000. Use the gross method to record the sale. Paid monthly expenses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs $18,000 $37,000 $90,000 (charge to Inventory) Paid monthly expenses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs $18,000 $37,000 $90,000 (charge to Inventory) Received $346,000 cash from the 9/1/21 board deliveries. $18,000 $37,000 $90,000 (charge to Inventory) Paid monthly expenses which includes Christmas bonuses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs $25,000 $47,000 $110,000 (charge to Inventory) Had a blow-out Christmas sale and sold $700,000 worth of boards on account. The cost of the boards was $420,000. Use the gross method to record the sale. Paid monthly expenses: Selling expenses $18,000 General and Administrative expenses $37,000 Payroll and Factory overhead costs $90,000 (charge to Inventory) The NCAA football ticket coupons have expired. Five hundred paddleboard/coupon packages were sold and 480 were redeemed. Go Boards had to pay $100 to each venue chosen. The rest of the coupons expired. Paid $65,000 to lock in a good rate for insurance for the next two years. Each year is represented equally. Dividends of $100,000 were declared to shareholders of record on January 10, 2022 to be paid on January 15, 2022.
Transcribed Image Text:8/31/21 9/1/21 9/30/21 10/1/21 10/31/21 11/30/21 12/5/21 12/31/21 12/31/21 12/31/21 12/31/21 Paid monthly expenses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs Made various board sales totaling $360,000 on account for 500 boards. In order to entice off-season sales to the fans of our logo-encrypted boards, we offered a coupon for 50% off an NCAA football ticket normally costing $200. It is estimated that 80% of the tickets will be redeemed by December 31, 2021. Each board normally sells for $720. The cost of the boards was $151,000. Use the gross method to record the sale. Paid monthly expenses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs $18,000 $37,000 $90,000 (charge to Inventory) Paid monthly expenses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs $18,000 $37,000 $90,000 (charge to Inventory) Received $346,000 cash from the 9/1/21 board deliveries. $18,000 $37,000 $90,000 (charge to Inventory) Paid monthly expenses which includes Christmas bonuses: Selling expenses General and Administrative expenses Payroll and Factory overhead costs $25,000 $47,000 $110,000 (charge to Inventory) Had a blow-out Christmas sale and sold $700,000 worth of boards on account. The cost of the boards was $420,000. Use the gross method to record the sale. Paid monthly expenses: Selling expenses $18,000 General and Administrative expenses $37,000 Payroll and Factory overhead costs $90,000 (charge to Inventory) The NCAA football ticket coupons have expired. Five hundred paddleboard/coupon packages were sold and 480 were redeemed. Go Boards had to pay $100 to each venue chosen. The rest of the coupons expired. Paid $65,000 to lock in a good rate for insurance for the next two years. Each year is represented equally. Dividends of $100,000 were declared to shareholders of record on January 10, 2022 to be paid on January 15, 2022.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Payroll Procedures
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS