Joey Juno began a web-based computer sales and service company on June 1, 20X8,called Juno's Toys. Joey has made a few decisions regarding the accounting system;all prepayments and unearned revenues will be recorded as assets and liabilities andthe company will use a periodic inventory system. Juno's Toys completed thesetransactions during November of the current year:Joey invested $12,000 cash along with $9,000 of used computerequipment into his new business.Purchased 8 months of insurance for $1,200 cash; the insurance iseffective immediately.Hired a computer technician, named Barney to be paid every two weeks.$23,000 of merchandise was purchased from Eastman Store on accountterms 1/10, n30.Freight was paid in amount of $200 for above purchase.Bought $400 of office supplies on account.Sold merchandise to John Smith that cost $3,300 for $3,800. Mr. Smithpaid $500 cash and put the rest on account, with term 1/15, n30.Bought office furniture for $9,000. Paid $1,000 cash and signed a oneyear note at 6% for the balance.Paid Barney, wages in amount of $600.Joey withdrew $1,000 cash.Joey wrote a cheque for $200 to purchase advertising in the local paper.Advertising to appear next month.The company received $1,500 for services to be completed over the nexttwo months.Nov1156101416192024Mr. Smith paid his account in full.Paid in full Eastman Store for purchases on the November 4th.Received a bill from the utilities company for November utilities in theamount of $330. The amount is due December 4.Paid November and December rent today monthly rent is $1,000.27303030Required: Prepare general journal entries to record the transactions.3 Focus24

Journal entries are formatted consistently. A properly written journal entry will have the correct…

Joey Juno began a web-based computer sales and service company on. called Juno's Toys. Joey has made a few decisions regarding the accour all prepayments and unearned revenues will be recorded as assets and I he company will use a periodic inventory system. Juno's Toys complete cransactions during November of the current year: Nov Joey invested $12,000 cash along with $9,000 of used com equipment into his new business. Purchased 8 months of insurance for $1,200 cash; the insun effective immediately. Hired a computer technician, named Barney to be paid ever $23,000 of merchandise was purchased from Eastman Stor terms 1/10, n30. Freight was paid in amount of $200 for above purchase. 1 1 2 4 5

Joey Juno began a web-based computer sales and service company on. called Juno's Toys. Joey has made a few decisions regarding the accour all prepayments and unearned revenues will be recorded as assets and I he company will use a periodic inventory system. Juno's Toys complete cransactions during November of the current year: Nov Joey invested $12,000 cash along with $9,000 of used com equipment into his new business. Purchased 8 months of insurance for $1,200 cash; the insun effective immediately. Hired a computer technician, named Barney to be paid ever $23,000 of merchandise was purchased from Eastman Stor terms 1/10, n30. Freight was paid in amount of $200 for above purchase. 1 1 2 4 5

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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