I need some help with an accounting project. I have to do some journal entries. Here is some information.
-Use of perpetual inventory system
-Annual inventory counts are taken on the last day of the fiscal year.
-Differences between the count and the perpetual records are bound to occur. Therefore these differences are recorded and adjusted to Cost of Goods Sold.
-Accounting records are maintained on the accrual basis.
These are the transactions for june
1.) Joe delivered software to real estate associates for sales tools for agents. This special order had been paid for in advance, May 23, for $ 4,600. Cost of this inventory was 1,200
2.) Joe delivered a special order to real estate. Real estate had prepaid 10,000 for the equipment in May. The total sale price of the equipment was 105,000. The inventory sold had a cost of $18,000. The balance had terms of net 30.
3.) Joe received a special order from Estates properties. It was delivered July 14. Since Fawn had never sold to Estates Properties before, a 20% down payment was required with the balance to be paid in full on the date of delivery. The total sales price was $8,200 with the inventory costing $ 1,625
4.) Joe received an emergancy call from province real estate. They need hardware to complete a presentation. Province real estate paid in cash to Joe $8000 for consulting services and $1850 for necessary parts. The inventory was on Joe's books at a cost of $350.
-Use of perpetual inventory system
-Annual inventory counts are taken on the last day of the fiscal year.
-Differences between the count and the perpetual records are bound to occur. Therefore these differences are recorded and adjusted to Cost of Goods Sold.
-Accounting records are maintained on the accrual basis.
These are the transactions for june
1.) Joe delivered software to real estate associates for sales tools for agents. This special order had been paid for in advance, May 23, for $ 4,600. Cost of this inventory was 1,200
2.) Joe delivered a special order to real estate. Real estate had prepaid 10,000 for the equipment in May. The total sale price of the equipment was 105,000. The inventory sold had a cost of $18,000. The balance had terms of net 30.
3.) Joe received a special order from Estates properties. It was delivered July 14. Since Fawn had never sold to Estates Properties before, a 20% down payment was required with the balance to be paid in full on the date of delivery. The total sales price was $8,200 with the inventory costing $ 1,625
4.) Joe received an emergancy call from province real estate. They need hardware to complete a presentation. Province real estate paid in cash to Joe $8000 for consulting services and $1850 for necessary parts. The inventory was on Joe's books at a cost of $350.