I am doing a PeachTree practice set and I am having major problems with the journal entries! I need these numbers to continue on with the excel and access parts of the project so I would be really app
I am doing a PeachTree practice set and I am having major problems with the journal entries! I need these numbers to continue on with the excel and access parts of the project so I would be really appreciative if someone could give me their opinion on how I am supposed to journalize these:
1. December 16. Receive a purchase order from California Premium Beverage. Fill and ship the order. Complete Invoice No. 15535. (Don’t worry about the numbers just what would you debit and credit)
2. December 16. Order 18,000 lbs. white grapes at $1.05 per pound from Medocino Vineyards. The item number for the white grapes is WG1003. Complete Purchase order No. 9682.
3. December 16. Purchase a 2004 Ford truck for $30,250.00. The terms includ a $4,750.00 down payment and a 3-year 6% promissory note to Ford Credit for the remaining $25,500.00. Principal and interest on the note are due monthly beginning Janurary 4, 2011. The company expects the truck to have a useful life of 5 years and no salvage value. Prepare Check No. 19257 payable to Potter Valley Ford for the down payment.
4. December 17. Receive a phone complaint from Seaside Distributors about a case of Chenin Blanc that was damaged in shipment. The case was part of Invoice NO. 15175, dated November 5, 2011, in the amount of $20,438.40. Seaside paid the invoice on November 19, 2011 and took advantage of the discount (terms 3/15, net 30). The inventory was NOT returned to the company. Record the transaction.
5. December 19. Receive notification of $850 interest income that was deposited directly into the checking account from a certificate of deposit from State Employees’ Credit Union. Record the cash receipt.
6. December 19. Receive payment in full from Pacific Distribution Co. on Invoice No. 15243 dated November 13 2011, in the amount of $19,576.80.
7. December 19. Receive a purchase order with payment from Sonoma Distributors. Fill and ship the order. Record the sale.
8. December 22 Receive 14,000 lbs. red grapes at $0.99 per pound from Mendocino Vineyards. Also received Invoice No. M7634 from Mendocion vineyards with shipment. Terms on invoice are 2/10, net 30. Record the receipt of inventory. (transaction made on December 20)
9. December 26. Receive utility bill from Pacific Gas and Electric in the amount of $18,887.62 Prepare check No. 19402
10. December 30. Receive Brokerage Advice from Edwards Jones for purchase of 500 shares shares of Microsoft at $49.20 per share plus $400 broker’s commission. Prepare Check No. 19468.
11. December 31. Receive payment in full for December 16 purchase from California Premium Beverage. Record the cash receipt.
12. December 31. Prepare check No. 19473 payable to Mendocino Vineyards for the shipment received on December 22.
13. December 31. Prepare Payroll Checks (Nos. 7111-7114) for Anna Johnson, Jose Rodriquez, Tom Bryan, and Bob Hissom. Prpare Check no 19474 to transfer cash from the general cash account to the payroll account. Record the payroll transactions and all appropriate accruals.
14. December 31. Prepare Cheeck no. 19475 to repay $50,000 of the principal on long-term debt to Bank of Huntington.
Any help on any transactions would be greatlyyyyy appreciated!!!