29 Jun Question I need to make a journal entries fo
Question
I need to make a journal entries for these transactions: took place between Jan 1, 2013- June 30, 2013.
March 1: Purchased a building for $140000. They paid $40000 in cash amd borrowed the balance. The loan is due in 5 years and has an interest rate of 8% per annum. Interest payments are due quarterly.
May 1: Signed a 4 year lease with SL company to rent out the top floor of the building. SL is required to make quarterly rental payments of $12000. The first rental payment was received today for the first 3 months (May 1- July 31st). the next rent payment is due Aug 1, and every 3 months subsequently for the next 4 years.
May 15: Received 38000 cash and bulled customers on account 85000 for total sales of 132000. Cost of goods sold: 52000
COMM 1101
Assignment 1
The assignment can be done INDIVIDUALLY OR in groups of TWO (2) students MAX – no exceptions. YOU must list both names on your submission or marks will not be awarded after the fact (regardless of reason). Only 1 submission per group of 2 is necessary. The assignment can also be done individually.
The assignment MUST be done using either
MS Excel or MS Word. NO hand-written submissions
DUE: per date & time indicated on BBL. Submissions must be uploaded to BBLearn by the due date and time indicated on BBL via the assignment upload link only.
No emails, hard copies will be accepted. And no late submissions will be accepted either for any reason.
The Infiti Company started business on January 1, 2013. The following transactions took place during the six-months January 1, 2013 – June 30, 2013.
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