1/1Mony Maeker started an antique jewelry store, “ANTIQUE FOREVER’, and invested $40,000 cash in the business and received stock.
1/1He rented an office space and paid half year rent of $4800.
He leased office furniture at a monthly cost of $500 and this will be paid on the first of the following month.
He hired a clerk with a salary of $1200 per month.
The clerk will be paid on the first of every month.
He purchased one year liability insurance for $3600
1/5He purchased office supplies for $500 on account.
He purchased 800 bracelets at a cost of $25.00 on account.
1/6He purchased 1200 bracelets at a cost of $26.50, on account.
1/8He sold 500 bracelets at a price of $90.00, on credit.
1/14He sold 300 bracelets at a price of $90.00, on credit.
1/15He borrowed $10,000 from a bank signing a three year note payable. The entire principal will be paid at the end of three years. The annual interest rate on this note is 12%. The interest will be paid at the end of each quarter.
He purchased computer and peripheral equipments for $4000 cash.
1/17purchased 350 bracelets at $29.50 on account;
1/22sold 1000 bracelets for $102 each. The sales was on cash
1/26he paid for all merchandize purchases.
1/28Collected 80% of receivables.
1/31He received telephone bill for $300, utility bill for $150. These will be paid on the tenth of the following month.
Inventory count reported 550 bracelets on hand.