Please Help me this question. (about accounting) There are some required questio
ID: 2588267 • Letter: P
Question
Please Help me this question. (about accounting)
There are some required question. I just want to know Required 1. Jan 20, 23, 31 journal entries.
mprehensive Problem Chapterso Fray Enterprises is a small businesst manufacturers and sells 8 lists, and the like. Fray conducts business via the Internet the Z1-420. Fray provides the following trial balance as of Janca that purchases electronic personal information mana umers. These PIMs keep track of appointments, phone n ezkT ers and, at this point, carries only one Fray Enterprises Trial Balance January 1, 2011 Cash. Accounts Receivable Allowance for Bad Debts Debits Credits $9,200 204 Prepaid Rent. Office Supplies Accounts Payable 31,650 1,100 900 19,100 2,800 3,400 30,000 13,546 569,650 $O Common Stock (10,000 shares) Retained Earnings Totals Fray uses the periodic FIFO invento of the following inventory layers: ry method in accounting for its in entory.The inventory ofn Layer Units Price per Unit Total Price 50 80 70 40 $120 130 135 145 6,000 10,400 9,450 5,800 1 (oldest purchase) 4 (most recent purchase) Total Fray provides the following additional relevant information: · The company uses the percentage of receivables method in estimating bad debts; 2% of the end ng receivables balance is deemed to be uncollectible. . Fray conducts an actual physical count of its inventory and office supplies at the end of each mond on the 1 Fray is paid at the beginning of each month. Rent on the warehouse of each month. rents its warehouse, office facilities, and computer equipment. Rent on the computer equipms and office space is paid id on the 5th and the 20th (pay periods end on the 15th and the last day of the ble represents payroll taxes that are due by the 5th of the following month. Payroll is.pa Taxes Payab .All-salesand all inventory purchases are on account.Explanation / Answer
Date Particulars Debit Credit Jan-15 Employee Salaries & Wages Exp A/c Dr 4,800 Insuarance Expense A/c Dr 367 To Salaries Payable 3,710 To Insuarance Payable 1,147 To With Holding of Taxes Payable 310 ( Being amount Salaries & Expenses payable for the employess for the Semiperiod ending 15th Jan 2017) Jan-20 Salaries Payable A/c Dr 3,710 Insuarance Payable A/c Dr 1,147 With Holding of Taxes Payable A/c Dr 310 To Bank A/c 5,167 ( Being amount of Salries and Taxes , Insurance paiid for the semi period ending 15th Jan 2017) Jan-31 Employee Salaries & Wages Exp A/c Dr 5,000 Insuarance Expense A/c Dr 382 To Salaries Payable 3,960 To Insuarance Payable 612 To With Holding of Taxes Payable 810 ( Being amount Salaries & Expenses payable for the employess for the Semiperiod ending 31st Jan 2017) Jan-31 Bank A/c Dr 29,900 To Accounts Receivable 29,900 ( Being amount of $29900/- received from the customer on account) Jan-31 Accounts Receivable A/c Dr 15,400 To Sales A/c 15,400 ( Being 70 units sold at the rate of $ 220 per Unit)