During January 2018, the following transactions occur:

January 1. Purchase equipment for $20,300. The company estimates a residual value of $2,300 and a five-year service life.
January 4. Pay cash on accounts payable, $10,300.
January 8. Purchase additional inventory on account, $90,900.
January 15. Receive cash on accounts receivable, $22,800
January 19. Pay cash for salaries, $30,600.
January 28. Pay cash for January utilities, $17,300.
January 30. Firework sales for January total $228,000. All of these sales are on account. The cost of the units sold is $119,000.



1. Record each of the transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

See explanation section

Explanation:

Jan. 1     Equipment           Debit        $20,300

             Cash                     Credit       $20,300

To record the purchase of equipment assuming by cash.

Jan. 4    Accounts payable    Debit        $10,300

             Cash                         Credit        $10,300

To record the cash paid to accounts payable.

Jan. 8     Purchase           Debit        $90,900

              Accounts payable              Credit       $90,900

To record the purchase of additional inventory (supplies) on account

Jan. 15    Cash                             Debit        $22,800

              Accounts receivable   Credit       $22,800

To record the cash received from customers

Jan. 19    Salaries expense         Debit       $30,600

               Cash                             Credit      $30,600

To record the cash paid for salaries expense

Jan. 28    Utilities expense         Debit       $17,300

               Cash                            Credit       $17,300

To record the cash paid for utilities expense

Jan. 30    Accounts receivable   Debit       $228,000

               Sales                            Credit       $228,000

To record the sales on account.

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