Question

On the first of the month, Avery paid 6 months’ rent for the store in advance at $2200 per month.
Avery purchased supplies for the store in the amount of $425 in cash from the Burlington Supply Co on
March 1 as well. Wages were paid on March 1 in the amount of $2120. These wages covered the last 2 weeks of February. On March 2, Avery placed an order for snowboards in the amount of $7600 from the Mad River Snow Board Manufacturing Company.
Avery purchased furniture and fixtures for $4500 on March 3. You determine that the useful life of the furniture and fixtures is 7 years. Avery pays cash for the furniture and fixtures.
The store received the delivery of snowboards from the Mad River Snow Board Manufacturing Company worth $7600 on March 4. In order to conserve cash, Avery purchased the snowboards on credit. The bill for the snowboards is due in 45 days.
Journal entries to record sales are entered into the general journal weekly. On March 7, week 1 sales were recorded. Week one sales were $4200. Of this amount, $2300 was in cash, the remainder
on credit. The cost of the snowboards sold was $2167. The inventory account is updated at the same time sales are recorded. On March 12 Avery paid $749 to the Mad River Snow Board Manufacturing Company for the snowboards received on March 7.
Wages were paid on March 15 in the amount of $2120. These wages covered the first two weeks of March. Sales for week 2 were recorded on March 15. Sales for week two totaled $4300. Of
this amount, $1889 was in cash, the remainder was on credit. The cost of the snowboards sold was $1500.

Answer 1

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Date	Account	Debit	Credit
March
1	Prepaid Rent	2200
	Cash		2200
1	Office Supplies	425
	Cash		425
1	Wages Payable	425
	Cash		425
3	Furniture and Fixture	4500
	Cash		4500
4	Snowboard	7600
	Accounts Payable		7600
7	Accounts Receivable	1900
	Cash	2300
	Sales		4200
7	Cost of Goods Sold	2167
	Inventory		2167
12	Accounts Payable	749
	Cash		749
15	Wages Expense	2120
	Cash		2120
15	Accounts Receivable	2411
	Cash	1889
	Sales		4300
15	Cost of Goods Sold	1500
	Inventory		1500