Hammerton Autos, a used-car dealer, has a December 31 year-end date. For Hammerton, the following transactions occurred during the first 10 days of August:
a. Hammerton purchased, on credit, space for classified advertisements in the Chicago Tribune for $2,680. The advertising was run the day the space was purchased.
b. Hammerton purchased office supplies from Office Depot on credit in the amount of $250.
c. One of Hammerton?s sales staff sold a car. The salesperson?s commission is $1,100. The commission will be paid September 10. (Note: Concern yourself only with the commission.)
d. The electric bill for July was received. The bill is $6,500 and is due August 15.
e. A $420 bill from Carey Alignment services was received. Carey had repaired 10 cars for Hammerton in late July. The payment is due August 20.
Prepare journal entries for the above transactions.
This question was answered on: Jul 11, 2017
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