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(Solution) - Hammerton Autos a used car dealer has a December 31 year end

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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.

Required:
Prepare journal entries for the above transactions.

 







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This question was answered on: Jul 11, 2017

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