January 4 The company paid cash to Lyn Addie tor tive days work at the rate of \( \$ 195 \) per day, four of the five days relate to wages payable that were accrued in the prtor year, January 5 Santana Rey invested an additional \( \$ 23,400 \) cash in the company, 3anuary 7 The company purchased \( \$ 7,400 \) of merchandise from Kansas Corporation with terms of \( 1 / 10, \mathrm{n} / 30 \), fon shipping point, Involice dated January 7. January 9 The company recelved \( \$ 2,848 \) cash from Gomez Company as full payment on its account, January il The company completed a flve-day project for Alex's Engineering Company and billed it 85,410 , which is the total price of \( \$ 6,810 \) less the advance payment of \( \$ 1,400 \). The company debited Unearned Computer Services Revenue for \( \$ 1,400 \). January 13 the company sold merchandise with a retall value of 84,600 and a cost of 83,300 to Liu corporation, involce dated January 13. January is The company pald \( \$ 740 \) cash for frelght charges on the merchandise purchased on January 7 . January 16 The company recelved \( \$ 4,110 \) cash from Delta Company for computer services provided. January 17 The company paid Kansas Corporation for the Involce dated January 7, net of the discount. Yanuary 20 The company gave a price reduction (allowance) of \( \$ 700 \) to llu corporation and credited lifu's accounts recelvable for that amount. January 22 The company recelved the balance due from Liu Corporation, net of the discount and the allowance. January 24 The company returned defectlve merchandise to Kansas Corporation and accepted a credit against future purchases (debited accounts payable). The defective merchandise invoice cost, net of the discount, was 4486. January 26 The company purchased \( \$ 9,000 \) of merchandise from Kansas Corporation with terms of \( 1 / 10, n / 30 \), f00 destination, invoice dated January 26. January 26 The company sold merchandise with a \( \$ 4,590 \) cost for \( \$ 5,970 \) on credit to KC, Incorporated, involce dated January 26 . January 31 The company pald cash to Lyn Addle for 10 days' work at \( \$ 195 \) per day, February 1 The company pald \( \$ 2,565 \) cash to H1llside Mall for another three months' rent in advance. February 3 The company paid Kansas Corporation for the balance due, net of the cash discount, less the \( \$ 486 \) credlt from merchandlse returned on January 24, February 5 The company paid \( \$ 420 \) cash to Facebook for an advertisement to appear on February 5 only. February 11 The company recelved the balance due from Alex's Engineering Company for fees bllled on January 11. February 15 Santana Rey withdrew \( \$ 4,730 \) cash from the company for personal use.
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Beyond the Answer
Did you know that the terms "1/10, n/30" in your invoice mean that if you pay within 10 days, you get a 1% discount, otherwise the full amount is due in 30 days? It’s a great way for both buyers and sellers to incentivize quicker payment and improve cash flow – just a little math can save some bucks! Accounting can be a tricky game with all those transactions. A common mistake is overlooking accrued wages or forgetting to adjust for payment discounts. Keep an eye on those dates! Also, using a clear ledger throughout the month can help track payments received and made, making it easier to reconcile accounts at the end. Just don’t forget to balance those numbers!
