Prepare Journal Entries to Record the Following Transactions of Salem $\quad$

question 52

Essay

Prepare journal entries to record the following transactions of Salem Sales Co.during the current year:
Mar 1 $\quad$ Purchased a truck for $\$ 60,000$ with a 6 year useful life and a $\$ 10,000$ residual value. Salem also paid
$\quad$$\quad$$\quad$ $7 \%$ provincial sales tax, a $\$ 500$ annual truck license, $\$ 4,000$ to paint the truck and $\$ 2,300$ for spare
$\quad$$\quad$$\quad$ parts. All payments were in cash.
Mar 12 $\quad$ Purchased a garage from a neighbouring business with a $\$ 60,000$ note payable. The seller's book value
$\quad$$\quad$$\quad$ for the garage was $\$ 57,000$ and the garage was appraised at $\$ 68,000$ . The estimated useful life is 12 years. Salem also
$\quad$$\quad$$\quad$ paid a $\$ 4,000$ cash for real estate commission.
June 5 $\quad$ Paid $\$ 750$ to replace garage windows broken during a hail storm.
Aug 23 $\quad$ Purchase used office equipment for $\$ 13,500$ plus provincial sales tax of $\$ 945$ terms $2 / 10, \mathrm{n} 30$ from
$\quad$$\quad$$\quad$ Great West Office Supplies. As well, Salem paid freight of $\$ 300$ and reconditioning cost of $\$ 850$ on
$\quad$$\quad$$\quad$ credit. Estimated useful life of 4 years and a residual value of $\$ 1,000$ .
Sept 12 $\quad$ Paid for office equipment purchased on August 23'd.
Oct 5 $\quad$ Purchased store equipment for $\$ 28,000$ plus $\$ 1,960$ in provincial sales tax. As well, Salem paid $\$ 1,750$
$\quad$$\quad$$\quad$ for repairs incurred from an accident during installation. $\$ 5,200$ for a special base for the equipment
$\quad$$\quad$$\quad$ and $\$ 3,700$ of supplies to be used for regular preventive maintenance. Estimated useful life is 9 years
$\quad$$\quad$$\quad$ and residual value is $\$ 1,300$ .

Distinguish between different types of mating systems and their definitions.

Discern the role of evolutionary influences on human behavior and mate selection.

Acknowledge the environmental impact on the evolution of traits and behaviors.

Understand the concept of a right of way by prescription and its acquisition process.

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Definitions:

Illegal Drugs

Substances whose production, sale, or possession are prohibited by law due to their potential for abuse or harm.

Stopped Payment

A request made to a financial institution to not pay or cancel a check or payment that has been issued but not yet cashed.

$500 Check

A bank-issued document that orders the bank to pay the stated amount, in this case, five hundred dollars, from the issuer's account to the entity or individual named on the check.

Recover in Court

The process of obtaining a judicial remedy or compensation through legal proceedings.