Snowmobile Mittens

Q1
Dec15. Sold 500 shares of Ramblewood Manufacturing Corporation common shares held as short-term investmnet. The stock sold to 14 3 / 4, less a commission of $ 147.75. The stock was purchased as a block of 1,000 shares for a total cost (including the Commission) of $ 9250.00.

Dr. Cash 7227.25
Cr. Sales 4625
Cr. Gain from the sale 2602.25
Is this true?

Q2
Ended December 15 3.25 hours of service and repairs and sold to customers Mary Two snowmobile Bermuda blankets and four pairs of winter snow. Purchase price of the goods is $ 414.40 labor is $ 62 per hour, plus sales tax (6%) on goods and labor. Mary charged the full amount to his account.

Goods on the invoice:
Item: snowmobile cover Qty: 2 Net cost per unit: $ 58.80
Item: Snow Mittens Large Qty: 4 Net Cost per unit: $ 22.40

Q3
check to Darbi Gibbins, repair and part-time person for the sale business.Darbi is paid $ 11.50 per hour and worked 39.5 hours during the last two weeks ended 14 December.

Question 1 You have just about everything! Dr. Cash, short-term Cr and gain short-term

12/15 Cash (101) 7227.25
Gain on short-term investments (731) 2602.25
Short-term investments (103) 4625.00

12/15 Accounts receivable (105) 652.85
Snow and sales of access (401) 414.40
Gratuities acquired (411) 201.50
Sales tax payable (205) 36.95

Q3
Wages and payroll Cr
Mr. Cash

Thank you Sandy, it helps me a lot Report Abuse

QN 1
Dr. Cash $ 7227.25
Cr short-term investment $ 4,625
Cr Gain on disposal of short-term investments $ 2,602.25

Qn 2
CA - Dr. Mary $ 652.85 Bermuda
Cr Sales $ 414.40
Cr Services revenue $ 201.50
Sales tax payable Cr $ 36.95

Dr COGS $ 207.20
Cr goods inventory $ 207.20

Qn 3
Dr. wages expense $ 454.25
Cr Cash $ 454.25