Reference no: EM132211153

Question: Please show me how to journal entry these!

1. On February 3, 2017, FCM signed an agreement with Deion Sanders to provide media consulting for his football camp. On December 1, FCM completed some of the work for Sanders, and issued an invoice for $15,000. Full payment was received on January 15, 2018. Note: the project did not involve video production.

2. On December 1, to prepare for expansion, FCM issued 1,000 shares of stock for $90 per share and signed a $20,000 note to Wells Fargo that is due November 20, 2022. The note carries a 4.5% annual rate of interest which is to be paid semi-annually so the first interest payment will be made May 31, 2018. (Do not forget to record accrued interest at the end of the year). On December 3, FCM purchased land for $100,000 on which to build a 4,000 sq. ft. facility.

3. On November 15, 2017, FCM sent an invoice for $170,000 to the Livestrong Foundation for creating a promotional video. On December 2, FCM received the $170,000 payment from the Livestrong Foundation

4. On November 30, 2017, FCM purchased, received, and recorded $4,000 of supplies from VimBoot on account. On December 4, FCM paid VimBoot for the supplies purchased the previous month.

5. On November 30, 2017, FCM accrued $230 for that monthâ€^TMs AT&T Internet and telephone bill. That ATT&T bill was paid on December 5.

6. FCM recorded the purchase of a $1,600 insurance policy on May 31, 2017, for coverage from June 6 through December 6, 2017. No other entries related to this insurance policy have been made. FCM purchased a new 365-day policy on December 6 for $2,920 cash.

7. On December 7, NBC Sports contacted FCM about a potential video project. On December 15, FCM paid $1,000 to a consultant to gather focus groups to determine if there was sufficient demand for the project NBC Sports proposed. On December 30, the consultant provided TCM with the report discussing the results of the focus groups.

8. On December 11, FCM purchased two computers from Dell Inc. for $4,900 each. FCM paid $500 down with a check; the remaining balance is due in 30 days (n/30). The computers have an estimated life of three years and a salvage value of $50 each.

9. On December 12, an invoice in the amount of $120 was received from FedEx for transportation-in on the computers purchased on December 11. The invoice was paid the same day by check.

10. On December 15, a $55,000 social marketing project was completed for JonyJones. The invoice was sent with a due date of January 25, 2018. FCM failed to record transaction on this date.

11. On August 1, 2017, a $12,000 contract was signed for a social marketing project with Outright Fitness and FCM received the full payment on that date. On December 17, FCM completed the project for Outright Fitness.

12. On December 18, FCM had an unpleasant communication with O-Dij-Games, a company producing on-line video games and a long-time customer of FCM. O-Dij-Games had recently difficulties with revenue generation and financing. O-Dij-Gamesâ€^TM management expresses an unwillingness to pay FMC the remaining $1,500 due to FMC because of dissatisfaction with the outcomes from FCMâ€^TMs social media campaigns. O-Dij-Games indicated its intention to never use FMC services in the future. FCM wrote off the O-Dij-Gamesâ€^TM outstanding balance. FCM uses the allowance method for bad debts.

13. On December 19, FCM received $28,000 payment for a promotional project that was completed for Chuck Nash Chevy in October 2017. The receivable had been recorded upon completion of the project.

14. On November 22, FCM borrowed $15,000 on a 5%, 30-day note from SocialVid Consulting. No interest on this note has yet been accrued. On December 22, FCM repaid the note and interest.

15. On December 22, FCM issued a $340 check to reimburse an employee for travelling to Houston to make a presentation to potential customers.

16. On December 29, supplies of $900 were purchased on account (n/30) and delivered.

17. A cash dividend of $9,700 was declared and paid on December 30.

18. Beginning in April 2017, FCM performed a variety of social media services for Art Unlimited over a period of six months. Art Unlimited failed to make its last payment of $11,000, which was due November 15, 2017, because it was waiting for money to be transferred to it from a related art foundation. On December 31, FCM allowed Art Unlimited to replace its account receivable with a six-month note receivable due June 30, 2018; the note carries a 5% interest rate.

19. All six FCM employees are monthly paid. Wages and Salary Expense for December 2017 was $9,180, which will be paid on January 2, 2018.