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Record the journal entries for the month of december

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Reference no: EM132970581

Medical Supplies Inc.is a medical supplies who opened in 2018 a business selling medical supplies/products. The company imports products from around the world and sells to local business in Canada.

  • On December 1, purchased $3,500 of hand sanitizer from Pure Medical Products Inc.; terms 3/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $250.
  • On December 5, sold Masks costing $2,080 to Bay Company for a price of $1,600 with terms of 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $395.
  • On December 6, received a cheque of 6500 from Canada Revenue Agency for the rent subsidy reducing the rent expense under Covid-19 Relief program.
  • On December 7, returned $550 of inventory to Pure Medical Products Inc. due to an error in the December 1 order.
  • On December 10, paid Pure Medical Products Inc. for the purchase on December 1.
  • On December 14, Bay Company returned $320 of inventory from the sale on December 5. The inventory had a cost of $125.
  • On December 22, received the payment from Bay & Co. on the December 5 sale.
  • On December 23, purchased $ 4,200 of Oxygen Meter from Oxygen Trading; terms 2/10, n/30, FOB shipping point. The appropriate party paid the shipping cost of $350.
  • On December 25, paid wages and salaries to staff amounting to $5,000.
  • On December 26, received cheque from Canada Revenue Agency for Wage Subsidy amounting to $2,500.
  • On December 31, received the payment of $40,000 as Loan from Govt of Canada under Canada Emergency Business Account.
  • On December 31 Paid Rent of $8,000 to Oxford Properties, being the landlord.

Problem 1. Record the journal entries for the month of December 2020

Reference no: EM132970581

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