A bill from the computer consulting firm for one year of maintenance and support was found. The bill covers service from October 1, 2016 to September 30, 2017. Record the entire bill in account 321.
EZ Lift Company notified Ozark that it had earned a $7,000 rebate on 2016 purchases. The rebate was earned by meeting a volume target. $1,500 of the rebates apply to lifts in the year-end inventory. The rebate will be paid to Ozark in early January 2017. You may need to create an appropriate account for this new transaction.
400 Christmas cards were sent to customers. Inside the card, there was a coupon offering a 10% discount on all sporting equipment purchased in January of 2017. Last year, customers saved $3,000 using similar coupons. The printing and mailing costs were paid.
Ozark rented a new storage building starting January 1, 2017. The agreement is month to month but requires a 3-month notice for ending the rental. Ozark paid $3,000. $1,000 is rent for January 2017 and $2,000 is a security deposit. You may need to create an appropriate account for this new transaction.
Paid wages due to all employees on December 26, 20XX.
Paid FICA and Medicare on December 3, 20XX.
Paid income tax withholdings on December 4, 20XX.
Paid sales taxes due on December 4, 20XX.
The $7,600 check for the sale of the truck was dated January 2, 2017. The sales agent agreed to take the postdated check. The office manager did not notice the date when making the deposit. The bank has now returned the check and charged a $20 fee for a bad check.
Transfer $30,000 to Money Market Account.
The bank notified Ozark that $1,900 interest had been added to their money market account.
The bank notified Ozark that the credit card fees for sales made on 8 credit cards was $64. That amount was deducted from the checking account.
