P 4-2. Write journal entries for the following transactions that occurred at Woodside Company during

P
4-2. Write journal entries for the following transactions that occurred
at Woodside Company during May and explain how each would be disclosed
in Woodsides financial statements.

P4-2 Woodside Company
Financial Accounting

Problem
4-2. Write journal entries for the following transactions that occurred
at Woodside Company during May and explain how each would be disclosed
in Woodsides financial statements.

1. The company prepaid $14,340 rent for the period May 1- October 31
2. Sales discounts and allowances were $34,150
3.
A loan for $3,500 at 12 percent interest continued to be owed to the
company by one of its employees, who made no payments related to this
loan during May.
4. Depreciation expense was $13,660
5. Customers paid $2,730 for services they will not receive until sometime in June.
6. The company purchased $172 worth of stamps and used $100 worth of them
7. The allowance for Doubtful Accounts was increased by $1,350, reflecting a new estimate of uncollectible accounts