Remington Communications has been providing cellular phone service for several years.
During November and December 2009, the following transactions occurred:
Nov. 2 Remington received $1,200 for November phone service from Enrico Company.
6 Remington purchased $5,800 of supplies from Technology Associates on account.
10 Remington paid $4,250 to its hourly employees for their weekly wages.
15 Remington paid $5,800 to Technology Associates in full settlement of their account payable.
18 Remington purchased and used supplies of $2,150.
21 Remington received a bill from Monticello Construction for $900 for repairs made to Remington’s loading dock on November 15.
Remington plans to pay the bill in early December, when it is due.
Dec. 4 Remington paid the $900 to Monticello Construction.
Required:
1. Prepare a journal entry for each of these transactions.
2. What accounting principle did you apply in recording the November 10 transaction?