Prepare general journal entries for the following transactions of a new company. Aug.1 MH, the owner, invested $8,500 cash and $23,500 of photography equipment in the company Aug. 2 The company paid $1,100 cash for an insurance policy covering the next 24 months. Aug. 5 The company purchased office supplies for $580 cash. Aug. 20 The company received $5,331 cash in photography fees earned. Aug. 31 The company paid $375 cash for August utilities.

Prepare general journal entries for the following transactions of a new company. Aug.1 MH, the owner, invested $8,500 cash and $23,500 of photography equipment in the company Aug. 2 The company paid $1,100 cash for an insurance policy covering the next 24 months. Aug. 5 The company purchased office supplies for $580 cash. Aug. 20 The company received $5,331 cash in photography fees earned. Aug. 31 The company paid $375 cash for August utilities.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 4PB: Review the following transactions and prepare any necessary journal entries for Woodworking...

See similar textbooks

Similar questions

Consider each of the transaction below independently. All expenditures were made in cash In march, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for the equipment was $34,000. Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CR
Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…
A. A corporation is started with an investment of $53,000 in exchange for stock. B. Equipment worth $4,800 is ordered. C. Office supplies worth $850 are purchased on account. D. A part-time worker is hired. The employee will work 15- 20 hours per week starting next Monday at a rate of $18 per hour. E. The equipment is received along with the invoice. Payment is due in three equal monthly installments, with the first payment due in sixty days. Journalize for Harper and Co. each of these transactions. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. А. В. С. D. Е. II II II I B.
Julius Ceasar organized Eternal Images, a photography and portrait studio, on Oct. 1, 2020. The studio completed the following transactions during the month: Oct. 1 Deposited P350,000 in a bank account in the name of the business Oct. 3 Paid two month's rent in advance, P30,000 Oct. 5 Acquired photography equipment valued at P129,000. Oct.12 Purchased photography supplies on credit, P21,000. Oct.13 Received cash for previously unbilled portraits, P11,400. Oct.17 Billed customers for portraits, P22,500. Oct.19 Paid fifty percent of the supplies purchased on Oct. 12, P10,500. Oct.25 Paid electricity bill for Oct., P3,600 Oct.26 Paid the telephone bill for Oct., P2,100. Oct.28 Received payments from the customers billed on Oct. 17, P7500. Oct.29 Paid salaries to personnel, P12,000. Oct.30 Received an advance payment from a customer, P1,500. Oct.31 Withdrew P16,000 from the business for a personal…
For the month of July, Blackfly Ltd. experienced/recorded the following transactions: received a $6000 cash payment for work performed & billed the previous month. replanted an area of northern Alberta forest for which it sent out an invoice totaling $35000. . At the beginning of the month, the company had $2000 of trees in inventory ready for planting. During the month the company purchased $7000 tress for planting ⚫ at the end of the month it was left with trees still suitable for planting that originally cost $2500. monthly expenses were: $1500 for office rent; $3500 in misc. expenses; Amortization on the truck and office equipment was calculated to be $1500 The income tax rate is 10%. Net Income for the month of July was $12305 $5850 $17900 none of the listed answers are correct $5959 $19800
Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year. 2. On June 30, the company lends its chief financial officer $50,000; principal and interest at 7% are due in one year. 3. On October 1, the company receives $16,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited.Required: For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year.
Prepare the following journal entry, all transactions that occurred in January: The Corporation purchased a Delivery Van for customer deliveries. The Delivery Van cost $21,400. A down payment of cash in the amount of $5,000 was paid to the Car Dealership, and a promissory note was signed for the remaining amount owed.
Pen Supply Corp. began operations on March 1, 20Y5. On this date, the company paid for the following expenses: legal fees related to organization, $5,000; rent for the upcoming month, $1,500; license fees, $2,000; promotional costs, $1,200; and insurance for the fiscal year, $9,000. Prepare the journal entry to record the organizational expenses paid.
T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…
Check my The following transactions took place at the Cook Employment Agency during November 20X1. DATE TRANSACTIONS 5 Performed services for Job Search, Inc., for $40,000; received $19,000 in cash and the client promised to pay the balance in 60 days. 18 Purchased a graphing calculator for $425 and some supplies for $575 from office Supply; issued Check 1008 for the total. 23 Received Invoice 1602 for $2,100 from Automotive Technicians Repair for repairs to the firm's automobile; issued Check 1009 for half the amount and arranged, to pay the other half in 30 days. Nov. Prepare journal entries for the above transactions. View transaction list
rowne Cleaning provides cleaning services for Amber Inc., a business with four buildings. Crowne assigned different cleaning charges for each building based on the amount of square feet to be cleaned. The charges for the four buildings are $108,000, $102,600, $122,400, and $82,800. Amber secured this amount by signing a note bearing 8% interest on June 1. Required: Question Content Area 1. Prepare the journal entry to record the sale on June 1. If an amount box does not require an entry, leave it blank. 2. Determine how much interest Crowne will receive if the note is repaid on December 1. 3. prepare Crowne’s journal entry to record the cash received to pay off the note and interest on December 1. If an amount box does not require an entry, leave it blank. DO NOT GIVE SOLUTION IN IMAGE
Pomona, Inc., began business on January 1. Certain transactions for the year follow: Jun.8 Received a $30,000, 60 day, six percent note on account from R. Elliot. Aug.7 Received payment from R. Elliot on her note (principal plus interest). Sep.1 Received an $18,000, 120 day, seven percent note from B. Shore Company on account. Dec.16 Received a $14,400, 45 day, eight percent note from C. Judd on account. Dec.30 B. Shore Company failed to pay its note. Dec.31 Wrote off B. Shore’s account as uncollectible. Ponoma, Inc. uses the allowance method of providing for credit losses. Dec.31 Recorded expected credit losses for the year by an adjusting entry. Accounts written off during this first year have created a debit balance in the Allowance for Doubtful Accounts of $24,500. An analysis of aged receivables indicates that the desired balance of the allowance account should be $21,300. Dec.31 Made the appropriate adjusting entries for interest. RequiredRecord the…