Cash | Accounts Receivable | Supplies | Prepaid Van Lease | Equipment | = | Accounts Payable | Notes Payable | + | Common Stock | Retained Earnings | |
April 1 | 14000 | 14000 | |||||||||
2 | -2850 | 2850 | |||||||||
3 | 10000 | 10000 | |||||||||
3 | -2000 | 5500 | 3500 | ||||||||
4 | -4300 | 4300 | |||||||||
7 | -350 | -350 | |||||||||
21 | 3500 | 3500 | |||||||||
23 | -1500 | -1500 | |||||||||
28 | 2300 | -2300 | |||||||||
29 | -1000 | -1000 | |||||||||
30 | -1750 | -1750 | |||||||||
30 | -350 | -350 | |||||||||
12200 | 1200 | 4300 | 2850 | 5500 | = | 2000 | 10000 | + | 14000 | 50 |
Date | Description | Debit | Credit |
April 1 | Cash | 14000 | |
Common stock | 14000 | ||
Owner purchased common stock for cash. | |||
2 | Prepaid van lease | 2850 | |
Cash | 2850 | ||
Paid six months' lease on van. | |||
3 | Cash | 10000 | |
Notes payable | 10000 | ||
Borrowed money from bank for one year, interest rate of 10%. | |||
3 | Equipment | 5500 | |
Cash | 2000 | ||
Accounts payable | 3500 | ||
Purchased equipment, made down payment with balance due in 30 days. | |||
4 | Supplies | 4300 | |
Cash | 4300 | ||
Purchased supplies for cash. | |||
7 | Advertising expense | 350 | |
Cash | 350 | ||
Paid for April advertising. | |||
21 | Accounts receivable | 3500 | |
Cleaning fees earned | 3500 | ||
Billed customers for services. | |||
23 | Accounts payable | 1500 | |
Cash | 1500 | ||
Payment on account. | |||
28 | Cash | 2300 | |
Accounts receivable | 2300 | ||
Collections from customer on account. | |||
29 | Dividends | 1000 | |
Cash | 1000 | ||
Shareholders are paid a cash dividend. | |||
30 | Wage expense | 1750 | |
Cash | 1750 | ||
Paid wages for April. | |||
30 | Fuel expense | 350 | |
Cash | 350 |
Transaction Entries Final Clean, a firm providing house-cleaning services, began business on April 1. The following...
Final Clean, a firm providing house-cleaning services, began business on April 1. The following accounts in its general ledger are needed to record the transactions for April: Cash; Accounts Receivable; Supplies: Prepaid Van Lease; Equipment; Accounts Payable; Notes Payable Comman Stock; Retained Earnings: Dividends; Cleaning Fees Earned; Wage Expense; Advertising Expense; and Fuel Expense. Apri 1 Randy Smith invested $14,00 cash tr begin the business; he received commen stock for his investment. 2 Paid six months' lease on a van,...
B. Fischer started Fischer Company, a cleaning services firm, on April 1. April 1 B. Fischer invested $5,400 cash to begin the business in exchange for common stock. April 2 Paid $1,710 cash for six months' lease on a van for the business. April 3 Borrowed $6,000 cash from a bank and signed a note payable, agreeing to repay it in one year plus 10% interest. April 4 Purchased $3,300 in cleaning equipment; the company paid $1,500 cash with the...
April 1 Randy Smith invested $14,000 cash to begin the business; he received common stock for his investment. 2 Paid six months' lease on a van, $2,850. 3 Borrowed $10,000 from a bank and signed a note payable agreeing to repay the $10,000 in one year plus 10 percent interest. 3 Purchased $5,500 of cleaning equipment; paid $2,000 down with the remainder due within 30 days. 4 Purchased cleaning supplies for $4,300 cash. 7 Paid $350 for newspaper advertisements to...
Preparing Journal Entries and Posting B. Fischer started Fischer Company, a cleaning services firm, on April 1. April 1 B. Fischer invested $5,400 cash to begin the business in exchange for common stock. April 2 Paid $1,710 cash for six months’ lease on a van for the business. April 3 Borrowed $6,000 cash from a bank and signed a note payable, agreeing to repay it in one year plus 10% interest. April 4 Purchased $3,300 in cleaning equipment; the company...
Transaction Entries Unique Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger are needed to record the transactions for June: Cash; Accounts Receivable; Supplies Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Salaries Expense. June 1 Emily Holmes invested 55,000 cash to begin the business, she received common stock for her investment. 2 Paid rent fer june, $375 3 Purchased office equipment...
PLEASE HELP WITH ACOUNTING EQUATION AND JOURNAL ENTRIES Transaction Entries Creative Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable: Common Stock: Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Salaries Expense. June 1 Lisa Ryan invested $21,000 cash to begin the business she received common stock for her investment 2 Paid...
Cissi Jean Oliver opened Cleaning Angels, Inc. on March 31, 2019. During April, the following transactions were completed: Apr 1 Issued 5,000 shares of Cleaning Angels common stock for $13,000. Each share has a $1.00 par. 1 Borrowed $8,000 on a 2-year, 9% note payable. 1 Paid $9,020 to purchase used floor and window cleaning equipment from a company going out of business ($4,820 was for the floor equipment and $4,200 for the window equipment). 1 Paid...
April Transactions Date Transaction Description April 1 Started a landscaping business by making a $50,000 deposit in a company bank account, in exchange for 5,000 shares of $10 par value common stock. April 1 Purchased insurance for the year and paid $3,600 cash. April 1 Paid monthly rental of $2,500 cash on a warehouse to store the landscaping equipment. April 3 Purchased landscaping equipment from Toro for $15,000, paying a downpayment of $10,000 cash, and $5,000 on account. April 5...
Karen Noonan opened Larkspur Cleaning Services Inc. on February 1, 2022. During February, the following transactions were completed: Feb. 1 i 1 3 4 5 5 Issued 3,800 shares of Larkspur Cleaning Services common stock for $9,880. Each share has a $1.50 par. Borrowed $6,080 on a 2-year, 6% note payable. Paid $6,860 to purchase used floor and window cleaning equipment from a company going out of business ($3,660 was for the floor equipment and $3,200 for the window equipment)....
A company provides services to customers on account for $2,400. Indicate the amount of increases and decreases in the accounting equation. 51. Below are the transactions for Cleaning Racer, Inc. for April, the first month of operations. April 1 April 2 April 7 April 10 April 12 April 16 April 19 April 23 April 29 April 30 April 30 Borrow$50,000 from the bank by signing a note. s sue common stock in exchange for cash of $20,000. Purchase equipment for...