Homework Answers
| DATE | ACCOUNT TITLE | DEBIT | CREDIT |
| March 1 | cash | 21000 | |
| common stock | 21000 | ||
| Mar 5 | cash | 9000 | |
| Note payable | 9000 | ||
| Mar 10 | Equipment | 25000 | |
| cash | 25000 | ||
| Mar 15 | Advertising expense | 1100 | |
| cash | 1100 | ||
| Mar 22 | Accounts receivable | 18000 | |
| service revenue | 18000 | ||
| Mar 27 | cash | 13000 | |
| Accounts receivable | 13000 | ||
| Mar 28 | Salaries expense | 6000 | |
| cash | 6000 |
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E2-11 Bearcat Construction begins operations in March and has the following transactions. March 1 Issue common...
Bearcat Construction begins operations in March and has the following transactions. March 1 Issue common stock...
Bearcat Construction begins operations in March and has the following transactions. March 1 Issue common stock for $19,000. Mareh 5 Obtain $8,600 loan from the bank by signing a note. March 10 Purchase construction equipment for $23,000 cash. March 15 Purchase advertising for the current month for $1,000 cash. March 22 Provide construction services for $17,600 on account. March 27 Receive $12,600 cash on account from March 22 services. March 28 Paysalaries for the current month of $5,600. . View...
Selected transactions for Flint's Dog Care are as follows during the month of March March 1...
Selected transactions for Flint's Dog Care are as follows during the month of March March 1 Paid monthly rent of $1,370. 3 Performed services for $160 on account. 5 Performed services for cash of $85. 8 Purchased equipment for $685. The company paid cash of $90 and the balance was on account. 12 Received cash from customers billed on March 3. 14 Paid wages to employees of $600. 22 Paid utilities of $82. 24 Borrowed $1.710 from Grafton State Bank...
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances:...
The general ledger of Red Storm Cleaners at January 1, 2021,
includes the following account balances:
Accounts
Debits
Credits
Cash
$
20,000
Accounts Receivable
8,000
Supplies
4,000
Equipment
15,000
Accumulated Depreciation
$
5,000
Salaries Payable
7,500
Common Stock
25,000
Retained Earnings
9,500
Totals
$
47,000
$
47,000
The following is a summary of the transactions for the year:
1.
March
12
Provide services to customers, $60,000, of which $21,000 is on
account.
2.
May
2
Collect on accounts receivable,...
E2-5 At the beginning of April, Owl Corporation has a balance of $13,000 in the Retained...
E2-5 At the beginning of April, Owl Corporation has a balance of $13,000 in the Retained Earnings account. During the month of April, Owl had the following external transactions. 1. Issue common stock for cash, $11,000. 2. Provide services to customers on account, $8,500. 3. Provide services to customers in exchange for cash, $3,200. 4. Purchase equipment and pay cash, $7,600. 5. Pay rent for April, $1,100. 6. Pay employee salaries for April, $3,500. 7. Pay dividends to stockholders, $2,000....
Required information Exercise 2-20A Record transactions, post to T-accounts, and prepare a trial balance (LO2-4, 2-5,...
Required information Exercise 2-20A Record transactions, post to T-accounts, and prepare a trial balance (LO2-4, 2-5, 2-6) The following information applies to the questions displayed below.) Boilermaker House Painting Company incurs the following transactions for September 1. September 3 Paint houses in the current month for $17,500 on account. 2. September 8 Purchase painting equipment for $18,500 cash. 3. September 12 Purchase office supplies on account for $3,000. 4. September 15 Pay employee salaries of $3,700 for the current month....
10) Repairs Co. began business on March 1. During their first month of operations, Repairs had...
10) Repairs Co. began business on March 1. During their first month of operations, Repairs had the following transactions. March 1 Received $28,000 of cash and issued common stock to shareholders. March 5 Paid advertising expense of $1,000 in cash. March 9 Purchased land for cash of $11,500 and a $33,000 loan. March 10 Purchased $1,700 of supplies on account. March 19 Paid $800 on account. (ie, paid off accounts payable of $800) March 22 Borrowed $18,500 from the local...
E2-18 Analyzing and journalizing transactions Learning Objective 3 Journalize the transactions of Wilke Technology Solutions. Include...
E2-18 Analyzing and journalizing transactions Learning Objective 3 Journalize the transactions of Wilke Technology Solutions. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Advertising; Land; Building; Accounts Payable; Unearned Revenue; Common Stock; Service Revenue; Rent Expense; and Salaries Expense. The following transactions occurred for Wilke Technology Solutions: May 1 The business received cash of $105,000 and issued common stock to Zoe Wilke. 2 Purchased office supplies on account, $550. 4 Paid...
GP Pro Inc. opened ProCleaners on March 1.2022. During March the following transactions were completed Mar...
GP Pro Inc. opened ProCleaners on March 1.2022. During March the following transactions were completed Mar 1 Issued 10,000 shares of common stock for $15,000 cash 1 Borrowed $6.000 cash by signing a 6-month. 6% 56,000 note payable Interest will be paid the first day of each subsequent month 1 Purchased used truck for $8,000 cash 2 Paid $1,500 cash to cover rent from March 1 through May 31 3 Pald $2,400 cash on a 6-month insurance policy effective March...
Lars Linken opened Concord Cleaners on March 1, 2022. During March, the following transactions were completed....
Lars Linken opened Concord Cleaners on March 1, 2022. During March, the following transactions were completed. Mar. 1 Issued 11,000 shares of common stock for $16,500 cash. 1 Borrowed $6,600 cash by signing a 6-month, 6%, $6,600 note payable. Interest will be paid the first day of each subsequent month. 1 Purchased used truck for $8,800 cash. 2 Paid $1,800 cash to cover rent from March 1 through May 31. 3 Paid $2,700 cash on a 6-month insurance policy effective...
5 E2-18 (similar to) The following transactions occurred for Wilke Technology Solutions: (Click the icon to...
5 E2-18 (similar to) The following transactions occurred for Wilke Technology Solutions: (Click the icon to view the transactions.) Read the requirement.(Record debits first, then credits. Select the explanation on the last line of the journal entry table.) ork z Test May 1: The business received cash of $105,000 and issued common stock to Zachary Wilke. Date Accounts and Explanation Debit May 1 Credit ansactions.) debit More Info cash a Accou May 1 The business received cash of $105,000 and...
Bearcat Construction begins operations in March and has the following transactions. March 1 Issue common stock for $19,000. Mareh 5 Obtain $8,600 loan from the bank by signing a note. March 10 Purchase construction equipment for $23,000 cash. March 15 Purchase advertising for the current month for $1,000 cash. March 22 Provide construction services for $17,600 on account. March 27 Receive $12,600 cash on account from March 22 services. March 28 Paysalaries for the current month of $5,600. . View...
Selected transactions for Flint's Dog Care are as follows during the month of March March 1 Paid monthly rent of $1,370. 3 Performed services for $160 on account. 5 Performed services for cash of $85. 8 Purchased equipment for $685. The company paid cash of $90 and the balance was on account. 12 Received cash from customers billed on March 3. 14 Paid wages to employees of $600. 22 Paid utilities of $82. 24 Borrowed $1.710 from Grafton State Bank...
The general ledger of Red Storm Cleaners at January 1, 2021,
includes the following account balances:
Accounts
Debits
Credits
Cash
$
20,000
Accounts Receivable
8,000
Supplies
4,000
Equipment
15,000
Accumulated Depreciation
$
5,000
Salaries Payable
7,500
Common Stock
25,000
Retained Earnings
9,500
Totals
$
47,000
$
47,000
The following is a summary of the transactions for the year:
1.
March
12
Provide services to customers, $60,000, of which $21,000 is on
account.
2.
May
2
Collect on accounts receivable,...
E2-5 At the beginning of April, Owl Corporation has a balance of $13,000 in the Retained Earnings account. During the month of April, Owl had the following external transactions. 1. Issue common stock for cash, $11,000. 2. Provide services to customers on account, $8,500. 3. Provide services to customers in exchange for cash, $3,200. 4. Purchase equipment and pay cash, $7,600. 5. Pay rent for April, $1,100. 6. Pay employee salaries for April, $3,500. 7. Pay dividends to stockholders, $2,000....
Required information Exercise 2-20A Record transactions, post to T-accounts, and prepare a trial balance (LO2-4, 2-5, 2-6) The following information applies to the questions displayed below.) Boilermaker House Painting Company incurs the following transactions for September 1. September 3 Paint houses in the current month for $17,500 on account. 2. September 8 Purchase painting equipment for $18,500 cash. 3. September 12 Purchase office supplies on account for $3,000. 4. September 15 Pay employee salaries of $3,700 for the current month....
10) Repairs Co. began business on March 1. During their first month of operations, Repairs had the following transactions. March 1 Received $28,000 of cash and issued common stock to shareholders. March 5 Paid advertising expense of $1,000 in cash. March 9 Purchased land for cash of $11,500 and a $33,000 loan. March 10 Purchased $1,700 of supplies on account. March 19 Paid $800 on account. (ie, paid off accounts payable of $800) March 22 Borrowed $18,500 from the local...
GP Pro Inc. opened ProCleaners on March 1.2022. During March the following transactions were completed Mar 1 Issued 10,000 shares of common stock for $15,000 cash 1 Borrowed $6.000 cash by signing a 6-month. 6% 56,000 note payable Interest will be paid the first day of each subsequent month 1 Purchased used truck for $8,000 cash 2 Paid $1,500 cash to cover rent from March 1 through May 31 3 Pald $2,400 cash on a 6-month insurance policy effective March...
5 E2-18 (similar to) The following transactions occurred for Wilke Technology Solutions: (Click the icon to view the transactions.) Read the requirement.(Record debits first, then credits. Select the explanation on the last line of the journal entry table.) ork z Test May 1: The business received cash of $105,000 and issued common stock to Zachary Wilke. Date Accounts and Explanation Debit May 1 Credit ansactions.) debit More Info cash a Accou May 1 The business received cash of $105,000 and...
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