July 1 | Began business by making a deposit in a company bank account of $40,000, in exchange | |||||||
for 4,000 shares of $10 par value common stock. | ||||||||
July 3 | Paid the current month's rent, $2,500 | |||||||
July 5 | Paid the premium on a 1-year insurance policy, $3,600 | |||||||
July 7 | Purchased supplies on account from Little Company, $700. | |||||||
July 10 | Paid employee salaries, $2,800 | |||||||
July 14 | Purchased equipment from Lake Company, $9,500. Paid $1,500 down and the balance was | |||||||
placed on account. Payments will be $500.00 per month for 20 months. The first payment is due 8/1. | ||||||||
Note: Use accounts payable for the balance due. | ||||||||
July 15 | Received cash for preparing tax returns for the first half of July, $6,500 | |||||||
July 19 | Made payment on account to Lake Company, $500. | |||||||
July 31 | Received cash for preparing tax returns for the last half of July, $8,250 | |||||||
July 31 | Declared and paid cash dividends of $450. |
a) One month's insurance has expired. | ||||
b) The remaining inventory of supplies is $300. | ||||
c) The estimated depreciation on equipment is $125. | ||||
d) The estimated income taxes are $2700. |
For the numbered transaction i need Journal entries with narration, ledger accounts, trial balance. Then for transactions a,b,c and d i need adjusting journal entries, then adjusted trial balance. Then income statement, statement of retained earnings and balance sheet(july31st). Then closing entries for t account as of july 31st. Thank you
July 1 Began business by making a deposit in a company bank account of $40,000, in...
Requirement #1: During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 3 Paid the current month's rent, $2,500 July 5 Paid the premium on a 1-year insurance policy, $3,600 July 7 Purchased supplies on account from Little...
a) One month's insurance has expired. b) The remaining inventory of supplies is $300. c) The estimated depreciation on equipment is $125. d) The estimated income taxes are $2700. Requirements 1.Prepare the closing entries at July 31 in the general journal 2. Post the closing entries to the general ledger T-accounts and compute ending balances. Just add to the adjusted balances already listed. Requirement #1: During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation,...
Clipboard Font Alignment Number H56 B A С E G M D H P N K O 1 Requirement #1: 2 During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation 3 completed the following transactions 4 5 July 1 Began business by making a deposit in a company bank account of $60,000, in exchange B for 6,000 shares of $10 par value common stock 7 8 July 3 Paid the current month's ront, $3,500...
REQUIREMENT #7 Okay, I have a case study I need to complete by the end of this week but I am stuck. Plus, I need to make sure that I am doing this correctly. It is a layered challenge. I will have to send the study in pieces because I could not attach the actual document. Requirement #7: Prepare the financial statements for...
Calibri 11 - BIV A. A JULY TRANSACTIONS Prepare and post journal entries to record the July transactions. During July, Bob Lutz completed these transactions for Lutz Repair Service: July 1st Paid the monthly rent, $1,700. I July 1. made the monthly payment to Bilbao Company. $1,200. July 6. Purchased additional repair supplies for the first half of the month, $3,452 acer c des chrome-extension://bpmcpldpdmajfigpchkicefoigmkfalc/views/app.html а Calibri 11 Β Ι Ο A. A July 15. Received cash repair revenue for...
9) Student Painters Inc, began business on July 1. During their first month of operations, Student Painters had the following transactions. July 1 Received $39,000 of cash and issued common stock to shareholders. July 3 Purchased supplies of $200 and equipment of $3,100, both on account. July 5 Painted a house for a customer, who paid $1,600 in cash. July 7 Purchased land for cash of $27,000. July 11 Performed painting services for a customer, who was billed for $900....
Dec 1 Eliud deposited $110,000 cash in a bank account in the name of the business, Eliud's Leasing Inc. Dec 1 Paid 9,000 to Hernandez Realty as three months advance rent on the rental yard and office formerly occupied by Rent-it. Dec 1 Purchased office supplies on account from Sterling Office co. 1,900. Payment due in 30 days Dec 6 Purchased for 160,000 all equipment formerly owned by Rent-it. Paid 60,000 cash and issued a one year note payable for...
On July 1, 2013, Swarina Patel created a new self-storage business, Patel Storage Co. The following transactions occurred during the company's first month July1 Patel invested $30,000 cash and buildings worth $150,000 in the company in exchange for common stock 2 The company rented equipment by paying $2,000 cash for the first month's (July) rent. 5 The company purchased $2,400 of office supplies for cash 10 The company paid $7,200 cash for the premium on a 12-month insurance policy. Coverage...
MJH repair services engaged in the following transactions: May 1 Began business by issuing common stock for cash, $10,000. 1 Paid this month’s rent, $850 1Paid the premium on a one year insurance policy, $960 2 Purchased $8400 of repair equipment with $1200 in cash and $7200 on account 5 Purchased repair supplies on credit, $936 8 Paid cash for an advertisement, $120 15 Received $800 in repair revenue 21 Paid accounts payable $450 31 Received cash revenue, $1950 31...
Transaction Entries, Posting, Trial Balance, and Adjusting Entries Zhou Karate School began business on June 1. Transactions for June are as follows: $10,000 $4,750 Po Zhou contributed his personal funds in exchange for common stock to begin the business. 2 Purchased equipment for a total of Paid cash of $950, with the balance due in 30 days. 3 Paid 6 months' rent. 4 Paid one-year premium on liability insurance. 5 Paid June newspaper advertising. 6 Billed participants for karate lessons...