a | Cash | 80000 | |
Common Stock | 80000 | ||
b | Land | 70000 | |
Cash | 70000 | ||
c | Supplies | 17000 | |
Accounts Payable | 17000 | ||
d | Cash | 35000 | |
Notes Payable (long-term) | 35000 | ||
e | No journal entry required | ||
value: 10.00 points M2-13 Identifying Transactions and Preparing Journal Entries [LO 2-3] J.K. Builders was incorporated...
J.K. Builders was incorporated on July 1. a. Received $90,000 cash Invested by owners and issued common stock. b. Bought an unused field from a local farmer by paying $80,000 cash. As a construction site for smaller projects, it is estimated to be worth $85,000 to J.K. Builders. c. A lumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would have normally sold for $30,000, but the supplier gave J.K. Builders a 12 percent discount....
J.K. Builders was incorporated on July 1 a. Received $86,000 cash invested by owners and issued common stock b. Bought an unused field from a local farmer by paying $76,000 cash. As a construction site for smaller projects, it is estimated to be worth $81,000 to J.K. Builders c. A lumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would have normally sold for $26,000, but the supplier gave J.K. Builders a 12 percent discount....
J.K. Builders was incorporated on July 1 a Recelved $78,000 cash invested by ow b. Bo ught an unused field from a local farmer by paying $68,000 cash. As a construction site for smaller projects, it is estimated to be worth $73,000 to J.K. Builders. c A lumber supplier delivered lumber supplies to J.K. Builders for future useThe lumber supplies would have normally the suppler gave JK. Buiders a 10 percent discount.J.K. Buliders has not yet received the $16,200 bill...
J.K. Builders was incorporated on July 1. For each of the following transaction for J.K. builders, give the accounting equation effects of the adjustments required at the end of the month on July 31 and compute total assets, total liabilities, and total stockholders' equity. (Enter any decreases to account balances with a minus sign.) a. Received $70,000 cash invested by owners and issued common stock. b. Bought an unused field from a local farmer by paying $60,000 cash. As a...
Question 3 Identifying Transactions and Preparing Journal Bengal Corporation was formed on July 1, 2017. Prepare journal entries for the following events If an event is not a transaction write no transaction. Use the following accounts • Accounts Payable • Accounts Receivable • Cash • Common Stock • Equipment Land Notes Payable (long-term) Notes Payable (short-term) • Supplies a) Received $70,000 cash invested by owners and issued common stock b) A lumber supplier delivered lumber supplies to Bengal for future...
Question 3 Identifying Transactions and Preparing Journal Bengal Corporation was formed on July 1, 2017. Prepare journal entries for the following events If an event is not a transaction write "no transaction. Use the following accounts • Accounts Payable • Accounts Receivable • Cash • Common Stock • Equipment • Land • Notes Payable (long-term) Notes Payable (short-term) • Supplies a) Received $70,000 cash invested by owners and issued common stock b) A lumber supplier delivered lumber supplies to Bengal...
value: 10.00 points M2-15 Identifying Transactions and Preparing Journal Entries [LO 2-3] Joel Henry founded Bookmart.com at the beginning of August, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience a. The company purchased equipment for $4,200 cash. The equipment is expected to be used for 10 or more years b. Joel's business bought $7,200 worth of inventory from a publisher. The company will pay the publisher within...
Exercise 2-7 Preparing general journal entries LO P1 Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the owner, invested $6,500 cash and $27,950 of photography equipment in the company in exchange for common stock. 2 The company paid $2,600 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,235 cash. 20 The company received $3,650 cash in photography fees earned. 31 The company paid $878 cash...
identifying transactions and preparing journal entries M2-15 Identifying Transactions and Preparing Journal Entries (LO 2-3] 75 points At the beginning of August, Joel Henry founded Bookmart.com, which sells new and used books online. He is passionate about books but does not have a lot of accounting experience. eBook Print a. The company purchased equipment for $4,000 cash. The equipment is expected to be used for 10 or more years. b. Joel's business bought $7,000 worth of inventory from a publisher....
Exercise 2-7 Preparing general journal entries LO P1 Following are the transactions of a new company called Pose-for-Pics. 2.09 points Aug. 1 Madison Harris, the owner, invested $13,000 cash and $55.900 of photography equipment in the company in exchange for c on stock. 2 The company paid $2,800 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $2,470 cash. 20 The company received $2,250 cash in photography fees earned. 31 The company...