A lumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would...
A lumber supplier delivered lumber supplies to J.K. Builders for future use. The lumber supplies would have normally sold for $18,000, but the supplier gave J.K. Builders a 10 percent discount. J.K. Builders has not yet received the $16,200 bill from the supplier. Record the transaction.
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Record the transaction as follows:
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A lumber supplier delivered lumber supplies to J.K. Builders for
future use. The lumber supplies would...
J.K. Builders was incorporated on July 1. For each of the following transaction for J.K. builders,...
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...
J.K. Builders was incorporated on July 1 a. Received $86,000 cash invested by owners and issued...
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. Received $90,000 cash Invested by owners and issued...
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....
value: 10.00 points M2-13 Identifying Transactions and Preparing Journal Entries [LO 2-3] J.K. Builders was incorporated...
value: 10.00 points M2-13 Identifying Transactions and Preparing Journal Entries [LO 2-3] J.K. Builders was incorporated on July 1 a. Received $80,000 cash invested by owners and issued common stock. b. Bought an unused field from a local farmer by paying $70,000 cash. As a construction site for smaller projects, it is estimated to be worth $75,000 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...
J.K. Builders was incorporated on July 1 a Recelved $78,000 cash invested by ow b. Bo...
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...
Question 3 Identifying Transactions and Preparing Journal Bengal Corporation was formed on July 1, 2017. Prepare...
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...
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 each of the following transactions of Spotlighter, Inc., for the month of January, indicate the...
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Borrowed $5,540 from a local bank on a note due in six months. b. Received $6,230 cash from investors and issued common stock to them. C. Purchased $2,600 in equipment, paying $1,000 cash and promising the rest...
Transactions Record the following transactions using the Accounting Equation Transaction 1. Purchased supplies for $750.00 on...
Transactions Record the following transactions using the Accounting Equation Transaction 1. Purchased supplies for $750.00 on account. Transaction 2. Provided services of $8,000.00 to patients on account. Transaction 3. Paid a premium of $3,000.00 for a 3 year insurance policy. Transaction 4. Prepaid insurance expired $1,000.00. Transaction 5. Received $2,000.00 in advance of services yet to be performed. Transaction 6. Supplies used up $500.00. Transaction 7. Sold merchandise on account $20,000.00 terms 1/10,n/30. The cost of the merchandise was $14,000.00...
Uncle Ernie's Lumber Emporium Read the following scenario and complete the financial statements a...
Uncle Ernie's Lumber Emporium Read the following scenario and complete the financial statements and calculate the appropriate financial ratios I have attached a file containing an Excel spreadsheet for your convenience Part-1 Your uncle Ernie just passed away and left you his lumber yard. The will says that you must operate the lumberyard for at least five years after his death; after the five year period you can sell it or continue to operate it. Going through last year's records...
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...
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. 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....
value: 10.00 points M2-13 Identifying Transactions and Preparing Journal Entries [LO 2-3] J.K. Builders was incorporated on July 1 a. Received $80,000 cash invested by owners and issued common stock. b. Bought an unused field from a local farmer by paying $70,000 cash. As a construction site for smaller projects, it is estimated to be worth $75,000 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...
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...
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...
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided. (Enter any decreases to account balances with a minus sign.) a. (Sample) Borrowed $5,540 from a local bank on a note due in six months. b. Received $6,230 cash from investors and issued common stock to them. C. Purchased $2,600 in equipment, paying $1,000 cash and promising the rest...
Transactions Record the following transactions using the Accounting Equation Transaction 1. Purchased supplies for $750.00 on account. Transaction 2. Provided services of $8,000.00 to patients on account. Transaction 3. Paid a premium of $3,000.00 for a 3 year insurance policy. Transaction 4. Prepaid insurance expired $1,000.00. Transaction 5. Received $2,000.00 in advance of services yet to be performed. Transaction 6. Supplies used up $500.00. Transaction 7. Sold merchandise on account $20,000.00 terms 1/10,n/30. The cost of the merchandise was $14,000.00...
Uncle Ernie's Lumber Emporium Read the following scenario and complete the financial statements and calculate the appropriate financial ratios I have attached a file containing an Excel spreadsheet for your convenience Part-1 Your uncle Ernie just passed away and left you his lumber yard. The will says that you must operate the lumberyard for at least five years after his death; after the five year period you can sell it or continue to operate it. Going through last year's records...
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