Date | Account Name | Debit | Credit | ||||
01-May | Payroll Exp | $12,000.00 | |||||
Cash / Bank | $12,000.00 | ||||||
03-May | Rent Exp | $3,000.00 | |||||
Cash / Bank | $3,000.00 | ||||||
05-May | Cash / Bank | $10,000.00 | |||||
Sales / Service income | $100,000.00 | ||||||
07-May | Computer Equipment | $8,500.00 | |||||
Accounts Payable | $8,500.00 | ||||||
08-May | Cash / Bank | $5,000.00 | |||||
Accounts Receivable | $5,000.00 | ||||||
12-May | Supplies Exp (1/12th) | $291.67 | |||||
Prepaid Supplies Inventory | $3,208.33 | ||||||
Accounts Payable | $3,500.00 | ||||||
15-May | Cash / Bank | $50,000.00 | |||||
Share Capital | $50,000.00 | ||||||
20-May | Accounts Payable | $3,000.00 | |||||
Cash / Bank | $3,000.00 | ||||||
25-May | Cash / Bank | $6,000.00 | |||||
Accounts Receivable | $4,000.00 | ||||||
Sales / Service Income | $10,000.00 | ||||||
28-May | Truck (Asset) | $28,000.00 | |||||
Cash / Bank | $5,000.00 | ||||||
Notes Payable | $23,000.00 |
journal entries Name Henry Tan Transactions for May 1-May Pay payroll expense for the month of...
What are the journal entries for the following transactions? Transactions to Record for the month of March 1-Mar Issued 1,000 shares of F&F common stock for $30,000. The common stock has a $10 par value. 1-Mar Paid $4,500 for rent for the Months of March and April 1-Mar Hired two employees. Each employee will be paid $20 per hour. Employees will start on March 8th. 1-Mar Borrowed $10,000 cash on a 3-year, 6% Note Payable, Interest is paid quarterly with...
The following is a list of Company transactions for the month of May. Required: a. Prepare journal entries for each of these transactions. (You may omit explanations) b. Identify the element or elements associated with each journal entry. May 1 The Company sells $25,000 of inventory to customer for $40,000, of which $20,000 is collected in cash and the rest is billed to the customer. May 3 The Company pays salaries of $4,500 that had previously been accrued at the...
Analyzing and Recording Transactions CHAPTER 2 QS 2-9 Analyzing and recording journal entries L Dee Bell Company had the following transactions in the month of May. 12-11 Cal lculate th АС May 2 Dee Bell transferred her personal car valued at $8,000 into the business. Did $4,000 of work for a customer on account. Collected $10,000 from a customer for work to be done in July 2020. Paid wages of $6,000. Collected $4,000 from the customer of May 10. Paid...
Post the journal entries to T-account from Swifty Services was formed on May 1, 2020. The following transactions took place during the first month. Transactions on May 1: 1. Jay BradFord invested $41,000 cash in the company, as its sole owner. 2. Hired two employees to work in the warehouse. They will each be paid a salary of $2,600 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $21,000 cash in advance for the first year. 4....
Prepare the journal entries for the following transactions for Miller Products, Inc. which uses a job order cost accounting system: May 1 - Purchased materials on account $10,000 May 5 - Issued direct materials to Job No. 52 $3,000 May 7 - Incurred direct labor Job. No 52 $ 5,000 May 8 - Applied factory overhead Job. No. 52 $1,500
Transactions for Skysong Company for the month of May are presented below. Prepare journal entries for each of these transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) May 1 B.D. invests $3,800 cash in exchange for common stock to start his welding business, Skysong Company....
Prepare journal entries for the following transactions that occurred during 2017. May 1 Purchased equipment on account $500 2 Paid for the equipment purchased on may1 3 Purchased supplies for the cats $100 4 Paid wages to employees $2,000 5 Performed services for a client and collected cash $750 6 Did work for a customer on credit $2,500 7 Collected the amount owing from the customer of may 6.
dable Assignment i Exercise 7.1 Identifying the journal to record transactions. LO 7-1 The accounting system of Naturally Healthy Foods includes the journals listed below. Indicate the specific journal in which transactions listed below would be recorded. Journal Date May 1 May 2 May 3 May May 5 May May 7 May 8 Transactions Purchased merchandise on credit Sold merchandise on credit. Accepted a return of merchandise from a credit customer Sold merchandise for cash Gave a 5400 allowance for...
The following transactions occurred during the May of the current year, first month of operations for Bytes Consultant Services. (1) Please journalize the transactions, (Skip lines between entries) (2) Post the transactions to the General Ledger accounts on the following pages, (3) Pull a Trial Balance from your ledger and complete the worksheet Transactions May 1 Bytes invested $20,000 cash in the business. May 1 Paid $1,000 for rent for May. May 1 Purchased equipment for $25,000, paying $10,000 in...
6. Journal entries. Record each of the following transactions in general journal format. a. Issued 50,000 shares of $1 par capital stock for $35 each. b. Billed customers for services provided, $10,000. c. Purchased supplies on account, $3,000. d. Paid monthly utility bill, $1,500 e. Verified 20 percent increase in market price of stock. f. Paid wages for the current month, $6,000. g. Purchased equipment with a list price of $50,000 by making a 20 percent down payment and financing...