Record the transaction effects determined in requirement 1 using a journal entry format.
Issued 3,600 shares for $360,000
Borrowed $130,000 cash from a local bank, payable June 30, 2020
Bought a factory building for $222,000; paid $102,000 in cash
and signed a three-year note for the balance
Paid cash for equipment that cost $240,000
Purchased supplies for $36,000 on account
Homework Answers
Add Answer to:
Record the transaction effects determined in requirement 1 using
a journal entry format.
Issued 3,600 shares...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: Accounts Payable Factory Building Cash Contributed Capital Equipment $21,800 103,300 29, 300 191,00 129, eee Land Notes Payable, due 2019 Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378,000 cash. b. Borrowed $112.000 cash from a local bank, payable June...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: Accounts Payable Factory Building Cash Contributed Capital Equipment $21,800 103,300 29, 300 191,00 129, eee Land Notes Payable, due 2019 Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378,000 cash. b. Borrowed $112.000 cash from a local bank, payable June...
Deliberate Speed Corporation (OS) was incorporated as a private company on June 1, 2017. The company's...
Deliberate Speed Corporation (OS) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017 Accounts Payable Factory using Cash Contributed Capital Equipment $ 22.000 103.60 192.000 130,000 Land Notes Payable, due 2009 Betained tarnings Supplies $ 212,000 4,400 265,000 8,200 During the month of July, the company had the following activities a. Issued 3760 shares for $376,000 cash b. Borrowed 5114.000 cash from a local bank, payable June 30, 2020...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: $ 211,000 Accounts Payable Factory Building Cash Contributed Capital Equipment $ 21,000 103,300 29,300 191,00 129,000 Land Notes Payable, due 2019 Retained Earnings Supplies 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378.000 cash. b. Borrowed $112,000 cash from a local bank, payable June 30, 2020...
Questions 11 16 (of 16) Save Exit Submit [The following information applies to the questions displayed below.] Delibera...
Questions 11 16 (of 16) Save Exit Submit [The following information applies to the questions displayed below.] Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 Accounts Payable Buildings 29,800 121,000 53,250 Cash Common Stock 240,000 Equipment 134,500 Land 285,000 Notes Payable (long-term) Retained Earnings Supplies 3,100 332,850 12,000 During the month of July, the company had the following activities: a. Issued 6,300 shares of common stock for $630,000 cash...
Required information (The following information applies to the questions displayed below) Deliberate Speed Corporation (DSC) was...
Required information (The following information applies to the questions displayed below) Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 27,400 146,000 52,75e 190,000 140,000 220,000 5,950 342,700 7,300 During the month of July, the company had the following activities: a. Issued 6,000 shares of common stock for $600,000 cash. b. Borrowed $151,000 cash from...
CC2-1 Accounting for the Establishment of a Business [LO1, LO2, LO3, LO4, LO5] Nicole has decided...
CC2-1 Accounting for the Establishment of a Business [LO1, LO2, LO3, LO4, LO5] Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30, 2017 a. Received $78,300 cash when issuing 7,830 new shares. b. Purchased some land by paying $1,700 cash and signing a note payable for $8,500 due in 2017. c. Hired...
Alexandray's Interiors, Inc., is a leading international manufacturer and retailer of home furnishings. The following is...
Alexandray's Interiors, Inc., is a leading international manufacturer and retailer of home furnishings. The following is adapted from Alexander's balance sheet as of September 30, 2017 Dollars are in millions) Cash Accounts Receivable Inventories Other Current Assets Property. Plant, and Equipment Other Assets $164.00 Accounts Payable 24.09 Wages and Other Expenses Payable Long-Term Det 38.00 Other Long-Term Liabilities 401.00 Contributed Capital 123.00 Retained tarings $38.00 147.00 239.00 56.00 Assume that the following events occurred in the quarter ended December 31...
Injection Plastics Company has been operating for three years. At December 31, 2017, the accounting records...
Injection Plastics Company has been operating for three years. At December 31, 2017, the accounting records reflected the following: $ Cash Investments (short-term) Accounts receivable Inventories Notes receivable (long-term) Equipment Factory building $ 21,000 Intangibles 2.000 Accounts payable 3,000 Accrued liabilities 24,000 Short-term borrowings 1,000 Notes payable (long-term) 48.000 Contributed capital 90,000 Retained earnings 3,000 15,000 2,000 7,000 48,000 90.000 30,000 During the year 2018, the following summarized transactions were completed: a. Purchased equipment that cost $18,000; paid $6,000 cash...
Injection Plastics Company has been operating for three years. At December 31, 2017, the accounting records...
Injection Plastics Company has been operating for three years. At December 31, 2017, the accounting records reflected the following: $ Cash Investments (short-term) Accounts receivable Inventories Notes receivable (long-term) Equipment Factory building $ 31,000 Intangibles 4,000 Accounts payable 5,000 Accrued liabilities 34,000 Short-term borrowings 3,000 Notes payable (long-term) 58,000 Contributed capital 100,000 Retained earnings 5,000 17,000 4.000 9,000 58,000 110,000 42,000 During the year 2018, the following summarized transactions were completed: a. Purchased equipment that cost $22,000; paid $8,000 cash...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: Accounts Payable Factory Building Cash Contributed Capital Equipment $21,800 103,300 29, 300 191,00 129, eee Land Notes Payable, due 2019 Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378,000 cash. b. Borrowed $112.000 cash from a local bank, payable June...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: Accounts Payable Factory Building Cash Contributed Capital Equipment $21,800 103,300 29, 300 191,00 129, eee Land Notes Payable, due 2019 Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378,000 cash. b. Borrowed $112.000 cash from a local bank, payable June...
Deliberate Speed Corporation (OS) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017 Accounts Payable Factory using Cash Contributed Capital Equipment $ 22.000 103.60 192.000 130,000 Land Notes Payable, due 2009 Betained tarnings Supplies $ 212,000 4,400 265,000 8,200 During the month of July, the company had the following activities a. Issued 3760 shares for $376,000 cash b. Borrowed 5114.000 cash from a local bank, payable June 30, 2020...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: $ 211,000 Accounts Payable Factory Building Cash Contributed Capital Equipment $ 21,000 103,300 29,300 191,00 129,000 Land Notes Payable, due 2019 Retained Earnings Supplies 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378.000 cash. b. Borrowed $112,000 cash from a local bank, payable June 30, 2020...
Questions 11 16 (of 16) Save Exit Submit [The following information applies to the questions displayed below.] Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 Accounts Payable Buildings 29,800 121,000 53,250 Cash Common Stock 240,000 Equipment 134,500 Land 285,000 Notes Payable (long-term) Retained Earnings Supplies 3,100 332,850 12,000 During the month of July, the company had the following activities: a. Issued 6,300 shares of common stock for $630,000 cash...
Required information (The following information applies to the questions displayed below) Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30: Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 27,400 146,000 52,75e 190,000 140,000 220,000 5,950 342,700 7,300 During the month of July, the company had the following activities: a. Issued 6,000 shares of common stock for $600,000 cash. b. Borrowed $151,000 cash from...
CC2-1 Accounting for the Establishment of a Business [LO1, LO2, LO3, LO4, LO5] Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30, 2017 a. Received $78,300 cash when issuing 7,830 new shares. b. Purchased some land by paying $1,700 cash and signing a note payable for $8,500 due in 2017. c. Hired...
Alexandray's Interiors, Inc., is a leading international manufacturer and retailer of home furnishings. The following is adapted from Alexander's balance sheet as of September 30, 2017 Dollars are in millions) Cash Accounts Receivable Inventories Other Current Assets Property. Plant, and Equipment Other Assets $164.00 Accounts Payable 24.09 Wages and Other Expenses Payable Long-Term Det 38.00 Other Long-Term Liabilities 401.00 Contributed Capital 123.00 Retained tarings $38.00 147.00 239.00 56.00 Assume that the following events occurred in the quarter ended December 31...
Injection Plastics Company has been operating for three years. At December 31, 2017, the accounting records reflected the following: $ Cash Investments (short-term) Accounts receivable Inventories Notes receivable (long-term) Equipment Factory building $ 21,000 Intangibles 2.000 Accounts payable 3,000 Accrued liabilities 24,000 Short-term borrowings 1,000 Notes payable (long-term) 48.000 Contributed capital 90,000 Retained earnings 3,000 15,000 2,000 7,000 48,000 90.000 30,000 During the year 2018, the following summarized transactions were completed: a. Purchased equipment that cost $18,000; paid $6,000 cash...
Injection Plastics Company has been operating for three years. At December 31, 2017, the accounting records reflected the following: $ Cash Investments (short-term) Accounts receivable Inventories Notes receivable (long-term) Equipment Factory building $ 31,000 Intangibles 4,000 Accounts payable 5,000 Accrued liabilities 34,000 Short-term borrowings 3,000 Notes payable (long-term) 58,000 Contributed capital 100,000 Retained earnings 5,000 17,000 4.000 9,000 58,000 110,000 42,000 During the year 2018, the following summarized transactions were completed: a. Purchased equipment that cost $22,000; paid $8,000 cash...
Most questions answered within 3 hours.
-
Write In JAVA:
Part 1
The use of computers in education is referred to as
computer-assisted...
asked 1 minute ago -
Show all of your work and use the half-reaction method
for acidic redox reactions.
1.
H2O2aq+...
asked 2 minutes ago -
The Harry and Belinda Johnson Family Might Have a Career
Change
Harry has started out fine...
asked 9 minutes ago -
Tyler Company acquired all of Jasmine Company’s outstanding
stock on January 1, 2016, for $244,700 in...
asked 11 minutes ago -
In the guanidinium ion, [C(NH2)3] + , what is the best
description of the hybridizations of...
asked 15 minutes ago -
Could you please explain, how this code works?
public void addAfter(int element){
if (this.manyItems == 0){...
asked 26 minutes ago -
Does the complexity of the project dictate the estimating
method?
asked 22 minutes ago -
in regards to the movie FRIDA,
The movie has as its background the Mexican Revolution, thus:...
asked 27 minutes ago -
a) A given electrical circuit operating on "V" volts with "R"
ohms of resistance draws 5.8...
asked 30 minutes ago -
Describe three challenges you think payroll accountants face in
their job responsibilities. Also, if you were...
asked 34 minutes ago -
The probability that a person living in a certain city owns a
dog is estimated to...
asked 35 minutes ago -
From a box of fruit containing 38 oranges and 1 apple a random
sample of 2...
asked 54 minutes ago