Answer | |||
Sr. No | Journal | Debit ( $) | Credit ( $) |
(a) | Equipment | 4,200 | . |
To Cash | . | 4,200 | |
(Being equipment purchased on cash) | . | . | |
(b) | Purchases | 7,200 | . |
To Account Payable | . | 7,200 | |
(Being Inventory i.e. books purchased on account) | . | . | |
(c) | Cash | 4,200 | . |
To Short term Loan | . | 4,200 | |
(Being interest free loan taken from Sam) | . | . | |
(d) | Account Payable | 1,600 | . |
To Cash | . | 1,600 | |
(Being cash paid) | . | . | |
(e) | Short term Loan | 4,200 | . |
To Cash | . | 4,200 | |
(Being amount repaid to Sam) | . | ||
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value: 10.00 points M2-15 Identifying Transactions and Preparing Journal Entries [LO 2-3] Joel Henry founded Bookmart.com...
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....
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. a. The company purchased equipment for $4,700 cash. The equipment is expected to be used for 10 or more years. b. Joel's business bought $7700 worth of inventory from a publisher. The company will pay the publisher within 45-60 days. C. Joel's friend Sam lent $4.700 to the business. Sam...
M2-15 Identifying Transactions
and Preparing Journal Entries [LO 2-3] 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. The company purchased equipment for $4,900
cash. The equipment is expected to be used for 10 or more years.
Joel’s business bought $7,900 worth of inventory from a publisher.
The company will pay the publisher within 45–60 days. Joel’s friend
Sam...
ework 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. a. The company purchased equipment for $4,500 cash. The equipment is expected to be used for 10 or more years. b. Joel's business bought $7,500 worth of inventory from a publisher. The company will pay the publisher within 45-60 days. c Joel's friend Sam lent $4,500 to the business....
er 2 H Help t the beginning of August, Joel Henry founded Bookmart.com, which sells new and used books online. He is passionate about books ut does not have a lot of accounting experience. The company purchased equipment for $4,500 cash. The equipment is expected to be used for 10 or more years Joel's business bought $7,500 worth of inventory from a publisher. The company will pay the publisher within 45-60 days. Joel's friend Sam lent $4,500 to the business....
Joel Henry tounded Bookmart.com at the beginning of August, which sells new and used books online. He ls passionate about books but does not have a lot of accounting experience. Help Joel by preparing the accounting equation effects for the following transactions. (Enter any decreases to account balances with a minus sign.) a. The company purchased equipment for $5,700 cash. The equipment is expected to be used for 10 or more years. b. Joel's business bought $8,700 worth of Inventory...
a. The company purchased equipment for $4,500 cash. The equipment is expected to be used for 10o b. Joel's business bought $7,500 worth of inventory from a publisher. The company will pay the publisher c. Joel's friend Sam lent $4,500 to the business. Sam had Joel write a note promising that Bookmart.com more years within 45-60 days would repay the $4,500 in four months. Because they are good friends, Sam is not going to charge Joel interest d. The company...
Katy Williams is the manager of Blue Light Arcade. The company provides entertainment for parties and special events. a. Blue Light Arcade received $54 cash on account for a birthday party held two months ago. b. Agreed to hire a new employee at a monthly salary of $3,100. The employee starts work next month. c. Paid $2,100 for a table top hockey game purchased last month on account. d. Repaid a $5,100 bank loan that had been outstanding for six...
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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...