July 1 Acquired $28,000 cash by issuing common stock. July 2 Paid $6,600 cash in advance...

Question

Question

July 1 Acquired $28,000 cash by issuing common stock. July 2 Paid $6,600 cash in advance...

July 1	Acquired $28,000 cash by issuing common stock.
July 2	Paid $6,600 cash in advance for a one-year lease on an office.
July 2	Borrowed $18,000 from National Bank by signing a two-year note with interest at 9% per year. The principal and interest will be repaid on July 1, 2021.
July 3	Paid $14,400 cash for office equipment with a useful life of 5 years and no salvage value.
July 4	Paid $300 cash for a one-year insurance policy.
July 7	Purchased supplies on account for $450.
July 10	Earned $9,000 of consulting revenue. Client paid cash.
July 15	Hired a secretary-receptionist and agreed to pay him $1,200 a month, payable the first of every month for the wages earned in the prior month.
July 20	Received monthly utility bill for $120. It will be paid in August.
July 22	Received $3,000 from a client for services to be performed in August
July 25	Billed clients for providing $8,000 in services.
July 28	Paid for supplies purchased on July 7.
July 30	Collected $2,700 from accounts receivable.
July 1	Acquired $28,000 cash by issuing common stock.
July 2	Paid $6,600 cash in advance for a one-year lease on an office.
July 2	Borrowed $18,000 from National Bank by signing a two-year note with interest at 9% per year. The principal and interest will be repaid on July 1, 2021.
July 3	Paid $14,400 cash for office equipment with a useful life of 5 years and no salvage value.
July 4	Paid $300 cash for a one-year insurance policy.
July 7	Purchased supplies on account for $450.
July 10	Earned $9,000 of consulting revenue. Client paid cash.
July 15	Hired a secretary-receptionist and agreed to pay him $1,200 a month, payable the first of every month for the wages earned in the prior month.
July 20	Received monthly utility bill for $120. It will be paid in August.
July 22	Received $3,000 from a client for services to be performed in August
July 25	Billed clients for providing $8,000 in services.
July 28	Paid for supplies purchased on July 7.
July 30	Collected $2,700 from accounts receivable.

Requirement #1: Prepare journal entries for the July transactions and post to the ledger.

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Credit Journal entries Date Account 1-Jul Cash Common Stock Debit $ 28,000 $ 28,000 $ 6,600 2-Jul Prepaid Rent Cash $ 6,600 $ Credit Credit Date Debit Date Credit Accounts Receivable 25-Jul $ 8,000 30-Jul $ 2,700 Date Debit Date Supplies 7-Jul $ 450 D

Add a comment

Answer 2

Similar Homework Help Questions

July 1 Acquired $28,000 cash by issuing common stock. July 2 Paid $6,600 cash in advance...

July 1 Acquired $28,000 cash by issuing common stock. July 2 Paid $6,600 cash in advance for a one-year lease on an office. July 2 Borrowed $18,000 from National Bank by signing a two-year note with interest at 9% per year. The principal and interest will be repaid on July 1, 2021. July 3 Paid $14,400 cash for office equipment with a useful life of 5 years and no salvage value. July 4 Paid $300 cash for a one-year insurance...
July 1 Acquired $28,000 cash by issuing common stock. July 2 Paid $6,600 cash in advance...

July 1 Acquired $28,000 cash by issuing common stock. July 2 Paid $6,600 cash in advance for a one-year lease on an office. July 2 Borrowed $18,000 from National Bank by signing a two-year note with interest at 9% per year. The principal and interest will be repaid on July 1, 2021. July 3 Paid $14,400 cash for office equipment with a useful life of 5 years and no salvage value. July 4 Paid $300 cash for a one-year insurance...
Only needs July 1 balances for the ledger accounts. At June 30, 2017, the end of...

Only needs July 1 balances for the ledger accounts. At June 30, 2017, the end of its most recent fiscal year, Swifty Computer Consultants' post-closing trial balance was as follows: Debit Credit Cash $6,170 Accounts receivable 1,420 Supplies 810 Accounts payable $470 Unearned service revenue 1,320 Common stock 4,200 Retained earnings 2,410 $8,400 $8,400 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Swifty conducted the following transactions during July 2017, and...

Apr. 1 1 2 3 10 11 20 30 30 Stockholders invested $18,270 cash in exchange...

Apr. 1 1 2 3 10 11 20 30 30 Stockholders invested $18,270 cash in exchange for common stock of the corporation. Hired a secretary-receptionist at a salary of $381 per week, payable monthly. Paid office rent for the month $914. Purchased architectural supplies on account from Burmingham Company $1,320. Completed blueprints on a carport and billed client $1.929 for services. Received $711 cash advance from M. Jason to design a new home. Received $2,842 cash for services completed and...
1/1 An Investor acquired 100% of Crazy’s stock with an investment of 5400.000 cash. Par value...

1/1 An Investor acquired 100% of Crazy’s stock with an investment of 5400.000 cash. Par value of stock was 100.00/share and a thousand shares were sold 1/1 Crazy borrowed $250,000 cash by issuing a 3-year note with a stated interest rate of 10% per year. To be compounded annually. The interest xviii be paid on January 1 of each year (starting next year); and the principal will be paid on maturity 1/2 Prepaid a year’s rent for $24,000 (cash) for...
Vera Ernst is a licensed dentist. During the first month of the operation of her business,...

Vera Ernst is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April i invested $20,000 cash in her business. 1 Hired a secretary-receptionist at a salary of $700 per week payable monthly. 2 Paid office rent for the month $1,500. 3 Purchased dental supplies on account from Dazzle Company $4,000. 10 Performed dental services and billed Insurance companies $5,100. 11 Received $1,000 cash advance from Leah Mataruka for an...

Vera Ernst is a licensed dentist. During the first month of the operation of her business,...

Vera Ernst is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 1 2 3 10 Invested $22,000 cash in her business. Hired a secretary-receptionist at a salary of $700 per week payable monthly. Paid office rent for the month $1,000. Purchased dental supplies on account from Dazzle Company $3,900. Performed dental services and billed insurance companies $5,000. Received $1,500 cash advance from Leah Mataruka for an implant....
please write the answer as if you are filling in the boxes itself simply. Click to...

please write the answer as if you are filling in the boxes itself simply. Click to come the Daten-ellek to s t recent fiscal year, Flounder Computer Consultants post-closing trial balance was as follows: Debit Credit Accounts receivable Supplies $4,390 1,010 500 Accounts payable Unearned service revenue $340 940 3.000 Common stock Retained earnings 1.700 $5.900 $5,000 The company underwent a major expansion in July. New staff was hired and more financing was obtained. Flounder conducted the following transactions during...
Please create the journal entry for each transaction in the general journal. LeBron is a licensed...

Please create the journal entry for each transaction in the general journal. LeBron is a licensed CPA. During the first month of operations of his business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $73,600 cash and equipment valued at $32,200 in the business. 2 Hired a secretary-receptionist at a salary of $667 per week, payable monthly. 3 Purchased supplies on account $1,610. 7 Paid office rent of $1,380 for the month. 11 Completed a tax...

Current Attempt in Progress Ayala Architects incorporated as licensed architects on April 1, 2017. During the...

Current Attempt in Progress Ayala Architects incorporated as licensed architects on April 1, 2017. During the first month of the operation of the business, these events and transactions occurred: Apr. 1 Stockholders invested $21,420 cash in exchange for common stock of the corporation. 1 Hired a secretary-receptionist at a salary of $446 per week, payable monthly. 2 Paid office rent for the month $1,071. 3 Purchased architectural supplies on account from Burmingham Company $1,547. 10 Completed blueprints on a carport...

July 1 Acquired $28,000 cash by issuing common stock. July 2 Paid $6,600 cash in advance...

Homework Answers