Homework Answers
| Answer | |||
| Date | Accounts Titles and explanation | Debit $ | Credit $ |
|
May-05 |
Cash | $ 17,800 | |
| Loan from bank ( Note Payable ) | $ 17,800 | ||
| ( To record borrowing of cash from bank ) | |||
| May-10 | Cash | $ 14,500 | |
| Sales revenue | $ 14,500 | ||
| ( To Record cash sale ) | |||
| May-19 | Salaries expense | $ 8,600 | |
| Cash | $ 8,600 | ||
| ( To Record payments of salaries ) | |||
| May-22 | Supplies | $ 4,600 | |
| Cash | $ 4,600 | ||
| ( To record purchaes of suppliers ) | |||
| May-22 | Supplies Expense | $ 4,600 | |
| Supplies | $ 4,600 | ||
| ( To records use of supplies ) | |||
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Cornerstone Exercise 2-25 (Algorithmic) Journalize Transactions Four transactions that occurred during May are listed below. a....
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Cornerstone Exercise 2-21 (Algorithmic) Transaction Analysis Morgan Inc. entered into the following transactions: a. Issued common stock to investors in exchange for $40,000 cash. b. Borrowed $15,300 cash from First State Bank. c. Purchased $8,000 of supplies on credit. d. Paid for the purchase in Transaction c. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. Stockholders'...
Is
this correct?
The Copy Center had the transactions listed below during the month of June. TRANSACTIONS 1. John Amos started the business with a cash investment of $45,000. 2 Purchased equipment for $14.500 on credit. 3. Performed services for $3,600 in cash. 4. Purchased additional equipment for $3,100 in cash. 5. Performed services for $4.300 on credit 6. Paid salaries of $3,700 to employees. 7. Received $1,700 cash from charge account customers. 8. Paid $7,000 to a creditor on...
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