Homework Answers
Journal entries
| Transaction | General Journal | Debit | Credit |
| A | Supplies | 4200 | |
| Cash | 4200 | ||
| B | Salaries and wages expense | 4380 | |
| Cash | 4380 | ||
| c | Prepaid rent | 440 | |
| Cash | 440 | ||
| d | Account receivable | 12600 | |
| Service revenue | 12600 | ||
| e | Account payable | 500 | |
| Cash | 500 | ||
| f | Cash | 290 | |
| Unearned service revenue | 290 | ||
| g | Repairs expense | 440 | |
| Repairs payable | 440 | ||
| h | Equipment | 870 | |
| Cash | 870 | ||
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Arthur Industries entered into the following transactions during the month of June. A Purchased supplies for...
Arthur Industries entered into the following transactions during the month of June. A Purchased supplies for...
Arthur Industries entered into the following transactions during the month of June. A Purchased supplies for $5,200 cash. B. Paid $4.480 for salaries and wages for the month of June. C. Paid $560 in advance for July rent. D. Provided $12,200 in services on account E Paid $500 on accounts payable. F. Received $190 from customers as deposits for future services. G. Received a bill for $470 from the plumber who repaired a broken pipe in the restrooms, but will...
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased...
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system); (2) paid $44,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $128,000 to credit customers for $220,000; (4) collected $200,000 in cash from credit customers; and (5) paid suppliers of inventory $145,000. Prepare journal entries for each of the above transactions. (If no entry is...
The Marchetti Soup Company entered into the following transactions during the month of June (1) purchased...
The Marchetti Soup Company entered into the following transactions during the month of June (1) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system); (2) paid $40,000 in salaries to employees for work performed during the month: (3) sold merchandise that cost $120,000 to credit customers for $200,000 (4) collected $180,000 in cash from credit customers; and (5) paid suppliers of inventory $145,000. Prepare journal entries for each of the above transactions. (If no entry is...
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31...
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31 Jan. 15 Purchased and paid for merchandise. The invoice amount was $14,500; assume a perpetual inventory system. Apr. 1 Borrowed $666,000 from Summit Bank for general use; signed a 10-month, 13% annual interest-bearing note for the money. June 14 Received a $17,000 customer deposit for services to be performed in the future. July 15 Performed $4,250 of the services paid for on June 14....
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 145,000 shares of common stock in exchange for $725,000 cash. 2. Purchased office equipment at a cost of $117,500. $47,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $290,000. The company uses the perpetual inventory system. 4. Credit sales for...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 115,000 shares common stock in exchange for $575,000 cash. 2. Purchased office equipment at a cost of $95.000. $38,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $230,000. The company uses the perpetual inventory system. 4. Credit sales for the...
Record the following transactions, (If no entry is required for a transaction/event, select "No Journal Entry...
Record the following transactions, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26.000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5.900 cash. (e) Purchased $1700 of supplies on account....
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry...
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5,900 cash. (e) Purchased $1,700 of supplies on account....
Instruction: Super Plumbing Inc, completed the following TEN transactions during June 2020. its first month of...
Instruction: Super Plumbing Inc, completed the following TEN transactions during June 2020. its first month of operation. Assume that the company makes adjustments at the end of every month. Record these transactions in general journal entry form. Style conventions for journalizing must be followed. For example, a date should be provided for each transaction, indent credited accounts, and do not abbreviate account titles. Explanations of transactions are not required. Please use correct and complete account titles. Otherwise, points will be...
Instruction: Super Plumbing Inc. completed the following TEN transactions during June 2020, its first month of...
Instruction: Super Plumbing Inc. completed the following TEN transactions during June 2020, its first month of operation. Assume that the company makes adjustments at the end of every month, Record these transactions in general journal entry form. Style conventions for joumalizing must be followed. For example, a date should be provided for each transaction, indent credited accounts, and do not abbreviate account titles. Explanations of transactions are not required. Please use correct and complete account titles. Otherwise, points will be...
Arthur Industries entered into the following transactions during the month of June. A Purchased supplies for $5,200 cash. B. Paid $4.480 for salaries and wages for the month of June. C. Paid $560 in advance for July rent. D. Provided $12,200 in services on account E Paid $500 on accounts payable. F. Received $190 from customers as deposits for future services. G. Received a bill for $470 from the plumber who repaired a broken pipe in the restrooms, but will...
The Marchetti Soup Company entered into the following transactions during the month of June (1) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system); (2) paid $40,000 in salaries to employees for work performed during the month: (3) sold merchandise that cost $120,000 to credit customers for $200,000 (4) collected $180,000 in cash from credit customers; and (5) paid suppliers of inventory $145,000. Prepare journal entries for each of the above transactions. (If no entry is...
Vigeland Company completed the following transactions during Year 1. Vigeland's fiscal year ends on December 31 Jan. 15 Purchased and paid for merchandise. The invoice amount was $14,500; assume a perpetual inventory system. Apr. 1 Borrowed $666,000 from Summit Bank for general use; signed a 10-month, 13% annual interest-bearing note for the money. June 14 Received a $17,000 customer deposit for services to be performed in the future. July 15 Performed $4,250 of the services paid for on June 14....
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 145,000 shares of common stock in exchange for $725,000 cash. 2. Purchased office equipment at a cost of $117,500. $47,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $290,000. The company uses the perpetual inventory system. 4. Credit sales for...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 115,000 shares common stock in exchange for $575,000 cash. 2. Purchased office equipment at a cost of $95.000. $38,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $230,000. The company uses the perpetual inventory system. 4. Credit sales for the...
Record the following transactions, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26.000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5.900 cash. (e) Purchased $1700 of supplies on account....
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5,900 cash. (e) Purchased $1,700 of supplies on account....
Instruction: Super Plumbing Inc, completed the following TEN transactions during June 2020. its first month of operation. Assume that the company makes adjustments at the end of every month. Record these transactions in general journal entry form. Style conventions for journalizing must be followed. For example, a date should be provided for each transaction, indent credited accounts, and do not abbreviate account titles. Explanations of transactions are not required. Please use correct and complete account titles. Otherwise, points will be...
Instruction: Super Plumbing Inc. completed the following TEN transactions during June 2020, its first month of operation. Assume that the company makes adjustments at the end of every month, Record these transactions in general journal entry form. Style conventions for joumalizing must be followed. For example, a date should be provided for each transaction, indent credited accounts, and do not abbreviate account titles. Explanations of transactions are not required. Please use correct and complete account titles. Otherwise, points will be...
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