Homework Answers
Journal entries
| No | General Journal | Debit | Credit |
| 1 | Cash | 60000 | |
| Common Stock (5000*1.5) | 7500 | ||
| Paid in capital in excess of par value-Common Stock | 52500 | ||
| 2 | Cash | 25000 | |
| Notes payable | 25000 | ||
| 3 | land | 15000 | |
| Building | 25000 | ||
| Equipment | 10000 | ||
| Cash | 30000 | ||
| Notes payable | 20000 | ||
| 4 | Cash | 20000 | |
| Account receivable | 20000 | ||
| 5 | Account payable | 15000 | |
| Cash | 15000 | ||
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journal entries
Problem #3 - Prepare the journal entries to Jurnal Entries E ond credits are...
1.) During 2015, Orton Company earned net income of $500,000, which included depreciation expense of $54,000...
1.) During 2015, Orton Company earned net income of $500,000, which included depreciation expense of $54,000 and a gain on the sale of equipment of $21,000. In addition, the company experienced the following changes in the account balances listed below: Increases -------------------------- Decreases Accounts Payable $45,000 ------ Accounts Receivable $12,000 Prepaid Insurance $33,000 ------ Accrued Liabilities $24,000 N/A ------------------------------------Inventory $45,000 Prepare the Net Cash Flow from Operating Activities: (Good form - Just don't show numbers. If you just show numbers,...
73 Chapter 3 Problems Problem 3.1 Prepare journal entries for the following independent transactions: a) Issued...
73 Chapter 3 Problems Problem 3.1 Prepare journal entries for the following independent transactions: a) Issued common stock in exchange for $500,000. b) Paid monthly office rent for the past month at the end of the month of $15,000. c) Purchased a building for $2,500,000, paying $1,000,000 cash and signing a note payable for the balance. d) Purchased office supplies for $3,000 on account. e) Used office supplies that had previously cost $2,000. f) Declared a cash dividend of $15,000,...
Chapter 3 Problems Problem 3.1 Prepare journal entries for the following independent transactions: a) Issued common...
Chapter 3 Problems Problem 3.1 Prepare journal entries for the following independent transactions: a) Issued common stock in exchange for $500,000. b) Paid monthly office rent for the past month at the end of the month of $15,000. c) Purchased a building for $2,500,000, paying $1,000,000 cash and signing a note payable for the balance. d) Purchased office supplies for $3,000 on account. e) Used office supplies that had previously cost $2,000. ) Declared a cash dividend of $15,000, payable...
3. Journal Entries - external events Buka and Margot began operations of The Tail That Wags...
3. Journal Entries - external events Buka and Margot began operations of The Tail That Wags the Dog, a doggie day care, on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021 was as follows: Credit Cash Accounts Receivable Supplies Other current assets Equipment Accounts Payable Common Stock Retained Earnings Debit 5,000 4,000 2,000 9,000 6,000 7,000 7,000 12,000 Total 26,000 26,000 Record each of the following transactions that occurred during 2021:...
D Question 7 24 pts Prepare journal entries for each activity listed below. If no transaction...
D Question 7 24 pts Prepare journal entries for each activity listed below. If no transaction is necessary, simply write, "No JE necessary". Make sure each debit and credit are clearly labeled, including the dollar amount. Journal entry format example: The company received cash for a sale in the amount of $100. DR Cash 100 CR Revenue 100 1. The company purchased office equipment for $70,000, paying $25,000 in cash and signing a 30-day note payable for the remainder. 2....
General Journal tab - Prepare journal entries to record the transactions listed in (a) through (i)....
General Journal tab - Prepare journal
entries to record the transactions listed in (a) through (i).
Review the accounts as shown in the General Ledger and Trial
Balance tabs.
General Ledger tab - Each journal
entry is posted automatically to the General Ledger.
Trial Balance tab - Your choice will
determine the reported values on the financial statement tabs.
Balance Sheet tab - Use the drop-downs
to select the accounts that should be properly included on the
Balance Sheet.
Analysis...
Prepare journal entries to record the following transactions for Kenley in for the third quarter of...
Prepare journal entries to record the following transactions for Kenley in for the third quarter of 2019. Kenley Inc. was organized and authorized to issue 5,000 shares of $50 par value, 7% percent preferred stock and 100,000 shares of $5 par value common stock on July 1, 2019. July 1 Issued 10,000 shares of common stock at $11 per share July 1 Issued 200 shares of common stock at $12 per share for services rendered in connection with the organization...
Use the General journal page below to prepare the journal entries for the following transactions involving...
Use the General journal page below to prepare the journal entries for the following transactions involving notes payable: April 1 - borrowed $5,000 from first citizens bank, signing a 90 day 5% notes payable May 6 - borrowed $3,000 from carolina vank signing a 60 day 3% note. June 30 - paid first citizens bank principa and interest due on note from April 1. July 5 - paid carolina bank note from May 6.
Jones Junkyard Corp. had the following transactions for this year. Prepare journal entries for each transaction...
Jones Junkyard Corp. had the following transactions for this year. Prepare journal entries for each transaction and post the transactions to the provided ledger cards as you go along. Note: You will not be posting the complete entries -- post to only the accounts listed in the ledger cards. a. On Jan 1, Jones Junkyard issued 5,000 shares of $3 par common stock for $17,000. b. On March 15, Jones Junkyard purchased 4,000 shares of their own stock on the...
Prepare general journal entries to record these transactions. (2pts each) Post the journal entries from to...
Prepare general journal entries to record these
transactions. (2pts each)
Post the journal entries from to the ledger
accounts (2pts
ea)
Prepare a trial balance (5pts)
Prepare the 3 financial statements
(15pts).
Chapter 2: Practice Exercise #3: At the beginning of April, Vanessa Williams launched a custom computer solutions company called Softworks. The company had the following transactions during April. a) Vanessa Williams invested $155,000 cash, office equipment with a value of $5,100, and $78,000 of computer equipment in the...
73 Chapter 3 Problems Problem 3.1 Prepare journal entries for the following independent transactions: a) Issued common stock in exchange for $500,000. b) Paid monthly office rent for the past month at the end of the month of $15,000. c) Purchased a building for $2,500,000, paying $1,000,000 cash and signing a note payable for the balance. d) Purchased office supplies for $3,000 on account. e) Used office supplies that had previously cost $2,000. f) Declared a cash dividend of $15,000,...
Chapter 3 Problems Problem 3.1 Prepare journal entries for the following independent transactions: a) Issued common stock in exchange for $500,000. b) Paid monthly office rent for the past month at the end of the month of $15,000. c) Purchased a building for $2,500,000, paying $1,000,000 cash and signing a note payable for the balance. d) Purchased office supplies for $3,000 on account. e) Used office supplies that had previously cost $2,000. ) Declared a cash dividend of $15,000, payable...
3. Journal Entries - external events Buka and Margot began operations of The Tail That Wags the Dog, a doggie day care, on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021 was as follows: Credit Cash Accounts Receivable Supplies Other current assets Equipment Accounts Payable Common Stock Retained Earnings Debit 5,000 4,000 2,000 9,000 6,000 7,000 7,000 12,000 Total 26,000 26,000 Record each of the following transactions that occurred during 2021:...
D Question 7 24 pts Prepare journal entries for each activity listed below. If no transaction is necessary, simply write, "No JE necessary". Make sure each debit and credit are clearly labeled, including the dollar amount. Journal entry format example: The company received cash for a sale in the amount of $100. DR Cash 100 CR Revenue 100 1. The company purchased office equipment for $70,000, paying $25,000 in cash and signing a 30-day note payable for the remainder. 2....
General Journal tab - Prepare journal
entries to record the transactions listed in (a) through (i).
Review the accounts as shown in the General Ledger and Trial
Balance tabs.
General Ledger tab - Each journal
entry is posted automatically to the General Ledger.
Trial Balance tab - Your choice will
determine the reported values on the financial statement tabs.
Balance Sheet tab - Use the drop-downs
to select the accounts that should be properly included on the
Balance Sheet.
Analysis...
Jones Junkyard Corp. had the following transactions for this year. Prepare journal entries for each transaction and post the transactions to the provided ledger cards as you go along. Note: You will not be posting the complete entries -- post to only the accounts listed in the ledger cards. a. On Jan 1, Jones Junkyard issued 5,000 shares of $3 par common stock for $17,000. b. On March 15, Jones Junkyard purchased 4,000 shares of their own stock on the...
Prepare general journal entries to record these
transactions. (2pts each)
Post the journal entries from to the ledger
accounts (2pts
ea)
Prepare a trial balance (5pts)
Prepare the 3 financial statements
(15pts).
Chapter 2: Practice Exercise #3: At the beginning of April, Vanessa Williams launched a custom computer solutions company called Softworks. The company had the following transactions during April. a) Vanessa Williams invested $155,000 cash, office equipment with a value of $5,100, and $78,000 of computer equipment in the...
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