Homework Answers
| Trans | Accounts | Debit | Credit |
|---|---|---|---|
| 1 |
Bank account To loan account (Being loan borrowed from bank) |
500 |
500 |
| 2 |
Cash account To Consultant services (Being revenues received by providing consulting) |
100 | 100 |
| 3 |
Office supplies To account payable (Being acquired office supplies on credit) |
50 | 50 |
| 4 |
Salaries account To cash (Being salaries paid in cash) |
60 | 60 |
| 5 |
Interest on bank loan To cash (Being interest paid on the bank loan) |
25 | 25 |
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Record the following transactions in the general journal provided below. 1. Borrowed $500 from the bank...
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...
Part a: Record the July transactions. (Record journal entries in the order presented in the problem....
Part a: Record the July transactions. (Record
journal entries in the order presented in the problem. Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the
amounts.)
Exercise 4-7 (Part Level Submission) The CCBC Corporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2018: Credit Debit $ 5,150 6,650 1,150 15,600...
In the General Journal provided below, record the following transactions for Kirkland Inc. 1. Kirkland sold...
In the General Journal provided below, record the following transactions for Kirkland Inc. 1. Kirkland sold common stock for $15 in cash on January 1, 2013. 2. The firm made $5 by providing consulting services to a customer on January 30, 2013. The customer paid $3 in cash and promised to pay the remaining $2 next month. 3. Kirkland paid $4 cash for its operating expenses on January 31, 2013.
part a. Record the above transactions. (Record journal entries in the order presented in the problem....
part a. Record the above
transactions. (Record journal entries in the order
presented in the problem. Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. )
part b. Prepare T accounts, enter any
opening balances , post the journal entries and calculate and enter
balances. (Post entries in the order of journal entries
presented above. If...
Internal Control and Accountin Required . Record the above transactions in general journal form. ...
Internal Control and Accountin Required . Record the above transactions in general journal form. b. Post the transactions to the T-accounts. c. Prepare a bank reco for the bank reconciliation: (1) Checks written but not paid by the bank, $8,350. (2) A deposit of $6,500 made on December 31 nciliation at the end of the year. The following information is available , 2016, had been recorded but was not shown hecks. (Hint: Use Office Supplies Expense on the bank statement....
7. Prepare journal entries for the following transactions. Assume a beginning Cash balance of $30,000. Prepare...
7. Prepare journal entries for the following transactions. Assume a beginning Cash balance of $30,000. Prepare T-accounts and post the journal entries to the ledger. 1. Performed consulting services for a client in exchange for $3,200 cash. 2. Performed consulting services for a client on account, $1,700. 3. Paid $30,000 cash for land. 4. Purchased office supplies on account, $900. 5. Paid a $2,500 cash dividend to stockholders. 6. Paid $550 on account for supplies purchased in Transaction d. 7....
part a: Record the above transactions. (Record journal entries in the order presented in the problem....
part a: Record the above
transactions. (Record journal entries in the order
presented in the problem. Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. )
Part b: Prepare T accounts, enter any
opening balances , post the journal entries and calculate and enter
balances. (Post entries in the order of journal entries
presented above. If...
How to write this General Journal? Jan 1 Will invested $500,000 in the business for operations....
How to write this General Journal?
Jan 1 Will invested $500,000 in the business for operations. 1 Paid $30,000 cash for rent for the next six months. 1 Borrowed $175,000 from First National Bank. 1 Paid $6,000 for Insurance for the first quarter 2 Purchased $15,000 worth of equipment from Skyline Office equipment paying $5,000 cash with the balance being paid in 20 days. 4 Paid $1,500 cash to advertise the grand opening of the business. 5 Received $3,500 for...
Record the following journal entries and post to the T-accounts for ABC Company for the month...
Record the following journal entries and post to the
T-accounts for ABC Company for the month of January:
1. On 1/1, Common stock was issued for $50,000.
2. On 1/3, ABC signed a 6% (.5% per month) note at State Bank for
$75,000.
3. On 1/4, ABC purchased computer equipment for $81,500.
4. On 1/6, ABC purchased office supplies on account for
$2,850.
5. On 1/7, ABC purchased prepaid insurance for $4,800 and paid rent
of $1,800.
6. On 1/10,...
part a: Record the above transactions. (Record journal entries in the order presented in the problem....
part a: Record the above
transactions. (Record journal entries in the order
presented in the problem. Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. )
Part b: Prepare T accounts, enter any
opening balances , post the journal entries and calculate and enter
balances. (Post entries in the order of journal entries
presented above. If...
Part a: Record the July transactions. (Record
journal entries in the order presented in the problem. Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the
amounts.)
Exercise 4-7 (Part Level Submission) The CCBC Corporation had the following opening trial balance at the beginning of its fiscal year, July 1, 2018: Credit Debit $ 5,150 6,650 1,150 15,600...
part a. Record the above
transactions. (Record journal entries in the order
presented in the problem. Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. )
part b. Prepare T accounts, enter any
opening balances , post the journal entries and calculate and enter
balances. (Post entries in the order of journal entries
presented above. If...
Internal Control and Accountin Required . Record the above transactions in general journal form. b. Post the transactions to the T-accounts. c. Prepare a bank reco for the bank reconciliation: (1) Checks written but not paid by the bank, $8,350. (2) A deposit of $6,500 made on December 31 nciliation at the end of the year. The following information is available , 2016, had been recorded but was not shown hecks. (Hint: Use Office Supplies Expense on the bank statement....
7. Prepare journal entries for the following transactions. Assume a beginning Cash balance of $30,000. Prepare T-accounts and post the journal entries to the ledger. 1. Performed consulting services for a client in exchange for $3,200 cash. 2. Performed consulting services for a client on account, $1,700. 3. Paid $30,000 cash for land. 4. Purchased office supplies on account, $900. 5. Paid a $2,500 cash dividend to stockholders. 6. Paid $550 on account for supplies purchased in Transaction d. 7....
part a: Record the above
transactions. (Record journal entries in the order
presented in the problem. Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. )
Part b: Prepare T accounts, enter any
opening balances , post the journal entries and calculate and enter
balances. (Post entries in the order of journal entries
presented above. If...
How to write this General Journal?
Jan 1 Will invested $500,000 in the business for operations. 1 Paid $30,000 cash for rent for the next six months. 1 Borrowed $175,000 from First National Bank. 1 Paid $6,000 for Insurance for the first quarter 2 Purchased $15,000 worth of equipment from Skyline Office equipment paying $5,000 cash with the balance being paid in 20 days. 4 Paid $1,500 cash to advertise the grand opening of the business. 5 Received $3,500 for...
Record the following journal entries and post to the
T-accounts for ABC Company for the month of January:
1. On 1/1, Common stock was issued for $50,000.
2. On 1/3, ABC signed a 6% (.5% per month) note at State Bank for
$75,000.
3. On 1/4, ABC purchased computer equipment for $81,500.
4. On 1/6, ABC purchased office supplies on account for
$2,850.
5. On 1/7, ABC purchased prepaid insurance for $4,800 and paid rent
of $1,800.
6. On 1/10,...
part a: Record the above
transactions. (Record journal entries in the order
presented in the problem. Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no
entry is required, select "No Entry" for the account titles and
enter 0 for the amounts. )
Part b: Prepare T accounts, enter any
opening balances , post the journal entries and calculate and enter
balances. (Post entries in the order of journal entries
presented above. If...
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