1. T- Accounts -
Note -
To make the trial balance and other points in the question we need journal entries hence only ledgers can be prepared through available information.
Penny Cassidy has decided to start her business, Penny's Pool Service & Supply, Inc. (PPSS). There...
Penny Cassidy has decided to start her business, Penny's Pool Service & Supply, Inc. (PPSS). There is much to do when starting a new business. Here are some transactions that have occurred in PPSS in March. 5 eBook a. Received $29,000 cash and a large delivery van with a value of $40,000 from Penny, who was given 4,400 shares of $0.05 par value common stock in exchange. b. Purchased land with a small office and warehouse by paying $12,000 cash...
Penny Cassidy has decided to start her business, Penny's Pool Service & Supply, Inc. (PPSS). There is much to do when starting a new business. Here are some transactions that have occurred in PPSS in March. 5 eBook Print a. Received $29,000 cash and a large delivery van with a value of $40,000 from Penny, who was given 4,400 shares of $0.05 par value common stock in exchange. b. Purchased land with a small office and warehouse by paying $12,000...
Penny Cassidy has decided to start her business, Penny's Pool Service & Supply, Inc. (PPSS). There is much to do when starting a new business. Here are some transactions that have occurred in PPSS in March 5 ebook a. Received $29,000 cash and a large delivery van with a value of $40,000 from Penny, who was given 4,400 shares of $0.05 par value common stock in exchange. b. Purchased land with a small office and warehouse by paying $12,000 cash...
Penny Cassidy has decided to start her business, Penny's Pool Service & Supply, Inc. (PPSS). There is much to do when starting a new business. Here are some transactions that have occurred in PPSS in March -Book Det a. Received $29,000 cash and a large delivery van with a value of $40,000 from Penny, who was given 4.400 shares of $0.05 par b. Purchased land with a small office and warehouse by paying $12,000 cash and signing a 10-year note...
CC2-1 Accounting for the Establishment of a Business [LO1, LO2, LO3, LO4, LO5] Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30, 2017 a. Received $78,300 cash when issuing 7,830 new shares. b. Purchased some land by paying $1,700 cash and signing a note payable for $8,500 due in 2017. c. Hired...
Chapter 2 homework Help 3 The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse 6.25 points ook 1. Issued 34,000 shares of common stock in exchange for $340,000 in cash. 2. Purchased equipment at a cost of $44,000. $12,000 cash was paid and a notes payable to the seller was signed for the balance 3. Purchased inventory on account at a cost of $86,000. The company uses the perpetual inventory...
Lisa Frees and Amelia Ellinger have been operating a catering
business for several years. In March, the partners plan to expand
by opening a retail sales shop. They have decided to form the
business as a corporation called Traveling Gourmet, Inc. The
following transactions occurred in March:
Received $100,000 cash from each of the two shareholders to
form the corporation, in addition to $4,000 in accounts receivable,
$9,300 in equipment, a van (equipment) appraised at a fair value of
$17,000,...
Summarize the journal entries using T accounts
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 21,100 144,000 55, 500 220,000 143,000 275,880 6,780 385,800 16,100 During the month of July, the company had the following activities a Issued 4,400 shares of common stock for $440,000 cosh b Borrowed $121,000 cash from a local bank, payable...
2.
At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands of dollars, except number of shares and par value per share) $ 2,240 Accounts payable Short-term investments Accounts receivable Supplies Prepaid expenses Office equipment Accumulated depreciation-office equipment S 380 1,660 1,210 950 67 7,393 2,520 580 Unearned revenue 4,080 Salaries Payable 320 Short-term note payable 5,400 Common stock ($1 par value) 1,870 Additional paid-in capital (310) Retained...
Lisa Frees and Amelia Ellinger have been operating a catering
business for several years. In March, the partners plan to expand
by opening a retail sales shop. They have decided to form the
business as a corporation called Traveling Gourmet, Inc. The
following transactions occurred in March: Received $83,000 cash
from each of the two shareholders to form the corporation, in
addition to $2,300 in accounts receivable, $5,900 in equipment, a
van (equipment) appraised at a fair value of $13,600,...