Listed are the February 2020 transactions for Sage Inc.. Using the journal entry template provided below,...
Listed are the February 2020 transactions for Sage Inc.. Using the journal entry template provided below, prepare the journal entries:
⦁ Feb 1: Issued common shares in exchange for cash
of $25,500 and equipment of $15,000.
⦁ Feb 1: Paid monthly utilities of $6,000.
⦁ Feb 5: Purchased office supplies of $3,250 on
account.
⦁ Feb 10: Performed services of $5,000 on
account.
⦁ Feb 12: Performed services of $12,000; received
$8,000 in cash with the remainder on account.
⦁ Feb 15: Paid $5,250 in salaries.
⦁ Feb 17: Performed services of $3,500 for cash.
⦁ Feb 25: Collected customer payment in full from
services performed on Feb 12th.
⦁ Feb 28: Paid $1000 for monthly rent.
⦁ Feb 28: Remitted payment to vendor for office
supplies purchased on Feb 5th.
Homework Answers
Journal entry
| Date | General Journal | Debit | Credit |
| Feb 1 | Cash | 25500 | |
| Equipment | 15000 | ||
| Common Stock | 40500 | ||
| Feb 1 | Utilities expense | 6000 | |
| Cash | 6000 | ||
| Feb 5 | Supplies | 3250 | |
| Account payable | 3250 | ||
| Feb 10 | Account receivable | 5000 | |
| Service revenue | 5000 | ||
| Feb 12 | Cash | 8000 | |
| Account receivable | 4000 | ||
| Service revenue | 12000 | ||
| Feb 15 | Salaries expense | 5250 | |
| Cash | 5250 | ||
| Feb 17 | Cash | 3500 | |
| Service revenue | 3500 | ||
| Feb 25 | Cash | 4000 | |
| Account receivable | 4000 | ||
| Feb 28 | Rent expense | 1000 | |
| Cash | 1000 | ||
| Feb 28 | Account payable | 3250 | |
| Cash | 3250 |
Add Answer to:
Listed are the February 2020 transactions for Sage Inc.. Using
the journal entry template provided below,...
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journal entry
**if your write it on paper, please write
neatly.***
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journal entry
**if your write it on paper, please write
neatly.***
Problem Section: Complete the accounting cycle for the period January 1 to February 28, 2018, We Do Taxes Company started operations as of January 1, 2018 and set up a small office in Edison to prepare tax returns and perform accounting services. Use the information to follow to journalize each transaction on the Journal Sheet. Jan 1 Contributed the following assets for common stock. Cash, $15,000; accounts receivable, $1,000,...
Problem Section: Complete the accounting cycle for the period January 1 to February 28, 2018. We Do Taxes Company started operations as of January 1, 2018 and set up a small office in Edison to prepare tax returns and perform accounting services. Use the information to follow to journalize each transaction on the Journal Sheet. Jan 1 Paid six months rent on a lease rental contract, $5,400. Jan 3 Paid premiums on property and casualty insurance policies for the year,...
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prepare Journal entries to record each of the events
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