Question

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Following are the transactions of JonesSpa Corporation, for the month of January a. Borrowed $25,000 from a local bank. b. Lent $9,000 to an affiliate, accepted a note due in one year, c. Sold to investors 60 additional shares of stock with a par value of $0.10 per share and a market price of $10 per share; received d. Purchased $19,000 of equipment, paying $4,100 cash and signing a note for the rest due in one year. e. Declared $1,400 in cash dividends to stockholders, to be paid in February es For each of the preceding transactions, post the effects of the transaction in the appropriate T-accounts. Beginning balances are provided.

Answer 1

Cash Beg Bal $ 1,100 (a) $ 25,000 $ 9,000 (b) $ 600 $ 4,100 (d) Beg Bal (b) Notes Receivable $ 2,800 $ 9,000 End Bal $ 13,600 End Bal $11,800 Equipment Beg Bal $18,000 (d) $ 19,000 Beg Bal Notes Payable $ 2,800 $ 25,000 (a) $ 14,900 (d) End Bal $37,000 End Bal $42,700 Beg Bal Dividends Payable $ $ 1,400 (e) Beg Bal Common Stock $ 2,500 $ 6 (C) $ End Bal $ 1,400 End Bal $ 2,506 Beg Bal Additional Paid in capital $ 900 $ 594 (c) Beg Bal (e) Retained Earnings $ 15,700 $ 1,400 End Bal $ 1,494 End Bal $ 14,300 Note : Please comment down for any further clarifications