complete ledger entries and creat trail balance for these transactions. Transaction #1: On December 1, 2016,...
complete ledger entries and creat trail balance for these transactions.
Transaction #1: On December 1, 2016, Mr. Donald Gray started Gray Electronic Repair Services by investing $10,000.
Transaction #2: On December 5, Gray Electronic Repair Services paid registration and licensing fees for the business, $370.
Transaction #3: On December 6, the company acquired tables, chairs, shelves, and other fixtures for a total of $3,000. The entire amount was paid in cash.
Transaction #4: On December 7, the company acquired service equipment for $16,000. The company paid a 50% down payment and the balance was a loan.
Transaction #5: Also on December 7, Gray Electronic Repair Services purchased service supplies on account amounting to $1,500.
Transaction #6: On December 9, the company received $1,900 for providing service to a client.
Transaction #7: On December 12, the company provided services to a client on account, $4,250.00.
Transaction #8: On December 14, Mr. Gray invested an additional $3,200.00 into the business.
Transaction #9 performed services to a big corporation on December 15. As per agreement, the $3,400 amount due will be collected after 30 days.
Transaction #10: On December 22, the company collected from the customer in transaction #7.
Transaction #11: On December 23, the company paid some of its liability in transaction #5 by issuing a check. The company paid $500 of the $1,500 payable.
Transaction #12: On December 25, the paid Mr Gray a 7,000 Dividend
Transaction # 13: On December 29, the company paid rent for December, $ 1,500.
Transaction #14: On December 30, the company acquired a $12,000 short-term bank loan; the entire amount plus a 10% interest is payable after 1 year.
Transaction #15: On December 31, the company paid salaries to its employees, $3,500.
Homework Answers
Note:- In the absence of proper information relating to Bank & Cash Transactions, All the transactions are accounted under the Cash Head.
Transaction #1: On December 1, 2016,
Cash Dr. 10000
Capital Cr. 10000
Transaction #2: On December 5,
Registration & License Fees Dr. 370
Cash Cr.370
Transaction #3: On December 6,
Furniture & Fixtures Dr. 3000
Cash Cr. 3000
Transaction #4: On December 7,
Service Equipment Dr. 16000
Cash Cr. 8000
Loan Cr. 8000
Transaction #5: Also on December 7,
Service Supplies Dr. 1500
Creditors Cr. 1500
Transaction #6: On December 9,
Cash Dr. 1900
Sales Cr. 1900
Transaction #7: On December 12,
Debtors Dr. 4250
Sales Cr. 4250
Transaction #8: On December 14,
Cash Dr. 3200
Capital Cr. 3200
Transaction #9 : December 15,
Debtor Dr. 3400
Sales Cr. 3400
Transaction #10: On December 22,
Cash Dr. 4250
Debtors Cr. 4250
Transaction #11: On December 23,
Creditors Dr. 500
Cash Cr. 500
Transaction #12: On December 25,
Capital Dr. 7000
Cash Cr 7000
Transaction # 13: On December 29,
Rent Dr. 1500
Cash Cr. 1500
Transaction #14: On December 30,
Cash Dr. 12000
Bank Loan Cr. 12000
Transaction #15: On December 31,
Salaries Dr. 3500
Cash Cr. 3500
Add Answer to:
complete ledger entries and creat trail balance for these
transactions.
Transaction #1:
On December 1, 2016,...
Transaction #1: On December 1, 2016, Mr. Donald Gray started Gray Electronic Repair Services by Investing...
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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....
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Prepare a Balance Sheet On July, 31, 2022, the general ledger of Dewey, Cheatam and Howe,...
Prepare a Balance Sheet
On July, 31, 2022, the general ledger of Dewey, Cheatam and Howe, a law firm, showed the follwing balances: Cash $4,000, Accounts Receviable $1,500, Supplies, $500, Equipment, $5,000, Accounts Payable, $4,100, Common Stock $3,500, and Retained Earnings $3,400. During August, the following transactions occurred: Date Aug.3 Aug. 5 Aug. 6 Aug. 7 Aug. 12 Aug. 14 Aug. 18 Aug. 20 Transaction Description Collected $1,200 of accounts receivable due from customers. Received $1,300 cash for issuing common...
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed...
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed services on account, $13,800. b. Collected $7,300 from client related to services performed in Item a. C. Paid $1,500 dividend to stockholders. d. Pald salaries of $3,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If...
Transaction #1: On December 1, 2016, Mr. Donald Gray started Gray Electronic Repair Services by Investing $10,000. Transaction #2: On December 5, Gray Electronic Repair Services paid registration and licensing fees for the business, $370. Transaction #3: On December 6, the company acquired tables, chairs, shelves, and other fixtures for a total of $3,000. The entire amount was paid in cash. Transaction 8/4: On December 7, the company acquired service equipment for $16,000. The company paid a 50% down payment...
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....
T
account
trail balance
financal
Problem 2-2B Preparing and posting Journal entries, preparing a trial balance cз C4 A1 и P2 At the beginning of April, Bernadette Grechus launched a custom computer solutions company called Softworks. The company had the following transactions during April a. Bernadette Grechus invested $65.000 cash, office equipment with a value of 55.750, and $30,000 of computer equipment in the company. b. The company purchased land worth $22,000 for an office by paying $5,000 cash and...
Prepare Journal Entries Mahan Inc. Transactions 1- Mr. Smith, deposited, $90,000 in a bank account in the name of Mahan Inc. to start a new business on Nov 1, 2019 2- His Accountant issued $2,500 check on Nov 1 to his landlord for Nov rent. 3- The accountant issued $4,000 check to purchase a computer on Nov 5,2019 4- They purchased office equipment on account for $5,000 on Nov 10. s. The accountant issued a check for $2,500 to purchase...
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed services on account, $18,200. b. Collected $8,100 from client related to services performed in Item a. c. Paid $1,500 dividend to stockholders. d. Paid salaries of $3,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If...
Problem 1-1A Fredonia Repair Inc. was started on May 1. A summary of May transactions is presented below. 1. Stockholders invested $10,000 cash in the business in exchange for common stock, 2. Purchased equipment for $5,000 cash. 3. Paid $400 cash for May office rent. 4. Paid $300 cash for supplies. 5. Incurred $250 of advertising costs in the Beacon News on account. 6. Received $4,700 in cash from customers for repair service. 7. Declared and paid a $700 cash...
Miller Delivery Service completed the following transactions during December 2016: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record each transaction in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Dec 1: Miller Delivery Service began operations by receiving $10,000 cash and a truck with a fair value of $20,000 from Robert Miller. The business issued Miller shares of common stock in exchange for this contribu Date Accounts...
Prepare a Balance Sheet
On July, 31, 2022, the general ledger of Dewey, Cheatam and Howe, a law firm, showed the follwing balances: Cash $4,000, Accounts Receviable $1,500, Supplies, $500, Equipment, $5,000, Accounts Payable, $4,100, Common Stock $3,500, and Retained Earnings $3,400. During August, the following transactions occurred: Date Aug.3 Aug. 5 Aug. 6 Aug. 7 Aug. 12 Aug. 14 Aug. 18 Aug. 20 Transaction Description Collected $1,200 of accounts receivable due from customers. Received $1,300 cash for issuing common...
Cornerstone Exercise 2-22 (Algorithmic) Transaction Analysis The Mendholm Company entered into the following transactions: a. Performed services on account, $13,800. b. Collected $7,300 from client related to services performed in Item a. C. Paid $1,500 dividend to stockholders. d. Pald salaries of $3,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank. Enter decreases in account values as negative numbers. If...
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