Prepare Journal Entries Mahan Inc. Transactions 1- Mr. Smith, deposited, $90,000 in a bank account in...
Dec 1 Eliud deposited $110,000 cash in a bank account in the name of the business, Eliud's Leasing Inc. Dec 1 Paid 9,000 to Hernandez Realty as three months advance rent on the rental yard and office formerly occupied by Rent-it. Dec 1 Purchased office supplies on account from Sterling Office co. 1,900. Payment due in 30 days Dec 6 Purchased for 160,000 all equipment formerly owned by Rent-it. Paid 60,000 cash and issued a one year note payable for...
re Info 5 Simmon deposited $60,000 in a new business bank account tith Alex Simmon, CPA. The business issued common stock to Simi 6 Paid $400 cash for letterhead stationery for new office. 7 Purchased office furniture for the office on account, $6,800. 10 Consulted with tax client and received $2,500 for services render 11 Paid utilities, $350. 12 Finished tax hearings on behalf of a client and submitted a bill for accounting services, $16,000. 18 Paid office rent, $1,700....
Prepare Journal Entries in a Purchases Journal Guardian Services Inc. had the following transactions during the month of April: Apr. 4. Purchased office supplies from Officemate, Inc. on account, $640. Apr. 9. Purchased office equipment, Inc. on account from Tek Village Inc., $2,530. Apr. 16. Purchased office supplies from Officemate, Inc. on account, $170. Apr. 19. Purchased office supplies from Paper-to-Go Inc. on account, $260. Apr. 27. Paid invoice on April 4 purchase from Officemate, Inc. a. Prepare a purchases...
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....
In the response box below, provide the required general journal entries. Each entry requires a date and an explanation. Nov 1 Dale Mitchell, the owner, invested $56,000 cash and office equipment with a fair market value of $32,000 in the business. Nov 1 Prepaid $18,000 cash for three months' rent for an office. Nov 6 Make credit purchases of office equipment for $9,000. Nov 8 Completed accounting services and received $4,000 cash. Nov 10 Completed accounting services and sent a...
Forms Practice Set Instructions: 1. Prepare journal entries to record external transactions 2. Post journal entries to general ledger T accounts. 3. Prepare journal entries to record adjusting entries 4 Post the adjusting entries to the general ledger T accounts (include a balance on each account) 5. Prepare an adjusted trial balance. 6. Prepare, using good form, an income statement, a statement of stockholders' equity, and a classified balance sheet. 7. Prepare closing journal entries. 8. Post the closing entries...
create journal entries for the following: The following transactions occurred during December 31, 2018, for the Microchip Company. On October 1, 2018, Microchip lent $80,000 to another company. A note was signed with principal and 6% interest to be paid on September 30, 2019. On November 1, 2018, the company paid its landlord $6,300 representing rent for the months of November through January. Prepaid rent was debited. On August 1, 2018, collected $12,300 in advance rent from another company that...
e) On November 30, Dizzy Controls Inc. borrowed $600,000 cash from its bank and signed a two-year promissory note bearing 7.4% annual interest due on the last day of the month. DATE ACCOUNT NAMES DEBIT CREDIT On November 29, Dizzy Controls Inc. issued a check for $82,400 to its accountant, Cooper Lybrand, for accounting services used to setup the company. DATE ACCOUNT NAMES DEBIT CREDIT On December 1, Dizzy Controls Inc. signed a two-year contract with Deluca Fix-it Corp. for...
Prepare Journal Entries in a Purchases Journal Guardian Services Inc. had the following transactions during the month of April: Apr. 4. Purchased office supplies from Officemate, Inc. on account, $510. Apr. 9. Purchased office equipment, Inc. on account from Tek Village Inc., $2,020. Apr. 16. Purchased office supplies from Officemate, Inc. on account, $140. Apr. 19. Purchased office supplies from Paper-to-Go Inc. on account, $210. Apr. 27. Paid invoice on April 4 purchase from Officemate, Inc. a. Prepare a purchases...
Problem 2-3A Preparing and posting journal entries: preparing a trial balance Kaseh Nawar opens a web consulting business called Meshreki Consultants and completes the following transactions in March. March 1 Nawar invested $150,000 cash along with $22,000 in office equipment in the company. 2 The company prepaid $6,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $6,000.) 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is...