Homework Answers
| Date | General Journal | Debit | Credit |
| March 1 | Cash | $ 19,000 | |
| Common stock | $ 19,000 | ||
| [To record issuance of common stock] | |||
| March 5 | Cash | $ 8,600 | |
| Notes payable | $ 8,600 | ||
| [To record borrowed cash from bank] | |||
| March 10 | Equipment | $ 23,000 | |
| Cash | $ 23,000 | ||
| [To record purchase of equipment on cash] | |||
| March 15 | Advertising expense | $ 1,000 | |
| Cash | $ 1,000 | ||
| [To record payment of advertising expense] | |||
| March 22 | Accounts receivable | $ 17,600 | |
| Service revenue | $ 17,600 | ||
| [To record services provided on account] | |||
| March 27 | Cash | $ 12,600 | |
| Accounts receivable | $ 12,600 | ||
| [To record received cash from customers] | |||
| March 28 | Salries expense | $ 5,600 | |
| Cash | $ 5,600 | ||
| [To record payment of salaries] | |||
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Bearcat Construction begins operations in March and has the following transactions. March 1 Issue common stock...
MSK Construction Company contracted to construct a factory building for $525,000. Construction started during 20X1 and...
MSK Construction Company contracted to construct a factory building for $525,000. Construction started during 20X1 and was completed in 20x2. Information relating to the contract follows: 2ex2 $150,000 Costs incurred during the year Estimated additional cost to complete Billings during the year Cash collections during the year 2ex1 $290,000 145,000 260,000 240,000 265, eee 285, eee Required: 1. Record the preceding transactions in MSK's books assuming it recognizes revenue over time and uses costs incurred to measure the extent to...
E2-11 Bearcat Construction begins operations in March and has the following transactions. March 1 Issue common...
E2-11 Bearcat Construction begins operations in March and has the following transactions. March 1 Issue common stock for $21,000. March 5 Obtain $9,000 loan from the bank by signing a note. March 10 Purchase construction equipment for $25,000 cash. March 15 Purchase advertising for the current month for $1,100 cash. March 22 Provide construction services for $18,000 on account. March 27 Receive $13,000 cash on account from March 22 services. March 28 Pay salaries for the current month of $6,000....
Required information [The following information applies to the questions displayed below.) Below are the transactions for...
Required information [The following information applies to the questions displayed below.) Below are the transactions for Salukis Car Cleaning for June, the first month of operations. June 1 Obtain a loan of $51,000 from the bank by signing a note. June 2 Issue common stock in exchange for cash of $21,000. June 7 Purchase car wash equipment for $56,000 cash. June 10 Purchase cleaning supplies of $6,100 on account. June 12 Wash 310 cars for $10 each. All customers pay...
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Journal entry worksheet On March 1, Glenn Corporation borrows $25,000 from the bank. Note: Enter debits before credits. Date Account Title Debit Credit March 01 Journal entry worksheet On April 7, Carlton Company purchases supplies for $600 cash. Note: Enter debits before credits. Date Account Title Debit Credit April 07 Journal entry worksheet On January 5, Fairbanks Corporation provides services on account to customers totaling $10,000. Note: Enter debits before credits. Account Title Debit Credit Date January 05 Journal entry...
Exercise 5-1A Record credit sale (LO5-1) PD HW i Exercise 5-1A Record credit sale (L05-1) On...
Exercise 5-1A Record credit sale (LO5-1)
PD HW i Exercise 5-1A Record credit sale (L05-1) On May 7, Juanita Construction provides services on account to Michael Wolfe for $3,700. Michael pays for those services on May 13. Required: For Juanita Construction, record the service on account on May 7 and the collection of cash on May 13. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 2 Paid $100,000 cash to purchase storage shed components. 3 Paid $5,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $8,000. January January 1 Paid $46,000...
Selected activity of Mason Consulting Services follow DATE TRANSACTIONS 2019 Sept. 1 Zack Mason invested $59,000...
Selected activity of Mason Consulting Services follow DATE TRANSACTIONS 2019 Sept. 1 Zack Mason invested $59,000 in cash to start the firm. 4 Purchased office equipment for $6,400 on credit from Den, Inc. received Invoice 9823, payable in 30 days. 16 Purchased an automobile that will be used to visit clients issued Check 1001 for $14,400 in full payment 20 Purchased supplies for $510; paid immediately with Check 1002. 23 Returned damaged supplies for a cash refund of $165. 30...
Arthur Industries entered into the following transactions during the month of June. A Purchased supplies for...
Arthur Industries entered into the following transactions during the month of June. A Purchased supplies for $5,200 cash. B. Paid $4.480 for salaries and wages for the month of June. C. Paid $560 in advance for July rent. D. Provided $12,200 in services on account E Paid $500 on accounts payable. F. Received $190 from customers as deposits for future services. G. Received a bill for $470 from the plumber who repaired a broken pipe in the restrooms, but will...
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019....
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons DATE TRANSACTIONS Sept. 1 Issued Check 1169 for $1,200 to pay the September rent. 5 Performed services for $3,2ΘΘ in cash. 6 Performed services for $2,05Θ on credit. 10 Paid $560 for monthly telephone bill; issued Check 1170. 11 Paid for equipment repairs...
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following...
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $19,000 7,800 3,800 14,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 4,600 6,600 24,000 9,400 $44,600 $44,600 The following is a summary of the transactions for the year 1. March 12 Provide services to customers, $58,000, of which $20,800 is on account. 2. May 2 Collect on accounts receivable, $17,800. 3....
MSK Construction Company contracted to construct a factory building for $525,000. Construction started during 20X1 and was completed in 20x2. Information relating to the contract follows: 2ex2 $150,000 Costs incurred during the year Estimated additional cost to complete Billings during the year Cash collections during the year 2ex1 $290,000 145,000 260,000 240,000 265, eee 285, eee Required: 1. Record the preceding transactions in MSK's books assuming it recognizes revenue over time and uses costs incurred to measure the extent to...
E2-11 Bearcat Construction begins operations in March and has the following transactions. March 1 Issue common stock for $21,000. March 5 Obtain $9,000 loan from the bank by signing a note. March 10 Purchase construction equipment for $25,000 cash. March 15 Purchase advertising for the current month for $1,100 cash. March 22 Provide construction services for $18,000 on account. March 27 Receive $13,000 cash on account from March 22 services. March 28 Pay salaries for the current month of $6,000....
Required information [The following information applies to the questions displayed below.) Below are the transactions for Salukis Car Cleaning for June, the first month of operations. June 1 Obtain a loan of $51,000 from the bank by signing a note. June 2 Issue common stock in exchange for cash of $21,000. June 7 Purchase car wash equipment for $56,000 cash. June 10 Purchase cleaning supplies of $6,100 on account. June 12 Wash 310 cars for $10 each. All customers pay...
Journal entry worksheet On March 1, Glenn Corporation borrows $25,000 from the bank. Note: Enter debits before credits. Date Account Title Debit Credit March 01 Journal entry worksheet On April 7, Carlton Company purchases supplies for $600 cash. Note: Enter debits before credits. Date Account Title Debit Credit April 07 Journal entry worksheet On January 5, Fairbanks Corporation provides services on account to customers totaling $10,000. Note: Enter debits before credits. Account Title Debit Credit Date January 05 Journal entry...
Exercise 5-1A Record credit sale (LO5-1)
PD HW i Exercise 5-1A Record credit sale (L05-1) On May 7, Juanita Construction provides services on account to Michael Wolfe for $3,700. Michael pays for those services on May 13. Required: For Juanita Construction, record the service on account on May 7 and the collection of cash on May 13. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal...
The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International during 2018 and 2019. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for buildings, and straight-line amortization for patents. 2018 2 Paid $100,000 cash to purchase storage shed components. 3 Paid $5,000 cash to have the storage shed erected. The storage shed has an estimated life of 10 years and a residual value of $8,000. January January 1 Paid $46,000...
Selected activity of Mason Consulting Services follow DATE TRANSACTIONS 2019 Sept. 1 Zack Mason invested $59,000 in cash to start the firm. 4 Purchased office equipment for $6,400 on credit from Den, Inc. received Invoice 9823, payable in 30 days. 16 Purchased an automobile that will be used to visit clients issued Check 1001 for $14,400 in full payment 20 Purchased supplies for $510; paid immediately with Check 1002. 23 Returned damaged supplies for a cash refund of $165. 30...
Arthur Industries entered into the following transactions during the month of June. A Purchased supplies for $5,200 cash. B. Paid $4.480 for salaries and wages for the month of June. C. Paid $560 in advance for July rent. D. Provided $12,200 in services on account E Paid $500 on accounts payable. F. Received $190 from customers as deposits for future services. G. Received a bill for $470 from the plumber who repaired a broken pipe in the restrooms, but will...
The transactions that follow took place at the Desoto Recreation and Sports Arena during September 2019. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment and offers tennis lessons DATE TRANSACTIONS Sept. 1 Issued Check 1169 for $1,200 to pay the September rent. 5 Performed services for $3,2ΘΘ in cash. 6 Performed services for $2,05Θ on credit. 10 Paid $560 for monthly telephone bill; issued Check 1170. 11 Paid for equipment repairs...
Required information The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: Credits Debits $19,000 7,800 3,800 14,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Salaries Payable Common Stock Retained Earnings Totals $ 4,600 6,600 24,000 9,400 $44,600 $44,600 The following is a summary of the transactions for the year 1. March 12 Provide services to customers, $58,000, of which $20,800 is on account. 2. May 2 Collect on accounts receivable, $17,800. 3....
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