Prepare journal entries for the following 4 questions. Include an explanation for each. 1) Purchased office...
Prepare journal entries for the following 4 questions. Include an explanation for each.
1) Purchased office supplies on account, $450. These supplies are expected to last for approximately three months.
2) Performed services for a client, $4,300 on account.
3) Received $1,250 cash for services performed.
4) Paid $725 in cash for the current month's rent.
Homework Answers
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Prepare journal entries for the following 4 questions. Include
an explanation for each.
1) Purchased office...
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....
Requirement 1. Record the AprilApril transactions in the journal. Include an explanation for each entry. (Record...
Requirement 1. Record the
AprilApril
transactions in the journal. Include an explanation for each
entry. (Record debits first, then credits. Select the explanations
on the last line of the journal entry table. Check your spelling
carefully and do not abbreviate. When applicable, use only the
account names provided in the trial balance.)
Apr.Apr.
Requirement 1. Record the April transactions in the journal. Include an explanation for each entry. (Record debits first, then credits. Select the explanations on the last line...
Journalize the following transactions. Include dates and a brief explanation for each journal entry. (Click the...
Journalize the following transactions. Include dates and a brief explanation for each journal entry. (Click the icon to view the transactions.) Journalize the following transactions for July. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.) July 1: Issued common stock for $14,000 Journal Entry Accounts and Explanations Credit Date Debit Jul July 5: Performed services on account for $12,000 no July 1: Issued...
Business - Homework #1 Part A: Prepare in good form the following journal entries: June 1...
Business - Homework #1 Part A: Prepare in good form the following journal entries: June 1 The company received cash of $35,000 and issued common stock to the shareholders. 2 Borrowed $20,000 from the bank and signed a long-term note payable. 8 Purchased equipment with a short-term note payable for $10,000. 9 Rendered services billed at $3,000 and received cash of $3,000. 10 Performed services for a client on account, $6,500. 12 Employees worked two weeks and were paid salaries...
1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Office...
1.
Record each transaction in the journal using the
following account titles: Cash; Accounts Receivable; Office
Supplies; Prepaid Insurance; Land; Furniture; Accounts Payable;
Utilities Payable; Unearned Revenue; Common Stock; Dividends;
Service Revenue; Salaries Expense; Rent Expense; and Utilities
Expense. Explanations are not required.
2.
T-accounts have been opened for each of the accounts.
Post the journal entries to the T-accounts, using transaction
dates as posting references in the ledger accounts. Label the
balance of each account
Bal.
3.
Prepare the...
Journal Entries After a successful first month of operation jack Saunders. incurred the following transactions in...
Journal Entries After a successful first month of operation jack Saunders. incurred the following transactions in the month of November and December 2019 for Saunders Trucking Norl Entered into a Contact with a client for three months of delivery Services beginning November 1. The client paid $6,000 for all three months today. Nov 5. Received $300 from a client for Services billed last month. Nors Performed delivery Services and billed a client $5000. Novis. Paid the moothly telephone bill $650....
1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Office...
1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land, Building, Furniture; Accounts Payable; Utilities Payable; Notes Payable; Common Stock; Dividends; Service Revenue: Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required. 2. The following four-column accounts have been opened: Cash, 101Accounts Receivable, 111; Office SI oplies, 121, Prepaid Insurance, 131: Land, 141; Building, 151; Furniture, 161; Accounts Payable, 201: Utilities Payable, 211; Notes Payable, 221; Common Stock,...
D Question 7 24 pts Prepare journal entries for each activity listed below. If no transaction...
D Question 7 24 pts Prepare journal entries for each activity listed below. If no transaction is necessary, simply write, "No JE necessary". Make sure each debit and credit are clearly labeled, including the dollar amount. Journal entry format example: The company received cash for a sale in the amount of $100. DR Cash 100 CR Revenue 100 1. The company purchased office equipment for $70,000, paying $25,000 in cash and signing a 30-day note payable for the remainder. 2....
Prepare journal entries for each transaction and identify the financial statement impact of each entry. The...
Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. Jan. 1 Kacy Spade, owner, invested $129,750 cash in the company. Jan. 2 The company purchased office supplies for $1,250 cash. Jan. 3 The company purchased $10,850 of office equipment on credit. Jan. 4 The company received $15,500 cash as fees for services provided to a customer. Jan. 5 The company paid $10,050...
Problem 2-3A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1,...
Problem 2-3A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2 Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $155,000 cash along with $30,000 in office equipment in the company. 2 The company prepaid $7,000 cash for six months' rent for an office. Hint Debit Prepaid Rent for $7,000. 3 The company made credit purchases of office equipment for $4,300 and...
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....
Requirement 1. Record the
AprilApril
transactions in the journal. Include an explanation for each
entry. (Record debits first, then credits. Select the explanations
on the last line of the journal entry table. Check your spelling
carefully and do not abbreviate. When applicable, use only the
account names provided in the trial balance.)
Apr.Apr.
Requirement 1. Record the April transactions in the journal. Include an explanation for each entry. (Record debits first, then credits. Select the explanations on the last line...
Journalize the following transactions. Include dates and a brief explanation for each journal entry. (Click the icon to view the transactions.) Journalize the following transactions for July. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.) July 1: Issued common stock for $14,000 Journal Entry Accounts and Explanations Credit Date Debit Jul July 5: Performed services on account for $12,000 no July 1: Issued...
Business - Homework #1 Part A: Prepare in good form the following journal entries: June 1 The company received cash of $35,000 and issued common stock to the shareholders. 2 Borrowed $20,000 from the bank and signed a long-term note payable. 8 Purchased equipment with a short-term note payable for $10,000. 9 Rendered services billed at $3,000 and received cash of $3,000. 10 Performed services for a client on account, $6,500. 12 Employees worked two weeks and were paid salaries...
1.
Record each transaction in the journal using the
following account titles: Cash; Accounts Receivable; Office
Supplies; Prepaid Insurance; Land; Furniture; Accounts Payable;
Utilities Payable; Unearned Revenue; Common Stock; Dividends;
Service Revenue; Salaries Expense; Rent Expense; and Utilities
Expense. Explanations are not required.
2.
T-accounts have been opened for each of the accounts.
Post the journal entries to the T-accounts, using transaction
dates as posting references in the ledger accounts. Label the
balance of each account
Bal.
3.
Prepare the...
Journal Entries After a successful first month of operation jack Saunders. incurred the following transactions in the month of November and December 2019 for Saunders Trucking Norl Entered into a Contact with a client for three months of delivery Services beginning November 1. The client paid $6,000 for all three months today. Nov 5. Received $300 from a client for Services billed last month. Nors Performed delivery Services and billed a client $5000. Novis. Paid the moothly telephone bill $650....
1. Record each transaction in the journal, using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land, Building, Furniture; Accounts Payable; Utilities Payable; Notes Payable; Common Stock; Dividends; Service Revenue: Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required. 2. The following four-column accounts have been opened: Cash, 101Accounts Receivable, 111; Office SI oplies, 121, Prepaid Insurance, 131: Land, 141; Building, 151; Furniture, 161; Accounts Payable, 201: Utilities Payable, 211; Notes Payable, 221; Common Stock,...
D Question 7 24 pts Prepare journal entries for each activity listed below. If no transaction is necessary, simply write, "No JE necessary". Make sure each debit and credit are clearly labeled, including the dollar amount. Journal entry format example: The company received cash for a sale in the amount of $100. DR Cash 100 CR Revenue 100 1. The company purchased office equipment for $70,000, paying $25,000 in cash and signing a 30-day note payable for the remainder. 2....
Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. Jan. 1 Kacy Spade, owner, invested $129,750 cash in the company. Jan. 2 The company purchased office supplies for $1,250 cash. Jan. 3 The company purchased $10,850 of office equipment on credit. Jan. 4 The company received $15,500 cash as fees for services provided to a customer. Jan. 5 The company paid $10,050...
Problem 2-3A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2 Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $155,000 cash along with $30,000 in office equipment in the company. 2 The company prepaid $7,000 cash for six months' rent for an office. Hint Debit Prepaid Rent for $7,000. 3 The company made credit purchases of office equipment for $4,300 and...
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