Question

. . Journal Entries (Set 1 of 3): Please make journal entries for the following transactions. Here are several important reminders (applicable to all three sets of entries): Consider this set of events to be a stand-alone set of transactions. That is, this set of events and company are unrelated to the other two transaction sets you will complete Indicate the date by each individual transaction. If an adjusting entry is needed, please use the date December 31 (or 12/31). If no transaction entry is needed, please simply type "No Transaction to Record" after typing the date. However, if no adjusting entry is necessary, you do not need to state this. If an entry requires calculations, you must show your work (i.e., not just the ultimate number, but your calculation so I can follow your logic/reasoning). Finally, note that, while there are only 3 events listed below in this “mini set," you still need to make any adjusting entries that are needed as if the company is preparing financial statements at year-end (based just on these transactions). Transactions for Zhao's Furniture: . . On January 1, Zhao's Furniture sold stock (1000 shares; par value of $0.10) to investors for $15,000. On February 1, Zhao's Furniture purchased inventory on credit from their supplier Abney Inc. for $42,000. They paid off this balance on February 17. On April 1, Zhao's Furniture paid $200,000 in cash to purchase a building (expected to last 25 years) and $10,000 in cash for equipment (expected to last 10 years).

Answer 1

Journal Entries (Por set of 3) of thao's furniture Partiallars Dehit (6) credit) January cach to Do 5000 10 common stock 21000 sharu x $0.10) 10 Alditional paid 14900 Po wp capital February Inventory Alemi 42.000 TO -Abney Inc. и. 42000 42000 February in Abney Inc. All TO Carb 42.000 April Building Me 200,000 Equipucent Alc 10,000 To cash tle U 21000D Dani 12.00 250 650 Jowna entia (ror set 30f 3) of Aner's sporting goods: Particulars Deloit($) Credit (1) May ! Prepaid Cor) Advance rent mor To cash 12.00 June 20 automatic Dr 650 To Inventory To profit on sale of Inventory July cach tk 10 cutomer IC 650 cash ac To loan from Bank | రారా For Repayment after years Roan toom currency bank M 100 000 Interest in loan Dor 16000 To arb -АС Do 100,000 July Currency 116000 1/1 =