Homework Answers
Journal entries of transactions
| Transactions | Accounts Titles | Debit in $ | Credit in $ |
| 1 | Cash | $26000 | |
| Common stock | $26000 | ||
| To record the issuance of 10000 shares | |||
| 2 | Prepaid rent - Building($560 X 6 months) | $3360 | |
| Cash | $3360 | ||
| Adavance payment of rent recorded | |||
| 3 | Equipment | $6000 | |
| Note payables | $6000 | ||
| Purchase of equipment recorded | |||
| 4 | Supplies | $2400 | |
| Account payables | $2400 | ||
| Supplies purchases on account | |||
| 5 | Cash | $1400 | |
| Sales revenue | $1400 | ||
| Cash sales made | |||
| 6 | Salaries expenses | $620 | |
| Cash | $620 | ||
| Salaries paid for week | |||
| 7 | Account payables | $2400 | |
| Cash | $2400 | ||
| Payment made to payables for supplies | |||
| 8 | Depreciation | $80 | |
| Accumulated depreciation -Equipment | $80 | ||
| Depreciation charged on equipment |
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The following transactions occurred at the Daisy King Ice Cream Company 1. Started business by issuing...
please complete all 8 The following transactions occurred at the Daisy King Ice Cream Company. 1....
please complete all 8
The following transactions occurred at the Daisy King Ice Cream Company. 1. Started business by Issuing 10,000 shares of common stock for $35,000. 2. Leased a building for three years at $650 per month and paid six months' rent in advance. 3. Purchased equipment for $6,900, signing a two-year, 12% note. 4. Purchased $3,300 of supplies on account. 5. Recorded cash sales of $2,300 for the first week. 6. Paid weekly salaries, $1,070. 7. Paid for...
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry...
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26.000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5.900 cash. (e) Purchased $1,700 of supplies on account....
(a) Started business by Issuing 10,000 shares of common stock for $27,000 (b) Hired Rebecca as...
(a) Started business by Issuing 10,000 shares of common stock for $27,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,200 every two weeks. (c) Rented a building for three years at $510 per month and paid six months' rent in advance. (d) Purchased equipment for $5,900 cash. (e) Purchased $1,700 of supplies on account. (f) Provided services to customers for $7,100 cash. (g) Pald employees' salarles, $5,600. (h) Pald for supplies purchased In Item (e). (1)...
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry...
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5,900 cash. (e) Purchased $1,700 of supplies on account....
Record the following transactions, (If no entry is required for a transaction/event, select "No Journal Entry...
Record the following transactions, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26.000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5.900 cash. (e) Purchased $1700 of supplies on account....
Chapter 2 Quiz 2 (a) Started business by issuing 10,000 shares of common stock for $23,000...
Chapter 2 Quiz 2 (a) Started business by issuing 10,000 shares of common stock for $23,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,100 every two weeks. (c) Rented a building for three years at $550 per month and paid six months' rent in advance. (d) Purchased equipment for $5,500 cash. (e) Purchased $1,900 of supplies on account i) Provided services to customers for $7,300 cash. (g) Paid employees' salaries. $5.700. (h) Paid for supplies purchased...
181. Record the following transactions. If an entry is not required, state "No Entry." (a) Started...
181. Record the following transactions. If an entry is not required, state "No Entry." (a) Started business by issuing 10,000 shares of common stock for $20,000. (b) Hired Rebecca as an administrative assistant, promising to pay her $2,000 every two week. (c) Rented a building for three years at $500 per month and paid six months' rent in advance. (d) Purchased equipment for $5,400 cash. (e) Purchased $1,800 of supplies on account. (f) Provided services to customers for $7,800 cash....
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 145,000 shares of common stock in exchange for $725,000 cash. 2. Purchased office equipment at a cost of $117,500. $47,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $290,000. The company uses the perpetual inventory system. 4. Credit sales for...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 115,000 shares common stock in exchange for $575,000 cash. 2. Purchased office equipment at a cost of $95.000. $38,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $230,000. The company uses the perpetual inventory system. 4. Credit sales for the...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 50,000 shares of common stock in exchange for $250,000 cash. 2. Purchased office equipment at a cost of $50,000. $20,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $100,000. The company uses the perpetual inventory system. 4. Credit sales for...
please complete all 8
The following transactions occurred at the Daisy King Ice Cream Company. 1. Started business by Issuing 10,000 shares of common stock for $35,000. 2. Leased a building for three years at $650 per month and paid six months' rent in advance. 3. Purchased equipment for $6,900, signing a two-year, 12% note. 4. Purchased $3,300 of supplies on account. 5. Recorded cash sales of $2,300 for the first week. 6. Paid weekly salaries, $1,070. 7. Paid for...
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26.000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5.900 cash. (e) Purchased $1,700 of supplies on account....
(a) Started business by Issuing 10,000 shares of common stock for $27,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,200 every two weeks. (c) Rented a building for three years at $510 per month and paid six months' rent in advance. (d) Purchased equipment for $5,900 cash. (e) Purchased $1,700 of supplies on account. (f) Provided services to customers for $7,100 cash. (g) Pald employees' salarles, $5,600. (h) Pald for supplies purchased In Item (e). (1)...
Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5,900 cash. (e) Purchased $1,700 of supplies on account....
Record the following transactions, (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26.000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5.900 cash. (e) Purchased $1700 of supplies on account....
Chapter 2 Quiz 2 (a) Started business by issuing 10,000 shares of common stock for $23,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,100 every two weeks. (c) Rented a building for three years at $550 per month and paid six months' rent in advance. (d) Purchased equipment for $5,500 cash. (e) Purchased $1,900 of supplies on account i) Provided services to customers for $7,300 cash. (g) Paid employees' salaries. $5.700. (h) Paid for supplies purchased...
181. Record the following transactions. If an entry is not required, state "No Entry." (a) Started business by issuing 10,000 shares of common stock for $20,000. (b) Hired Rebecca as an administrative assistant, promising to pay her $2,000 every two week. (c) Rented a building for three years at $500 per month and paid six months' rent in advance. (d) Purchased equipment for $5,400 cash. (e) Purchased $1,800 of supplies on account. (f) Provided services to customers for $7,800 cash....
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 145,000 shares of common stock in exchange for $725,000 cash. 2. Purchased office equipment at a cost of $117,500. $47,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $290,000. The company uses the perpetual inventory system. 4. Credit sales for...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 115,000 shares common stock in exchange for $575,000 cash. 2. Purchased office equipment at a cost of $95.000. $38,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $230,000. The company uses the perpetual inventory system. 4. Credit sales for the...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 50,000 shares of common stock in exchange for $250,000 cash. 2. Purchased office equipment at a cost of $50,000. $20,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $100,000. The company uses the perpetual inventory system. 4. Credit sales for...
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