Event | General Journal | Debit | Credit |
1 | Cash | $ 42,000 | |
Common stock | $ 42,000 | ||
[To record issuance of common stock] | |||
2 | Prepaid rent | $ 12,700 | |
Cash | $ 12,700 | ||
[To record payment of rent in advance] | |||
3 | Accounts receivable | $ 86,000 | |
Service revenue | $ 86,000 | ||
[To record services performed on account] | |||
4 | Operating expenses | $ 38,500 | |
Accounts payable | $ 38,500 | ||
[To record operating expenses] | |||
5 | Cash | $ 66,000 | |
Accounts receivable | $ 66,000 | ||
[To record cash collected from accounts receivable] | |||
6 | Salary expense | $ 28,000 | |
Cash | $ 28,000 | ||
[To record payment of salary expense] | |||
7 | Accounts payable | $ 30,800 | |
Cash | $ 30,800 | ||
[To record payment of cash on acconts payable] | |||
8 | Rent expense [12700 x 9/12] | $ 9,525 | |
Prepaid Rent | $ 9,525 | ||
[To record expired rent] | |||
9 | Salaries expense | $ 3,800 | |
Salaries payable | $ 3,800 | ||
[To record accrued salaries] | |||
Required Information [The following information applies to the questions displayed below.) Colton Enterprises experienced the following...
Required Information [The following information applies to the questions displayed below.] Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $42.000 cash from the issue of common stock. 2 Poid $12.700 cash in advance for rent. The payment was for the period April 1. Year 1, to March 31. Year 2 3. Performed services for customers on account for $86.000. 4. Incurred operating expenses on account of $38,500. 5. Collected $66,000 cash from...
Required information The following information applies to the questions displayed below.] Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $47,000 cash from the issue of common stock. 2. Paid $13,200 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2 3. Performed services for customers on account for $96,000. 4. Incurred operating expenses on account of $41,000. 5. Collected $73,500 cash from...
Required Information [The folowing information applies to the questions displayed below.] Colton Enterprises experienced the following events for Year 1, the first year of operation 1. Acquired $42.000 cash from the issue of common stock 2 Paid $12.700 cash in advance for rent. The payment was for the period April 1. Year 1 to March 31, Year 2 3. Performed services for customers on account for $95.000. 4. Incurred operating expenses on account of $38.500. 5. Collected $66.000 cash from...
Required Information [The folowing information applies to the questions displayed below] Colton Enterprises experienced the following events for Year 1 the first year of operation 1. Acquired $42.000 cash from the issue of common stock 2 Paid $12.700 cash in advance for rent. The payment was for the period April 1. Year 1 to March 31, Year 2 3. Performed services for customers on account for $96.000. 4. Incurred operating expenses on account of $39.500. 5. Conected $66.000 cash from...
Required Information [The following information applies to the questions displayed below.) Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $42,000 cash from the issue of common stock. 2. Pald $12,700 cash in advance for rent. The payment was for the period April 1, Year 1 to March 31, Year 2. 3. Performed services for customers on account for $86,000. 4. Incurred operating expenses on account of $38,500. 5. Collected $66,000 cash from...
[The following information applies to the questions displayed below.] Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $36,000 cash from the issue of common stock. Paid $12,100 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $74,000. Incurred operating expenses on account of $35,500. Collected $57,000 cash from accounts receivable. Paid $22,000 cash for salary...
Required Information [The following information applies to the questions displayed below.) Colton Enterprises experienced the following events for Year 1, the first year of operation: 1. Acquired $42,000 cash from the issue of common stock. 2. Pald $12,700 cash in advance for rent. The payment was for the period April 1, Year 1 to March 31, Year 2. 3. Performed services for customers on account for $86,000. 4. Incurred operating expenses on account of $38,500. 5. Collected $66,000 cash from...
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $50,000 cash from the issue of common stock. Paid $13,500 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $102,000. Incurred operating expenses on account of $42,500. Collected $78,000 cash from accounts receivable. Paid $36,000 cash for salary expense. Paid $34,000 cash as a partial payment on...
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $54,000 cash from the issue of common stock. Paid $13,900 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $110,000. Incurred operating expenses on account of $44,500. Collected $84,000 cash from accounts receivable. Paid $40,000 cash for salary expense. Paid $35,600 cash as a partial payment on...
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $50,000 cash from the issue of common stock. Paid $13,500 cash in advance for rent. The payment was for the period April 1, Year 1, to March 31, Year 2. Performed services for customers on account for $102,000. Incurred operating expenses on account of $42,500. Collected $78,000 cash from accounts receivable. Paid $36,000 cash for salary expense. Paid $34,000 cash as a partial payment on...