A: Received cash of $35,000 from the issue of common stock.
B: Performed $54,000 of services on account.
C:Incurred $7,700 of other operating expenses on account.
D:Paid $27,000 cash for salaries expense.
e: Collected $37,500 of accounts receivable.
f: Paid a $3,600 dividend to the stockholders.
G: Performed $10,100 of services for cash.
H: Paid $6,100 of the accounts payable.
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A: Received cash of $35,000 from the issue of common stock.
B: Performed $54,000 of services...
The following events apply to Montgomery Company for Year 1, its first year of operation: 1....
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000 from the issue of common stock. 2. Performed $54,000 of services on account. 3. Incurred $7,700 of other operating expenses on account. 4. Paid $27,000 cash for salaries expense. 5. Collected $37,500 of accounts receivable. 6. Paid a $3,600 dividend to the stockholders. 7. Performed $10,100 of services for cash. 8. Paid $6,100 of the accounts payable. Required a. Record...
Acquired $54,000 cash from the issue of common stock. Paid $13,900 cash in advance for rent....
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 accounts payable. Adjusting Entries Made the adjusting entry for the expired rent. (See Event...
a. Received $10,300 cash for consulting services rendered in January b. Issued common stock to investors...
a. Received $10,300 cash for consulting services rendered in January b. Issued common stock to investors for $16,500 cash. c. Purchased $15,300 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,100 cash for consulting services to be performed in February e. Bought and received $1,030 of supplies on account. Received utility bill for January for $2,190, due February 15. g. Consulted for customers in January for fees totaling...
The following events apply to Montgomery Company for Year 1, its first year of operation: 1....
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35.000 from the issue of common stock 2. Performed $54.000 of services on account. 3. Incurred $7700 of other operating expenses on account. 4. Pald $27.000 cash for salaries expense. 5. Collected $37.500 of accounts receivable. 6. Pald a $3.600 dividend to the stockholders. 7. Performed $10,100 of services for cash. 8. Pald $6,100 of the accounts payable. Required a. Record...
More Info Oct 2 Johnson Services received $65,000 cash and issued common stock to the stockholders...
More Info Oct 2 Johnson Services received $65,000 cash and issued common stock to the stockholders 3 Purchased supplies, $700, and equipment, $12,300, on account. 4 Performed services for a customer and received cash, $5,700 7 Paid cash to acquire land, $35,000. 11 Performed services for a customer and billed the customer, $3,100. Johnson expects to collect within one month. 16 Paid for the equipment purchased October 3 on account. 17 Paid for newspaper advertising, $620 18 Received partial payment...
Colton Enterprises experienced the following events for Year 1, the first year of operation: Acquired $54,000 cash from...
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...
10 In Year 1, Lee Inc. billed its customers $57,400 for services performed. The company collected...
10 In Year 1, Lee Inc. billed its customers $57,400 for services performed. The company collected $41,200 of the amount billed. Lee incurred $36,700 of other operating expenses on account. Lee paid $24,000 of the accounts payable. Lee acquired $27,000 cash from the issue of common stock. The company invested $12,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid $5,700 cash in advance for an insurance policy. d. Paid $980 on accounts payable. e. Recorded the adjusting entry to recognize 53.100 of insurance expense. f. Received $5.700 cash for services to be performed at a later date. g. Purchased land for $1.710 cash. h. Purchased supplies for $1.000 cash. Required Record each of the above transactions in general journal form and then show...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
1. Acquired $22,800 cash from the issue of common stock. 2. Provided $19,400 of services on...
1. Acquired $22,800 cash from the issue of common stock. 2. Provided $19,400 of services on account. 3. Paid $14,800 cash on accounts payable. 4. Performed services for $43,500 cash. 5. Collected $5,600 cash from accounts receivable. 6. Incurred $7,700 of operating expenses on account. 7. Paid a $21,100 cash for one year's rent in advance. 8. Paid a $7,400 cash dividend to the stockholders. 9. Paid $2,900 cash for supplies to be used in the future. 10. Recognized $31,400...
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35,000 from the issue of common stock. 2. Performed $54,000 of services on account. 3. Incurred $7,700 of other operating expenses on account. 4. Paid $27,000 cash for salaries expense. 5. Collected $37,500 of accounts receivable. 6. Paid a $3,600 dividend to the stockholders. 7. Performed $10,100 of services for cash. 8. Paid $6,100 of the accounts payable. Required a. Record...
a. Received $10,300 cash for consulting services rendered in January b. Issued common stock to investors for $16,500 cash. c. Purchased $15,300 of equipment, paying 25 percent in cash and owing the rest on a note due in 2 years. d. Received $12,100 cash for consulting services to be performed in February e. Bought and received $1,030 of supplies on account. Received utility bill for January for $2,190, due February 15. g. Consulted for customers in January for fees totaling...
The following events apply to Montgomery Company for Year 1, its first year of operation: 1. Received cash of $35.000 from the issue of common stock 2. Performed $54.000 of services on account. 3. Incurred $7700 of other operating expenses on account. 4. Pald $27.000 cash for salaries expense. 5. Collected $37.500 of accounts receivable. 6. Pald a $3.600 dividend to the stockholders. 7. Performed $10,100 of services for cash. 8. Pald $6,100 of the accounts payable. Required a. Record...
More Info Oct 2 Johnson Services received $65,000 cash and issued common stock to the stockholders 3 Purchased supplies, $700, and equipment, $12,300, on account. 4 Performed services for a customer and received cash, $5,700 7 Paid cash to acquire land, $35,000. 11 Performed services for a customer and billed the customer, $3,100. Johnson expects to collect within one month. 16 Paid for the equipment purchased October 3 on account. 17 Paid for newspaper advertising, $620 18 Received partial payment...
10 In Year 1, Lee Inc. billed its customers $57,400 for services performed. The company collected $41,200 of the amount billed. Lee incurred $36,700 of other operating expenses on account. Lee paid $24,000 of the accounts payable. Lee acquired $27,000 cash from the issue of common stock. The company invested $12,000 cash in the purchase of land. Required (Hint: Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting...
a. Performed $28,500 of services on account. b. Collected $22.800 cash on accounts receivable. c. Poid $5,700 cash in advance for an insurance policy. d. Paid $980 on accounts payable. e. Recorded the adjusting entry to recognize 53.100 of insurance expense. f. Received $5.700 cash for services to be performed at a later date. g. Purchased land for $1.710 cash. h. Purchased supplies for $1.000 cash. Required Record each of the above transactions in general journal form and then show...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
1. Acquired $22,800 cash from the issue of common stock. 2. Provided $19,400 of services on account. 3. Paid $14,800 cash on accounts payable. 4. Performed services for $43,500 cash. 5. Collected $5,600 cash from accounts receivable. 6. Incurred $7,700 of operating expenses on account. 7. Paid a $21,100 cash for one year's rent in advance. 8. Paid a $7,400 cash dividend to the stockholders. 9. Paid $2,900 cash for supplies to be used in the future. 10. Recognized $31,400...
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