Great Solutions was incorporated as a private company. The company's accounts included the following at June 30:
Accounts Payable 24,900
Buildings 196,000
Cash 56,750
Common Stock 160,000
Equipment 148,000
Land 201,000
Notes Payable(long-term) 3,050
Retained Earnings 423,500
Supplies 9,700
During the month of July, Great Solutions had the following activities:
a) Issued 5,600 shares of common stock for $560,000 cash.
b) Borrowed $106,000 cash from a local bank, payable in 2 years.
c) Bought a building for $240,250; paid $90,250 in cash and signed a 3 year note for the balance.
d) Paid cash for equipment that cost $261,000.
e) Purchased supplies for $33,250 on account.
Summarize the journal entry effects from part 2 using T accounts:
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Great Solutions was incorporated as a private company. The
company's accounts included the following at June...
Summarize the journal entries using T accounts Deliberate Speed Corporation (DSC) was incorporated as a private...
Summarize the journal entries using T accounts
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 21,100 144,000 55, 500 220,000 143,000 275,880 6,780 385,800 16,100 During the month of July, the company had the following activities a Issued 4,400 shares of common stock for $440,000 cosh b Borrowed $121,000 cash from a local bank, payable...
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Deliberate Speed Corporation (OS) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017 Accounts Payable Factory using Cash Contributed Capital Equipment $ 22.000 103.60 192.000 130,000 Land Notes Payable, due 2009 Betained tarnings Supplies $ 212,000 4,400 265,000 8,200 During the month of July, the company had the following activities a. Issued 3760 shares for $376,000 cash b. Borrowed 5114.000 cash from a local bank, payable June 30, 2020...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: $ 211,000 Accounts Payable Factory Building Cash Contributed Capital Equipment $ 21,000 103,300 29,300 191,00 129,000 Land Notes Payable, due 2019 Retained Earnings Supplies 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378.000 cash. b. Borrowed $112,000 cash from a local bank, payable June 30, 2020...
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following...
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 25,900 118,000 46,500 200,000 123,000 203,000 3,700 274,700 13,800 During the month of July, the company had the following activities a. Issued 6,100 shares of common stock for $610,000 cash. b. Borrowed $114,000 cash from a local bank, payable in two years c Bought a building...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: Accounts Payable Factory Building Cash Contributed Capital Equipment $21,800 103,300 29, 300 191,00 129, eee Land Notes Payable, due 2019 Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378,000 cash. b. Borrowed $112.000 cash from a local bank, payable June...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: Accounts Payable Factory Building Cash Contributed Capital Equipment $21,800 103,300 29, 300 191,00 129, eee Land Notes Payable, due 2019 Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378,000 cash. b. Borrowed $112.000 cash from a local bank, payable June...
Bearings & Brakes Corporation (B&B) was incorporated as a private company. The company’s accounts included the...
Bearings & Brakes
Corporation (B&B) was incorporated as a private company. The
company’s accounts included the following at June 30: Accounts
Payable $ 88,000 Buildings 650,000 Cash 105,000 Common Stock
320,000 Equipment 178,000 Land 519,000 Notes Payable (long-term)
8,000 Retained Earnings 1,041,000 Supplies 5,000 During the month
of July, the company had the following activities: Issued 4,400
shares of common stock for $440,000 cash. Borrowed $135,000 cash
from a local bank, payable in four years. Bought a building for
$196,000;...
Athletic Performance Company (APC) was incorporated as a private company. The company’s accounts included the following...
Athletic Performance Company (APC) was incorporated as a private
company. The company’s accounts included the following at July
1:
Accounts Payable
$
5,950
Buildings
172,000
Cash
14,900
Common Stock
325,000
Equipment
34,500
Land
134,500
Notes Payable (long-term)
33,750
Retained Earnings
0
Supplies
8,800
During the month of July, the company had the following
activities:
Issued 4,000 shares of common stock for $400,000 cash.
Borrowed $54,750 cash from a local bank, payable in two
years.
Bought a building for $176,250; paid...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...
Pastina Company sells various types of pasta to grocery chains
as private label brands. The company's reporting year-end is
December 31. The unadjusted trial balance as of December 31, 2021,
appears below.
Credits Debits 35,500 43,000 3,000 63,000 23,000 2,500 9,000 92,000 34,500 34,000 53,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends...
Pastina Company sells various types of pasta to grocery chains as private label brands. The company's...
Pastina Company sells various types of pasta to grocery chains
as private label brands. The company's reporting year-end is
December 31. The unadjusted trial balance as of December 31, 2021,
appears below.
Account Title
Debits
Credits
Cash
37,000
Accounts receivable
44,000
Supplies
3,500
Inventory
64,000
Notes receivable
24,000
Interest receivable
0
Prepaid rent
3,000
Prepaid insurance
10,000
Office equipment
96,000
Accumulated depreciation
36,000
Accounts payable
35,000
Salaries payable
0
Notes payable
54,000
Interest payable
0
Deferred sales revenue
4,000...
Summarize the journal entries using T accounts
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies 21,100 144,000 55, 500 220,000 143,000 275,880 6,780 385,800 16,100 During the month of July, the company had the following activities a Issued 4,400 shares of common stock for $440,000 cosh b Borrowed $121,000 cash from a local bank, payable...
Deliberate Speed Corporation (OS) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017 Accounts Payable Factory using Cash Contributed Capital Equipment $ 22.000 103.60 192.000 130,000 Land Notes Payable, due 2009 Betained tarnings Supplies $ 212,000 4,400 265,000 8,200 During the month of July, the company had the following activities a. Issued 3760 shares for $376,000 cash b. Borrowed 5114.000 cash from a local bank, payable June 30, 2020...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: $ 211,000 Accounts Payable Factory Building Cash Contributed Capital Equipment $ 21,000 103,300 29,300 191,00 129,000 Land Notes Payable, due 2019 Retained Earnings Supplies 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378.000 cash. b. Borrowed $112,000 cash from a local bank, payable June 30, 2020...
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the following at June 30 Accounts Payable Buildings Cash Common Stock Equipment Land Notes Payable (long-term) Retained Earnings Supplies $ 25,900 118,000 46,500 200,000 123,000 203,000 3,700 274,700 13,800 During the month of July, the company had the following activities a. Issued 6,100 shares of common stock for $610,000 cash. b. Borrowed $114,000 cash from a local bank, payable in two years c Bought a building...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: Accounts Payable Factory Building Cash Contributed Capital Equipment $21,800 103,300 29, 300 191,00 129, eee Land Notes Payable, due 2019 Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378,000 cash. b. Borrowed $112.000 cash from a local bank, payable June...
Deliberate Speed Corporation (DSC) was incorporated as a private company on June 1, 2017. The company's accounts included the following at June 30, 2017: Accounts Payable Factory Building Cash Contributed Capital Equipment $21,800 103,300 29, 300 191,00 129, eee Land Notes Payable, due 2019 Retained Earnings Supplies $ 211,000 4,200 264,500 8,100 During the month of July, the company had the following activities: a. Issued 3,780 shares for $378,000 cash. b. Borrowed $112.000 cash from a local bank, payable June...
Bearings & Brakes
Corporation (B&B) was incorporated as a private company. The
company’s accounts included the following at June 30: Accounts
Payable $ 88,000 Buildings 650,000 Cash 105,000 Common Stock
320,000 Equipment 178,000 Land 519,000 Notes Payable (long-term)
8,000 Retained Earnings 1,041,000 Supplies 5,000 During the month
of July, the company had the following activities: Issued 4,400
shares of common stock for $440,000 cash. Borrowed $135,000 cash
from a local bank, payable in four years. Bought a building for
$196,000;...
Athletic Performance Company (APC) was incorporated as a private
company. The company’s accounts included the following at July
1:
Accounts Payable
$
5,950
Buildings
172,000
Cash
14,900
Common Stock
325,000
Equipment
34,500
Land
134,500
Notes Payable (long-term)
33,750
Retained Earnings
0
Supplies
8,800
During the month of July, the company had the following
activities:
Issued 4,000 shares of common stock for $400,000 cash.
Borrowed $54,750 cash from a local bank, payable in two
years.
Bought a building for $176,250; paid...
Pastina Company sells various types of pasta to grocery chains
as private label brands. The company's reporting year-end is
December 31. The unadjusted trial balance as of December 31, 2021,
appears below.
Credits Debits 35,500 43,000 3,000 63,000 23,000 2,500 9,000 92,000 34,500 34,000 53,000 Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable Notes payable Interest payable Deferred sales revenue Common stock Retained earnings Dividends...
Pastina Company sells various types of pasta to grocery chains
as private label brands. The company's reporting year-end is
December 31. The unadjusted trial balance as of December 31, 2021,
appears below.
Account Title
Debits
Credits
Cash
37,000
Accounts receivable
44,000
Supplies
3,500
Inventory
64,000
Notes receivable
24,000
Interest receivable
0
Prepaid rent
3,000
Prepaid insurance
10,000
Office equipment
96,000
Accumulated depreciation
36,000
Accounts payable
35,000
Salaries payable
0
Notes payable
54,000
Interest payable
0
Deferred sales revenue
4,000...
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