2. George Butler owned a tugboat and was tired of his current job. He decided to...
May 1 Butler invested $20,000 cash and his tugboat valued at $90,000 in the business in exchange for common Stock May 2 Butler paid $3,000 cash for office equipment to help him keep track of business activities. May 3 Butler bought boating supplies costing $2,500 on credit. May 4 Butler paid the river master $500 cash for the first month's dock rental. May 5 Butler paid $1,800 cash for a six-month insurance policy. May 10 Butler received $2,000 cash from...
Question 21 90 pts Oliver Rowe owned a bus and was tired of his current job. He decided to open a business, Oliver, Inc., that provides day tours to tourists through Hollywood and Los Angeles. Prepare journal entries to record the following transactions during the month of September, 2020, then prepare an unadjusted Trial Balance for Oliver, Inc. Below is a Chart of Accounts for Oliver, Inc.: Chart of Accounts Cash Bus Office Equipment Tour Supplies Prepaid Insurance Accounts Receivable...
Post journal entries to T-accounts for this problem. Oliver Rowe owned a bus and was tired of his current job. He decided to open a business, Oliver, Inc., that provides day tours to tourists through Hollywood and Los Angeles. Below is a Chart of Accounts for Oliver, Inc.: Chart of Accounts Cash Bus Office Equipment Tour Supplies Prepaid Insurance Accounts Receivable Accounts Payable Common Stock Dividends Tour Revenue Parking Expense Salary Expense *Please use only the above account names for your...
part 2 outdoors. Matt has decided to incorporate the business to limit his legal liability. The business began operations April 1, 2019, and will have a May 31 year end. Received $32,000 cash to begin the company in exchange for 16,000 shares of $2 par value common stock April 1 2 Signed a lease for space on the beach and paid $1,200 for the first month's rent. 2 Purchased computer equipment for $2,800. 2 Hired Katie Weekly to help out...
W. Weinstein, roofing contractor, began business on May 1 of the current year. The following transactions occurred during May: 1) Weinstein invested $25,000 of his personal funds in the business. 2) Purchased equipment on account, $2,400. 3) Paid the premium for a one-year liability insurance policy, $720. 4) Purchased supplies on account, $580. 5) Purchased a truck for $8,500; Weinstein paid $2,500 cash and gave a note payable for the balance. 6) Paid rent for May, $750. 7) Paid fuel...
outdoors. Matt has decided to incorporate the business to limit his legal liability. The business began operations April 1, 2019, and will have a May 31 year end. April 1 Received $32,000 cash to begin the company in exchange for 16,000 shares of $2 par value common stock. 2 Signed a lease for space on the beach and paid $1,200 for the first month's rent. 2 Purchased computer equipment for $2,800. 2 Hired Katie Weekly to help out with rentals...
MJH repair services engaged in the following transactions: May 1 Began business by issuing common stock for cash, $10,000. 1 Paid this month’s rent, $850 1Paid the premium on a one year insurance policy, $960 2 Purchased $8400 of repair equipment with $1200 in cash and $7200 on account 5 Purchased repair supplies on credit, $936 8 Paid cash for an advertisement, $120 15 Received $800 in repair revenue 21 Paid accounts payable $450 31 Received cash revenue, $1950 31...
Journalize the July transactions Question 4 View Policies Current Attempt in Progress Sandhill Clark opened Sandhill's Cleaning Service on July 1, 2020. During July, the following transactions were completed. port July 1 Sandhill invested $19,900 cash in the business. 1 Purchased used truck for $9.100, paying $4,200 cash and the balance on account. 3 Purchased cleaning supplies for $2,300 on account. 5 Paid $1,800 cash on 1-year insurance policy effective July 1. 12 Billed customers $4.600 for cleaning services. 18...
case - 1 after several Years with a large accounting firm, ahmed decided to establish his own accounting firm. the following transactions were completed during may 2020: may 1. started the business with omr 25,000 cash. 5. deposited omr 10,000 to bank muscat. 8. bought computers omr 500 from e-max, paid 40% and the balance on account. 10. performed accounting services for clients, omr 600, received 60% and the balance after two months. 15. paid salaries of staff and rental...
Homework: Homework - Chapter 03 Save 2 of 5 (0 complete) Score: 0 of 2 pts E3-18A (similar to) HW Score: 0%, 0 of 10 pts Question Help Joumalize the adjusting entry needed at May 31, the fiscal year-end, for each of the following independent situations. No other adjusting entries have been made for the year. (Record debits first, then credits. Exclude explanations from anyjournal entries.) Click the icon to view the transactions.) a. On March 1, $4,500 rent was...