. . February 28: The company paid cash for rent to cover the 12-month period from March 1, 2018, through February 29, 2019, in the amount of $27,000. • March 1: Tides purchased supplies in the amount of $28,000 on account. • March 22: Tides recorded sales revenue in the amount of $120,000. Half of this amount was received in cash and half was paid on account. Ignore cost of goods sold. ● . . ● . January 18: The owners invested $200,000 (the par value of the stock) into the business and acquired 40,000 shares of common stock in return. February 1: Tides bought factory equipment in the amount of $45,000. The company took out a long-term note from the bank to finance the purchase. . May 1: Tides received cash payments to pay off all the customer accounts. May 29: The company paid wages of $34,000 in cash. July 12: Tides recorded sales revenue in the amount of $180,000, all of which was paid in cash. Ignore cost of goods sold. July 31: Tides paid $3,200 cash for interest on the note taken out on February 1. August 8: Tides paid off the balance owed to a supplier for the purchase made on March 1. September 1: Tides paid $6,000 cash for utilities. • October 14: Tides paid wages of $24,000 in cash. • November 10: Tides recorded sales revenue in the amount of $218,000. One payment of $100,000 was received in cash; the remainder of this balance was sold on account. Ignore cost of goods sold. December 31: Tides declared and paid a $25,000 dividend.
. . February 28: The company paid cash for rent to cover the 12-month period from March 1, 2018, through February 29, 2019, in the amount of $27,000. • March 1: Tides purchased supplies in the amount of $28,000 on account. • March 22: Tides recorded sales revenue in the amount of $120,000. Half of this amount was received in cash and half was paid on account. Ignore cost of goods sold. ● . . ● . January 18: The owners invested $200,000 (the par value of the stock) into the business and acquired 40,000 shares of common stock in return. February 1: Tides bought factory equipment in the amount of $45,000. The company took out a long-term note from the bank to finance the purchase. . May 1: Tides received cash payments to pay off all the customer accounts. May 29: The company paid wages of $34,000 in cash. July 12: Tides recorded sales revenue in the amount of $180,000, all of which was paid in cash. Ignore cost of goods sold. July 31: Tides paid $3,200 cash for interest on the note taken out on February 1. August 8: Tides paid off the balance owed to a supplier for the purchase made on March 1. September 1: Tides paid $6,000 cash for utilities. • October 14: Tides paid wages of $24,000 in cash. • November 10: Tides recorded sales revenue in the amount of $218,000. One payment of $100,000 was received in cash; the remainder of this balance was sold on account. Ignore cost of goods sold. December 31: Tides declared and paid a $25,000 dividend.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:.
.
February 28: The company paid cash for rent to cover the 12-month period from
March 1, 2018, through February 29, 2019, in the amount of $27,000.
• March 1: Tides purchased supplies in the amount of $28,000 on account.
• March 22: Tides recorded sales revenue in the amount of $120,000. Half of this
amount was received in cash and half was paid on account. Ignore cost of
goods sold.
●
.
.
●
.
January 18: The owners invested $200,000 (the par value of the stock) into the
business and acquired 40,000 shares of common stock in return.
February 1: Tides bought factory equipment in the amount of $45,000. The
company took out a long-term note from the bank to finance the purchase.
.
May 1: Tides received cash payments to pay off all the customer accounts.
May 29: The company paid wages of $34,000 in cash.
July 12: Tides recorded sales revenue in the amount of $180,000, all of which
was paid in cash. Ignore cost of goods sold.
July 31: Tides paid $3,200 cash for interest on the note taken out on February 1.
August 8: Tides paid off the balance owed to a supplier for the purchase made
on March 1.
September 1: Tides paid $6,000 cash for utilities.
• October 14: Tides paid wages of $24,000 in cash.
•
November 10: Tides recorded sales revenue in the amount of $218,000. One
payment of $100,000 was received in cash; the remainder of this balance was
sold on account. Ignore cost of goods sold.
December 31: Tides declared and paid a $25,000 dividend.
Transcribed Image Text:Requirement a. Journalize the transactions for the year. Omit explanations. (Record debits first, then credits. Exclude
explanations from any journal entries.)
January 18: The owners invested $200,000 (the par value of the stock) into the business and acquired 40,000 shares of
common stock in return.
Account
January 18, 2018
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