1 2 The following information is provided for the first month of operations for Legal Services Inc.: 3 A.The business was started by selling $100,000 worth of common stock. 4 B.Six months' rent was paid in advance, $4,500. 5 C.Provided services in the amount of $1,000. The customer will pay at a later date. 6 D.An office worker was hired. The worker will be paid $275 per week. 7 E.Received $500 in payment from the customer in "C". 8 F.Purchased $250 worth of supplies on credit. 9 G.Received the electricity bill. We will pay the $110 in thirty days. 10 H. Paid the worker hired in "D" for one week's work. 11 I.Received $100 from a customer for services we will provide next week. 12 J.Dividends in the amount of $1,500 were distributed. 13 14 15 Prepare the necessary journal entries to record these transactions. If an entry is not required for any of these 16 transactions, state this. 17 18 Item 19 A 20 A Account Cash Common stock Debit 100,000 Credit 100,000

1 2 The following information is provided for the first month of operations for Legal Services Inc.: 3 A.The business was started by selling $100,000 worth of common stock. 4 B.Six months' rent was paid in advance, $4,500. 5 C.Provided services in the amount of $1,000. The customer will pay at a later date. 6 D.An office worker was hired. The worker will be paid $275 per week. 7 E.Received $500 in payment from the customer in "C". 8 F.Purchased $250 worth of supplies on credit. 9 G.Received the electricity bill. We will pay the $110 in thirty days. 10 H. Paid the worker hired in "D" for one week's work. 11 I.Received $100 from a customer for services we will provide next week. 12 J.Dividends in the amount of $1,500 were distributed. 13 14 15 Prepare the necessary journal entries to record these transactions. If an entry is not required for any of these 16 transactions, state this. 17 18 Item 19 A 20 A Account Cash Common stock Debit 100,000 Credit 100,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Journal entries?
The following transactions were completed by the company. a. The company completed consulting work for a client and immediately collected $7,100 cash. b. The company completed commission work for a client and sent a bill for $5,600 to be received within 30 days. c. The company paid an assistant $2,200 cash as wages for the period. d. The company collected $2,800 cash as a partial payment for the amount owed by the client in transaction b. e. The company paid $1,020 cash for this period's cleaning services. Required: Enter the impact of each transaction on individual items of the accounting equation. (Enter decreases to account balances with a minus sign.) Assets Liabilities Transactions Number Accounts Accounts Owner, Cash Receivable Payable Capital a. %3D b. %3D Balance after a and b + C. + %3D Balance afterc %3D d. %3D Balance after d + %3D е. + %3D Balance after e $ $ $ $ + %3D + +
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Pen Supply Corp. began operations on March 1, 20Y5. On this date, the company paid for the following expenses: legal fees related to organization, $5,000; rent for the upcoming month, $1,500; license fees, $2,000; promotional costs, $1,200; and insurance for the fiscal year, $9,000. Prepare the journal entry to record the organizational expenses paid.
How is the answer 720 and not 900? Help explain the concept for me to understand please
Tax Drill - Work Opportunity Credit During 2020, Lincoln Company hires seven individuals who are certified to be members of a qualifying targeted group. Each employee works in excess of 600 hours and is paid wages of $7,500 during the year. Lincoln Company's work opportunity credit is $