1) Provide the journal entries for these transactions 2) Provide T-accounts for all of the accounts involved (with final balances of each account indicated) 3) The final Trial Balance after all 8 transactions 1) September 01: Devon founds a Corp and puts in $200k of his own money. 2) September 15: Corp pays $80,000 in cash for a 2-year lease for a new storefront. 3) October 1: Corp pays its monthly energy bill, paying $15k. 4) October 15: Corp purchases the Patent for a new electric skateboard design, for $50k. (Note: This patent has another 20 years before it expires. Assume that Corp has an account just for Patents in its Chart of Accounts.) 5) December 1: Corp provides services to customers for $10k in cash. 6) December 15: Corp provides services to customers on account-the
1) Provide the journal entries for these transactions 2) Provide T-accounts for all of the accounts involved (with final balances of each account indicated) 3) The final Trial Balance after all 8 transactions 1) September 01: Devon founds a Corp and puts in $200k of his own money. 2) September 15: Corp pays $80,000 in cash for a 2-year lease for a new storefront. 3) October 1: Corp pays its monthly energy bill, paying $15k. 4) October 15: Corp purchases the Patent for a new electric skateboard design, for $50k. (Note: This patent has another 20 years before it expires. Assume that Corp has an account just for Patents in its Chart of Accounts.) 5) December 1: Corp provides services to customers for $10k in cash. 6) December 15: Corp provides services to customers on account-the
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![1) Provide the journal entries for these transactions
2) Provide T-accounts for all of the accounts involved (with final balances of each account indicated)
3) The final Trial Balance after all 8 transactions
1) September 01: Devon founds a Corp and puts in $200k of his own money.
2) September 15: Corp pays $80,000 in cash for a 2-year lease for a new storefront.
3) October 1: Corp pays its monthly energy bill, paying $15k.
4) October 15: Corp purchases the Patent for a new electric skateboard design, for $50k. (Note: This
patent has another 20 years before it expires. Assume that Corp has an account just for Patents in its
Chart of Accounts.)
5) December 1: Corp provides services to customers for $10k in cash.
6) December 15: Corp provides services to customers on account-the
customers sign an invoice for $20k.
7) January 1: The customer from the April 15 sale pays off half of their account.
8) January 15: Corp pays out an $8k Dividend to Devon.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F288f1806-f617-4130-b75c-73e1a5e9d450%2F4a2c6a13-28c4-45e0-bedc-7332a0c854db%2Fwy31619_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1) Provide the journal entries for these transactions
2) Provide T-accounts for all of the accounts involved (with final balances of each account indicated)
3) The final Trial Balance after all 8 transactions
1) September 01: Devon founds a Corp and puts in $200k of his own money.
2) September 15: Corp pays $80,000 in cash for a 2-year lease for a new storefront.
3) October 1: Corp pays its monthly energy bill, paying $15k.
4) October 15: Corp purchases the Patent for a new electric skateboard design, for $50k. (Note: This
patent has another 20 years before it expires. Assume that Corp has an account just for Patents in its
Chart of Accounts.)
5) December 1: Corp provides services to customers for $10k in cash.
6) December 15: Corp provides services to customers on account-the
customers sign an invoice for $20k.
7) January 1: The customer from the April 15 sale pays off half of their account.
8) January 15: Corp pays out an $8k Dividend to Devon.
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