a. What are the Accounts and Amounts Debited? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. b. What are the Accounts and Amounts Credited? Note: Answer this question in the table shown below. Round your answers to 2 decimal places.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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C11.8.1 Transactions Week 1
All associated information and instructions for the Chapter project are presented between pages 534
and 598 in the text. The steps for setting up a new company in Section 11.2 (pages 540-546) must be
attempted before attempting any of the following questions.
Record the following transactions for Mookie The Beagle Coach for week 1 of operations from February
1 through February 7, 2023.
• The sales tax rate for products sold is 9%.
• All customer invoices for pet coaching services are due on receipt.
.
• Enter appropriate Tags for Pets on Invoices.
• Enter Tags for Marketing Channels as indicated in following transaction information.
To streamline transaction entry, use recurring transactions as appropriate.
Required:
.
1
Date
02/01/2023
Transaction
Cy Walker invests $8,000 and you invest $2,000 in Mookie The
Beagle Coach as owners of the LLC S Corporation for an 80 is to
20 split in ownership. Both amounts are paid by e-check and the
funds deposited into the company Checking account using one bank
deposit.
For the Received From field, add Cy Walker and Your First
Initial Last Name as Employees. (Note: We use Employees because
there is no Type for Other or Owners.)
Save the Deposit. Reopen the Deposit > from the lower Menu Bar,
select More > Transaction Journal.
a. What are the Accounts and Amounts Debited?
Note: Answer this question in the table shown below. Round your answer to 2 decimal places.
b. What are the Accounts and Amounts Credited?
Note: Answer this question in the table shown below. Round your answers to 2 decimal places.
Account
Amount
Transcribed Image Text:C11.8.1 Transactions Week 1 All associated information and instructions for the Chapter project are presented between pages 534 and 598 in the text. The steps for setting up a new company in Section 11.2 (pages 540-546) must be attempted before attempting any of the following questions. Record the following transactions for Mookie The Beagle Coach for week 1 of operations from February 1 through February 7, 2023. • The sales tax rate for products sold is 9%. • All customer invoices for pet coaching services are due on receipt. . • Enter appropriate Tags for Pets on Invoices. • Enter Tags for Marketing Channels as indicated in following transaction information. To streamline transaction entry, use recurring transactions as appropriate. Required: . 1 Date 02/01/2023 Transaction Cy Walker invests $8,000 and you invest $2,000 in Mookie The Beagle Coach as owners of the LLC S Corporation for an 80 is to 20 split in ownership. Both amounts are paid by e-check and the funds deposited into the company Checking account using one bank deposit. For the Received From field, add Cy Walker and Your First Initial Last Name as Employees. (Note: We use Employees because there is no Type for Other or Owners.) Save the Deposit. Reopen the Deposit > from the lower Menu Bar, select More > Transaction Journal. a. What are the Accounts and Amounts Debited? Note: Answer this question in the table shown below. Round your answer to 2 decimal places. b. What are the Accounts and Amounts Credited? Note: Answer this question in the table shown below. Round your answers to 2 decimal places. Account Amount
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