Accounting Enjoy Limited is an education center that provides education services to students in Hong Kong. The financial year ends on 31 December. The trial balance on 1 January 2021 are as follows: Cash Office supplies Prepaid insurance Equipment Accounts receivable Note payable Accounts payable Unearned revenues Common stock Additional paid-in capital Retained earnings Total a) b) c) d) e) f) During the year 2021, Enjoy Limited has the following transactions/events: g) h) i) Debit $ j) 1,000,000 $5,000 $10,000 $40,000 $80,000 1,135,000 Credit S $6,000 $20,000 $40,000 $70,000 $800,000 $199,000 1,135,000 Issued 50,000 shares of common stock for cash at a market value of $15 per share. Par value is $0.10 per share. Purchased $6,000 office supplies on credit. Provided $800,000 education services to students on account. Paid $3,000 cash for utility fees for the operations of Enjoy Limited. Provided $600,000 education services to students for cash. Paid $3,000 cash for office supplies purchased in b) Paid $40,000 cash for purchasing equipment. Received $600,000 cash for education services provided in c) Paid $50,000 cash for rent, of which $30,000 were for the operations in 2021 and the remainder was for the operations in year 2022. Jeff, one of the employees of Enjoy Limited, purchased a car worth $50,000 for the operation of the company. Enjoy Limited signed a note of $50,000 with Jeff. The due date is on 1 May 2023 (ignore interest).
Accounting Enjoy Limited is an education center that provides education services to students in Hong Kong. The financial year ends on 31 December. The trial balance on 1 January 2021 are as follows: Cash Office supplies Prepaid insurance Equipment Accounts receivable Note payable Accounts payable Unearned revenues Common stock Additional paid-in capital Retained earnings Total a) b) c) d) e) f) During the year 2021, Enjoy Limited has the following transactions/events: g) h) i) Debit $ j) 1,000,000 $5,000 $10,000 $40,000 $80,000 1,135,000 Credit S $6,000 $20,000 $40,000 $70,000 $800,000 $199,000 1,135,000 Issued 50,000 shares of common stock for cash at a market value of $15 per share. Par value is $0.10 per share. Purchased $6,000 office supplies on credit. Provided $800,000 education services to students on account. Paid $3,000 cash for utility fees for the operations of Enjoy Limited. Provided $600,000 education services to students for cash. Paid $3,000 cash for office supplies purchased in b) Paid $40,000 cash for purchasing equipment. Received $600,000 cash for education services provided in c) Paid $50,000 cash for rent, of which $30,000 were for the operations in 2021 and the remainder was for the operations in year 2022. Jeff, one of the employees of Enjoy Limited, purchased a car worth $50,000 for the operation of the company. Enjoy Limited signed a note of $50,000 with Jeff. The due date is on 1 May 2023 (ignore interest).
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter18: Acquiring Capital For Growth And Development
Section: Chapter Questions
Problem 2AP
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