Current Attempt in Progress Cullumber Corporation provides security services. Selected transactions for Cullumber are presented below. Issued common stock in exchange for $81,800 cash from investors. Hired part-time security consultant. Salary will be $2.500 per month. First day of work will be October 15. Paid 1 month of rent for building for $2.500. Purchased equipment for $22,300, paying $5,000 cash and the balance on account. Paid $2,800 for advertising. Received bill for equipment repair cost of $530. Provided security services for event for $4,000 on account. Purchased supplies for $510 on account. Paid balance due from October 7 purchase of equipment. Received and paid utility bill for $184. Received payment from customer for October 12 services performed. Paid employee salaries and wages of $6,300. Oct. 1 (a) 2 4 7 8 10 12 16 21 24 27 31 Your answer is correct. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Cred titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presentes List all dehit entries before credit entries.)

Current Attempt in Progress Cullumber Corporation provides security services. Selected transactions for Cullumber are presented below. Issued common stock in exchange for $81,800 cash from investors. Hired part-time security consultant. Salary will be $2.500 per month. First day of work will be October 15. Paid 1 month of rent for building for $2.500. Purchased equipment for $22,300, paying $5,000 cash and the balance on account. Paid $2,800 for advertising. Received bill for equipment repair cost of $530. Provided security services for event for $4,000 on account. Purchased supplies for $510 on account. Paid balance due from October 7 purchase of equipment. Received and paid utility bill for $184. Received payment from customer for October 12 services performed. Paid employee salaries and wages of $6,300. Oct. 1 (a) 2 4 7 8 10 12 16 21 24 27 31 Your answer is correct. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Cred titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presentes List all dehit entries before credit entries.)

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Description: Current Attempt in ProgressCullumber Corporation provides security services. Selected transactions for Cullumber are presented below.Issued common stock in exchange for $81,800 cash from investors.Hired part-time security consultant. Salary will be

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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On August 1, Year 1, Company A, an aeronautic electronics company, borrows $19.7 million cash to expand operations. The loan is made by Company B under a short-term line of credit arrangement. Company A signs a six-month, 9% promissory note. Interest is payable at maturity. Company A's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Company A. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 3 > Record the issuance of note. Note: Enter debits before credits. Date General Journal Debit Credit August 01
On August 1, Year 1, Company A, an aeronautic electronics company, borrows $19.7 million cash to expand operations. The loan is made by Company B under a short-term line of credit arrangement. Company A signs a six-month, 9% promissory note. Interest is payable at maturity. Company B's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Company B. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 > Record the acceptance of note. Note: Enter debits before credits. Date General Journal Debit Credit August 01
On August 1, Year 1, Company A, an aeronautic electronics company, borrows $19.7 million cash to expand operations. The loan is made by Company B under a short-term line of credit arrangement. Company A signs a six-month, 9% promissory note. Interest is payable at maturity. Company B's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Company B. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) X Answer is complete but not entirely correct. No Date General Journal Debit Credit 1 August 01 Notes Receivable 19,700,000 Notes Payable 19,700,000 2 December 31 Interest Receivable 738,750 Interest Revenue 738,750 January 31 Cash 20,586,500 Interest Receivable 147,750 X Notes Receivable 738,750 X Cash 19,700,000 X
During its first year of operations, a company entered into the following transactions: • Borrowed $5,150 from the bank by signing a promissory note. • Issued stock to owners for $11,500. • Purchased $1,150 of supplies on account. Paid $550 to suppliers as payment on account for the supplies purchased. What is the amount of total assets at the end of the year? Multiple Choice O O $17,250 $17,800 $5,750 $16,650
Need some assistance logging these scenarios in a journal entry. April 2: The firm signed an agreement with a contractor to install shelves costing $18,000. The work will begin on April 4. Purchased a delivery truck by paying $1,000 and taking out a 5 year 12% loan for $24,000. Mark used the company's funds to purchase additional equipment costing $22,000 and furniture and fixtures costing $38,000. It was necessary to pay a computer consultant $4000 to install, configure, and test the equipment prior to its use. April 3: The company borrowed $100,000 from Mark by signing a five-year promissory note at 12% (ignore the interest for now) The company purchased a business health license from the county at a cost of $2,400. The license expires one year from now. April 8: Work on the leasehold improvements was finished and the contractor was paid $18,000. April 15: Sales for the first half of the month totaled $42,000, of which $18,000 was for cash and the remainder on account. The…
Please provide the following journal entries for these transactions, you can draw the T- Accounts or journal entries; A) Mortgage Company funded a loan for $100,000 and the company only advance 98% of the loan through financing (Warehouse Line). Remaining 2% is gathered from Companys funds. B) The same loan was sold to investor at 102 % 15 days later, please prepare the journal entries. C) The Company has expenses at the end of the month in the amount of $20,000 but has not paid until 30 days later. Please prepare journal entries at the end of the month and 30 days payment. D) The company received funds and has a trust liability account for borrowers in the amount of $10,000. 30 days later the trust liability is being transferred to the final investors. E) Company Prepaid Insurance for 12 months and paid in January for $1,200. You are now in the March 31 st of the year.
Financial Transactions: Journalize the following transactions that occurred during the year: January 1: Received $100,000 cash in exchange for common stock. January 1: Purchased a delivery truck for $36,000 by paying $6,000 in cash and signing a note f remainder. January 15: Purchased $1,200 of supplies on account July 1: Paid $12,000 for an annual insurance policy. December 31: Made sales of $500,000 on the account. The Cost of Goods Sold was $300,000.
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Create journal entries for each of the following transactions The company issues capital stock for $90,000. The company borrows $40,000 from the bank. The company pays its rent for one year in advance, $18,000. The company buys inventory for $30,000 on account. The company sells inventory costing $20,000 for $40,000 on account. The company pays its employees $1,000 for services rendered. The company buys inventory for $50,000 cash. The company sells inventory costing $40,000 for $80,000 cash. The company collects $20,000 from customers on account. The company pays $25,000 on account. One month of rent has expired. Dividends of $2,000 are paid.
On August 1, Year 1, Company A, an aeronautic electronics company, borrows $19.7 million cash to expand operations. The loan is made by Company B under a short-term line of credit arrangement. Company A signs a six-month, 9% promissory note. Interest is payable at maturity. Company B's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Company B. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet 1 2 3 > Record the receipt of cash at maturity. Note: Enter debits before credits. Date General Journal Debit Credit January 31
Transaction Analysis Galle Inc. entered into the following transactions during January. Borrowed $50,000 from First Street Bank by signing a note payable. Purchased $25,000 of equipment for cash. Paid $500 to landlord for rent for January. Performed services for customers on account, $10,000. Collected $3,000 from customers for services performed in Transaction d. Paid salaries of $2,500 for the current month. Required: Show the effect of each transaction using the following model. If an amount box does not require an entry, leave the cells blank or enter zero ("0"). Enter decreases in account values as negative numbers. If the effect of a transaction is to increase AND decrease the same item, enter "0" since the net effect on the item is zero. Assets = Liabilities + Stockholders' Equity ContributedCapital + RetainedEarnings
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