Following are the transactions of JonesSpa Corporation, for the month of January.. a. Borrowed $23,000 from a local bank; the loan is due in 9 months. b. Lent $8,400 to an affiliate; accepted a note due in one year. c. Sold to investors 50 additional shares of stock with a par value of $0.10 per share and a market price of $15 per share; rece cash. d. Purchased $18,000 of equipment, paying $5,500 cash and signing a note for the rest due in one year. e. Declared $10,500 in cash dividends to stockholders, to be paid in February. Prepare the journal entry to record each of the above transactions for the month of January. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Transaction a 3 Note: Enter debits before credits. Record the receipt of the bank loan of $23,000. 4 5 General Journal Debit Credit

Following are the transactions of JonesSpa Corporation, for the month of January.. a. Borrowed $23,000 from a local bank; the loan is due in 9 months. b. Lent $8,400 to an affiliate; accepted a note due in one year. c. Sold to investors 50 additional shares of stock with a par value of $0.10 per share and a market price of $15 per share; rece cash. d. Purchased $18,000 of equipment, paying $5,500 cash and signing a note for the rest due in one year. e. Declared $10,500 in cash dividends to stockholders, to be paid in February. Prepare the journal entry to record each of the above transactions for the month of January. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 2 Transaction a 3 Note: Enter debits before credits. Record the receipt of the bank loan of $23,000. 4 5 General Journal Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

After accepting an assignment, a CPA learns that the client's industry is more complex than he anticipated and that he lacks proficiency in some aspects of the operation. What are the alternatives available to the CPA?
Regarding materiality, both amount and nature of misstatements should be considered. One of the inherent limitations of internal control is the lack of segregation of duties. Group of answer choices False, False True, True True, False False, True
Some accountants argue that the receiving department should be eliminated. Discuss the objective of eliminating the receiving function. What accounting/audit problems need to be resolved.
True or False: Before applying a Conceptual Framework within the AICPA Code of Conduct, a researcher should see whether a more specific rule and interpretation are available that address the research question. False
Identify the appropriate qualitative characteristic(s) being described in the statements below.. Information that is capable of making a difference in a decision is said to have this fundamental quality. Select one: O a. Materiality O b. Comparability O c. None of the answers are correct O d. Faithful representation O e. Relevance
Which of the following is correct? a. Auditors should evaluate application controls before evaluating general controls b. Auditors should evaluate application controls and general controls simultaneously. c. Auditors should evaluate general controls before evaluating application controls. d. None of these statements is correct. Required: choose the correct answer and Justify your answers in at least 6 sentences.
Professional skepticism is a. The application of relevant training, knowledge and experience b. Adherence to the professional code of ethics c. An attitude that includes a questioning mind d. Necessary for a quality control system Clear my choice
what exactly is a cookie jar reserve? Does using a cookie jar reserve follow GAAP? Does using a cookie jar reserve appear to be an ethical practice? Support your opinion. Your post should be more than a single sentence.
Choosing whether or not to accept a new client may be a difficult decision for auditors to make.
It says they answers are wrong from your example.
What is the term given for information that should NOT be taken from one source as the collectors of the information may have collected this for a specific purpose? a. Accuracy b. REliability c. Completeness d. Bias
Select the best answer for each of the follwing items and give reasons for your choice. a. Which of the following best describes the relationship between assurance services and attest services? (1) While attest services involved financial data, assurance services involve nonfinancial data (2) While attest services require objectivity, assurance services do not require objectivity (3) All attest services require independence. (4) Attest and assurance services are different terms referring to the same types of services