Jan. 1 Tom, Lisa, Katie and Tim each contributed 250,000 in exchange for Common Stock of the TLKT Corporation The company purchased a building and land worth 200,000 and 100,000, respectively by putting 20% down and Jan. 1 carrying a mortgage on the balance. Note: List debits first iorder of magnitude (Largest amount first, then smallest amount then list credits after all debits have been entered in order of magnitude as well. Jan. 2 The company purchased 1,000 units of inventory at $50 per unit on account. 3 The company purchased a 1 year insurance policy for $3,600 Jan. Jan. 4 The company purchased $2,400 of supplies Jan. 15 The company received $40,000 for 10 service jobs to be completed in the future The company sold inventory for $60,000 receiveng 15,000 in cash and the remainder on account; record the sale Jan. 17 first. Note: List debits first iorder of magnitude (Largest amount first, then smallest amount then list credits after all debits have been entered in order of magnitude as well. The inventory sold was worth 20,000. Record all debits first then all credits; record the reduction of inventory Jan. 17 second Jan. 24 The company completed 3 service jobs for $5,000 each. Jan. 29 The company declared a dividend of 1,000 to be paid to the shareholders on record on Feb 15
Jan. 1 Tom, Lisa, Katie and Tim each contributed 250,000 in exchange for Common Stock of the TLKT Corporation The company purchased a building and land worth 200,000 and 100,000, respectively by putting 20% down and Jan. 1 carrying a mortgage on the balance. Note: List debits first iorder of magnitude (Largest amount first, then smallest amount then list credits after all debits have been entered in order of magnitude as well. Jan. 2 The company purchased 1,000 units of inventory at $50 per unit on account. 3 The company purchased a 1 year insurance policy for $3,600 Jan. Jan. 4 The company purchased $2,400 of supplies Jan. 15 The company received $40,000 for 10 service jobs to be completed in the future The company sold inventory for $60,000 receiveng 15,000 in cash and the remainder on account; record the sale Jan. 17 first. Note: List debits first iorder of magnitude (Largest amount first, then smallest amount then list credits after all debits have been entered in order of magnitude as well. The inventory sold was worth 20,000. Record all debits first then all credits; record the reduction of inventory Jan. 17 second Jan. 24 The company completed 3 service jobs for $5,000 each. Jan. 29 The company declared a dividend of 1,000 to be paid to the shareholders on record on Feb 15
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Journalism the transactions
Transcribed Image Text:Jan.
1 Tom, Lisa, Katie and Tim each contributed 250,000 in exchange for Common Stock of the TLKT Corporation
The company purchased a building and land worth 200,000 and 100,000, respectively by putting 20% down and
Jan.
1 carrying a mortgage on the balance.
Note: List debits first iorder of magnitude (Largest amount first, then smallest amount
then list credits after all debits have been entered in order of magnitude as well.
Jan.
2 The company purchased 1,000 units of inventory at $50 per unit on account.
3 The company purchased a 1 year insurance policy for $3,600
Jan.
Jan.
4 The company purchased $2,400 of supplies
Jan. 15 The company received $40,000 for 10 service jobs to be completed in the future
The company sold inventory for $60,000 receiveng 15,000 in cash and the remainder on account; record the sale
Jan. 17 first.
Note: List debits first iorder of magnitude (Largest amount first, then smallest amount
then list credits after all debits have been entered in order of magnitude as well.
The inventory sold was worth 20,000. Record all debits first then all credits; record the reduction of inventory
Jan. 17 second
Jan. 24 The company completed 3 service jobs for $5,000 each.
Jan. 29 The company declared a dividend of 1,000 to be paid to the shareholders on record on Feb 15
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