Journalize the following business transactions in general journal form. Identify each transactionby number. You may omit explanations of the transactions.1. Stockholders invest $50,000 in cash to start a moving company as a corporation.2 Purchased delivery equipment for $50,000, paying $10,000 in cash and signed a 90-day,$40,000, note payable.3. Moving fees billed to clients amount to $25,000.4. Paid $12,500 in salaries to employees.5. Received checks for $15,000 from clients in partial payment on accounts billed in part 3.

Journal entry: It can be defined as the recording of financial events and transactions that have…

Answered: Journalize the following business…

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

Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Help Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe…
19
Journalize the following transactions by Ayayai Printing Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. Stockholders invest $82,500 cash to start the business. 2. Purchased three digital copy machines for $450,000, paying $102,000 cash and signing a 5-year, 6% note for the remainder. 3. Purchased $4,800 paper supplies on credit. 4. Cash received for photocopy services amounted to $7,300. 5. Paid $400 cash for radio advertising. 6. Paid $1,000 on account for paper supplies purchased in transaction 3. 7. Dividends of $2,200 were paid to stockholders. 8. Paid $1,200 cash for rent for the current month. 9. Received $2,100 cash advance from a customer for future copying. 10. Billed a customer for $300 for photocopy services completed. No. Account Titles and Explanation Debit…
II. Accounting Vouchers Entries Enter the following transactions in the same company created above. (Create ledger accounts wherever necessary) Date Transactions 10 – 4- 2021 Mr. Salman invested additional Capital 15,000 to develop his business. 18 – 4- 2021 He purchased Phones from Mina Phones for RO 10,000 out of which 60% paid in cash and 40% on credit. (Credit Invoice No. B1) 22 - 4- 2021 The owner sold phones to Grand Phones for RO 12,000 (Credit Invoice No.1) 25 – 4- 2021 The business returned RO 2,000 worth of phones 27 - 4- 2021 Mr. Salman received an invoice for RO 500 from Akbar Travels. This invoice includes RO 200 towards Ticket expense RO 300 towards Dubai trip undertaken by him. (Invoice No. AB1) Term : 10 days 29 - 4- 2021 Grand Phones returned RO 800 worth of phones 30 – 4- 2021 The owner received cash from Grand phones RO 11,150 in full settlement of their account.
Recording Journal Entries Prepare journal entries for each of the following transactions of Alma Inc. a. Issues stock to shareholders in exchange for $30,000 cash. b. Purchases $9,000 of equipment by signing a note payable. c. Performs $7,500 of services for customers on account. d. Pays $3,000 cash for legal services. Ref. a. b. C d. General Journal Account Name Save Answers + 00 수 0000 # + + ÷ 수 Dr. 0 OOOooooo 0 0 0 0 0 0 Cr. OOOOOOOO 0 0 0 10 0 0
Journalize the following business transactions in general journal form. Identify each transactionby number. You may omit explanations of the transactions.1. Received $50,000 from stockholders.2. Purchased equipment for $75,000, paying $15,000 in cash and giving a note payable forthe remainder.3. Paid $3,000 rent for the month.4. Recorded $12,500 of services provided on account.5. Paid wages of $9,500.6. Received $7,000 in cash for services provided.7. Collected $2,000 from customers on account.
Please dont use any AI. It's strictly prohibited.
a. The owner invests $14,000 cash and an automobile valued at $34,000 in the company in exchange for ca View transaction list Journal entry worksheet 1 The owner invests $14,000 cash and an automobile valued at $34,000 in the company in exchange for common stock. Note: Enter debits before credits. Transaction a. Record entry General Journal Clear entry Debit Credit View general journal
For August 2021 a. Issued common stock for $15,000 b. Purchased supplies of $2,250 on credit c. Borrowed $8,000 from a bank (received in cash) d. Paid secretary's salary for August for $2,150 e. Paid $1,000 dividend to stockholders f. Purchased $500 in supplies for cash 1. Prepare a trial balance statement from the above information. Can you show formulas for cash and supplies totals in excel?
takeAssign a. b. C. signmer Show the effects of each transaction on the accounting equation by indicating under the proper heading the dollar amount of Increase or decrease for each transaction listed below. Compute the resulting accounting equation. ♡ d. e. f. 9. E D Owner deposited $20,000 in his new business checking account. Supplies were purchased for $300 on account. a. Paid a $1,200 premium for six months of liability insurance. Purchased supplies for $200 cash. Purchased equipment for $4,000 by paying $1,000; the rest to be paid in six months. Paid the $300 bill outstanding (from transaction b). Owner withdrew $700 from the business for personal use. b. C. d. e. S signment al R F Cash OL V C 12 89 10 % 5 T hvoker=&takeAssignmentSessionLocator=&inprogress=false G B + Y * H F7 7 N Supp. OL * CO 8 D M ASSETS + ((( 0 K 0 F10 W Alt Prep. Insur. F11 F12 JE P < Previous + PrtSc [ Next Insert 1 W Equip 2:01 PM 10/1/2022 Delete 3 Backspace En PgUp
Transactions for Splish Company for the month of May are presented below. Prepare journal entries for each of these transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically Indented when amount Is entered. Do not indent manually. Record journal entries in the order presented In the problem.) May 1 B.D. invests $3,970 cash in exchange for common stock to start his welding business, Splish Company. 3 Buys equipment on account for $1,099. 13 Pays $388 to landlord for May rent. 21 Bills Noble Corp. $450 for welding work done. (Use Service Revenue account.) Date Account Titles and Explanation Debit Credit

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS