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Khamis Corporation completed these transactions during December of the current year: Dec. 1 Began a financial services business by investing $90,000 cash and equipment valued at $10,000. 5 Khamis withdrew $4,000 cash for personal use. 10 Performed services for Hu Corporation for cash, $7,000. 12 Received fund from Hinder Corporation on account, $10,000. 19 Received $26,000 from Espinoza Corporation in advance for future services. 22 Paid for the annual insurance premium, $12,000. 24 Purchased $8,000 of office equipment for cash Colon Corporation. 26 Purchase $4,000 of office supplies on credit from Coffey Corporation. 27 Performed services for Cajigas Corporation on credit, $7,300. 29 Paid $1,500 on office supplies bill for December 26 purchase. 30 Received utility bill from Alcani Corporation for $500.

Khamis Corporation completed these transactions during December of the current year: Dec. 1 Began a financial services business by investing $90,000 cash and equipment valued at $10,000. 5 Khamis withdrew $4,000 cash for personal use. 10 Performed services for Hu Corporation for cash, $7,000. 12 Received fund from Hinder Corporation on account, $10,000. 19 Received $26,000 from Espinoza Corporation in advance for future services. 22 Paid for the annual insurance premium, $12,000. 24 Purchased $8,000 of office equipment for cash Colon Corporation. 26 Purchase $4,000 of office supplies on credit from Coffey Corporation. 27 Performed services for Cajigas Corporation on credit, $7,300. 29 Paid $1,500 on office supplies bill for December 26 purchase. 30 Received utility bill from Alcani Corporation for $500.

FINANCIAL ACCOUNTING
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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Khamis Corporation completed these transactions during December of the current year: Dec. 1 Began a financial services business by investing $90,000 cash and equipment valued at $10,000. 5 Khamis withdrew $4,000 cash for personal use. 10 Performed services for Hu Corporation for cash, $7,000. 12 Received fund from Hinder Corporation on account, $10,000. 19 Received $26,000 from Espinoza Corporation in advance for future services. 22 Paid for the annual insurance premium, $12,000. 24 Purchased $8,000 of office equipment for cash Colon Corporation. 26 Purchase $4,000 of office supplies on credit from Colfey Corporation. 27 Performed services for Cajigas Corporation on credit, $7,300. 29 Paid $1,500 on office supplies bill for December 26 purchase. 30 Received utility bill from Alcani Corporation for $500. REQUIRED: In the space provided, prepare general journal entries to record these transactions.
Transcribed Image Text:Khamis Corporation completed these transactions during December of the current year: Dec. 1 Began a financial services business by investing $90,000 cash and equipment valued at $10,000. 5 Khamis withdrew $4,000 cash for personal use. 10 Performed services for Hu Corporation for cash, $7,000. 12 Received fund from Hinder Corporation on account, $10,000. 19 Received $26,000 from Espinoza Corporation in advance for future services. 22 Paid for the annual insurance premium, $12,000. 24 Purchased $8,000 of office equipment for cash Colon Corporation. 26 Purchase $4,000 of office supplies on credit from Colfey Corporation. 27 Performed services for Cajigas Corporation on credit, $7,300. 29 Paid $1,500 on office supplies bill for December 26 purchase. 30 Received utility bill from Alcani Corporation for $500. REQUIRED: In the space provided, prepare general journal entries to record these transactions.
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