Marin Inc. was opened on August 1 by Joe Marin. The following selected events and transactions occurred during August. Aug. 1   Invested $66,000 cash in the business in exchange for common stock. 3   Purchased O’Brien’s Tree Service for $43,000 cash. The price consists of land $26,000, building $13,000, and equipment $4,000. (Make one compound entry.) 5   Advertised the opening of the business, paying advertising expenses of $1,200. 6   Paid cash $1,240 for a one-year insurance policy. 10   Purchased equipment for $2,100 from Cullumber Company, payable in 30 days. 18   Received fees for services of $1,700 in cash. 25   Declared and paid a $400 cash dividend. 30   Paid wages of $1,450. 30   Paid Cullumber Company in full. 31   Received $600 of fees in cash.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Marin Inc. was opened on August 1 by Joe Marin. The following selected events and transactions occurred during August.

Aug. 1   Invested $66,000 cash in the business in exchange for common stock.
3   Purchased O’Brien’s Tree Service for $43,000 cash. The price consists of land $26,000, building $13,000, and equipment $4,000. (Make one compound entry.)
5   Advertised the opening of the business, paying advertising expenses of $1,200.
6   Paid cash $1,240 for a one-year insurance policy.
10   Purchased equipment for $2,100 from Cullumber Company, payable in 30 days.
18   Received fees for services of $1,700 in cash.
25   Declared and paid a $400 cash dividend.
30   Paid wages of $1,450.
30   Paid Cullumber Company in full.
31   Received $600 of fees in cash.


Marin uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense.

Journalize the August transactions. (Credit account titles are automatically indented when 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. Record journal entries in the order presented in the problem.)

List of Accounts

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  • Accounts Payable
  • Accounts Receivable
  • Accumulated Depreciation-Buildings
  • Accumulated Depreciation-Equipment
  • Administrative Expenses
  • Admissions Revenue
  • Advertising Expense
  • Allowance for Doubtful Accounts
  • Bad Debt Expense
  • Buildings
  • Cash
  • Common Stock
  • Cost of Goods Sold
  • Current Maturity of Long-Term Debt
  • Delivery Expense
  • Depreciation Expense
  • Dividends
  • Dues Revenue
  • Equipment
  • Green Fees Revenue
  • Income Summary
  • Income Tax Expense
  • Insurance Expense
  • Interest Expense
  • Interest Payable
  • Interest Receivable
  • Interest Revenue
  • Inventory
  • Land
  • Maintenance and Repairs Expense
  • Mortgage Payable
  • No Entry
  • Notes Payable
  • Notes Receivable
  • Office Expense
  • Owner's Capital
  • Owner's Drawings
  • Prepaid Advertising
  • Prepaid Insurance
  • Prepaid Rent
  • Property Tax Expense
  • Property Tax Payable
  • Rent Expense
  • Rent Receivable
  • Rent Revenue
  • Retained Earnings
  • Salaries and Wages Expense
  • Salaries and Wages Expense-Administrative
  • Salaries and Wages Expense-Sales
  • Salaries and Wages Payable
  • Sales
  • Sales Discounts
  • Sales Returns and Allowances
  • Sales Revenue
    • Selling Expenses
    • Service Revenue
    • Subscription Revenue
    • Supplies
    • Supplies Expense
    • Telephone and Internet Expense
    • Utilities Expenses
    • Unearned Admissions Revenue
    • Unearned Dues Revenue
    • Unearned Service Revenue
    • Unearned Rent Revenue
    • Unearned Subscriptions Revenue
     
     
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