May 12(a)3711121731Barbara uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 AccountsPayable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense,and No. 729 Rent Expense.Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter "0" förthe amounts. List all debit entries before credit entries.)DateMay 1May 2May 3Stockholders invested $20,900 cash in exchange for common stock.Hired a secretary-receptionist at a salary of $1,800 per month.Purchased $1,600 of supplies on account from Vincent Supply Company.Paid office rent of $730 cash for the month.Completed a tax assignment and billed client $1,800 for services performed.Received $2,800 advance on a management consulting engagement.Received cash of $1,700 for services performed for Orville Co.Paid secretary-receptionist $1,800 salary for the month.Paid 50% of balance due to Vincent Supply Company.May 7May 11May 12>>VAccount Titles and ExplanationDebitCredit

The journal entries are prepared to record the transactions on a regular basis. The assets and…

May 1 2 3 7 11 12 17 31 31 Stockholders invested $20,900 cash in exchange for common stock. Hired a secretary-receptionist at a salary of $1,800 per month. Purchased $1,600 of supplies on account from Vincent Supply Company. Paid office rent of $730 cash for the month. Completed a tax assignment and billed client $1,800 for services performed. Received $2,800 advance on a management consulting engagement. Received cash of $1,700 for services performed for Orville Co. Paid secretary-receptionist $1,800 salary for the month. Paid 50% of balance due to Vincent Supply Company.

May 1 2 3 7 11 12 17 31 31 Stockholders invested $20,900 cash in exchange for common stock. Hired a secretary-receptionist at a salary of $1,800 per month. Purchased $1,600 of supplies on account from Vincent Supply Company. Paid office rent of $730 cash for the month. Completed a tax assignment and billed client $1,800 for services performed. Received $2,800 advance on a management consulting engagement. Received cash of $1,700 for services performed for Orville Co. Paid secretary-receptionist $1,800 salary for the month. Paid 50% of balance due to Vincent Supply Company.

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

Financial Statements Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions: Terry Mason invested $30,000 in Succulent Express in exchange for common stock. Paid $5,400 on February 1 for an insurance premium on a one-year policy. Purchased supplies on account, $1,800. Received fees of $57,000 during February. Paid expenses as follows: wages, $21,600; rent, $6,400; utilities, $2,800; and miscellaneous, $3,200. Paid dividends of $8,000. There was $300 of supplies on hand as of February 28. Financial Statement Effects Balance Sheet Assets = Liabilities + Stockholders' Equity Cash + Supplies + Prepaid Insurance = Accounts Payable + Common Stock + Retained Earnings a.
operations. April 1 April 2 April 3 April 6 April 9 April 13 April 19 Tanner invested $120,000 cash along with office equipment valued at $28,800 in the company in exchange for common stock. The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. The company made credit purchases for $14,400 in office equipment and $2,880 in office supplies. Payment is due within 10 days. The company completed services for a client and immediately received $2,000 cash. The company completed a $9,600 project for a client, who must pay within 30 days. The company paid $17,280 cash to settle the account payable created on April 3. The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit Prepaid Insurance for $6,000. April 22 The company received $7,680 cash as partial payment for the work completed on April 9. The company completed work for another client for $2,640 on credit. The company paid a $6,200 cash…
Climate Control Systems Co. offers its services to residents in the Spokane area. Selected accounts from the ledger of Climate Control Systems for the fiscal year ended December 31, 20Y2, are as follows: Prepare a statement of stockholders' equity for the year.
35. Best Graphics has the following accounts in its general ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; and Salaries Expense. Prepare general journal entries to record the following transactions: May 1 Shareholders invested $110,000 cash in exchange for stock. 2 Paid May rent, $5,300. 4 Purchased office equipment for $9,000, paying $3,000 cash, with the balance due on account in 60 days. 5 Purchased supplies on account, $2,300. 12 Billed clients for services, $5,800. 18 Collected $3,800 on account from clients. 19 Paid $1,500 on account to suppliers. 26 Paid $9,000 cash dividends. 31 Paid salaries for May, $3,200.
Svi
Give me write answers and I give you good reviews
Subject: acounting
10 Date Transaction Description July 1 Began business by making a deposit in a company bank account of $40,000, in exchange for 4,000 shares of $10 par value common stock. July 1 Paid the premium on a 1-year insurance policy, $4,800. July 1 Paid the current month's store rent expense, $3,600. July 6 Purchased repair equipment from Paul's Pool Equipment Company, $7,800. Paid $600 down and the balance was placed on account. July 8 Purchased repair supplies from Mary's Repair Company on credit, $450. July 10 Paid telephone bill, $300. July 11 Cash pool service revenue for the first third of July, $2,650. July 18 Made payment to Mary's Repair Company, $300. July 20 Cash pool service revenue for the second third of July, $4,000. July 31 Cash pool service revenue for the last third of July, $2,250. July 31 Paid the current month's electric bill, $500.…
Current Attempt in Progress Sheridan Computer Corporation had the following opening account balances at the end of April: Cash $5,500; Accounts Receivable $8,000; Accounts Payable $2,500: Common Shares $5,000; and Retained Earnings $6,000. It entered into the following transactions during the month of May: 1. Purchased equipment on account for $8,200. Paid $1,800 for rent for the month of May. Provided computer services for $4,300 on account. Paid Ontario Hydro $300 cash for utilities used in May. Borrowed $19,500 from the bank. Paid supplier for equipment purchased in transaction 1. Purchased a one-year accident insurance policy for $500 cash. Received $2,800 cash in partial payment of the account owed in transaction 3. Declared and paid $500 of dividends to shareholders. Paid income tax of $250 for the month. 2. 3. 4. 5. 6. 7. 8. 9. 10. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is…
Please help me
Selected transactions for Concord Corporation during its first month in business are presented below. Sept. 1 Issued common stock in exchange for $18,200 cash received from investors. 5 Purchased equipment for $8,670, paying $2,550 in cash and the balance on account. 8 Performed services on account for $19,700. 14 Paid salaries of $2,900. 25 Paid $2,900 cash on balance owed for equipment. 30 Paid $520 cash dividend. Complete a tabular analysis of the September transactions. For transactions affecting stockholders’ equity, provide explanations in the far right column. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.)
Beginning Balance A. D. Total Ending Balance Deposits $7,500 350 7,850 Bank Statement. Checks 101 102 103 106 Bank service charges C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. Bank Statement balance $ 600 250 125 242 1,307 Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. $0 E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. 1. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107. Assume no bank errors. Lavender Company Bank Reconciliation…