Pronghorn Corp provides security services. Selected transactions for Pronghorn Corp are presented below. Issued common stock in exchange for $64,700 cash from investors. 2 Hired part-time security consultant. Salary will be $2,000 per month. First day of work will be October 15. 4 Paid 1 month of rent for building for $2,000. Purchased equipment for $17,600, paying $3,900 cash and the balance on account. 8 Paid $1,600 for advertising. 10 Received bill for equipment repair cost of $410. Provided security services for event for $3,100 on account. 16 Purchased supplies for $400 on account. 21 Paid balance due from October 7 purchase of equipment. Received and paid utility bill for $145. Oct. 1 12 24 27 Received payment from customer for October 12 services performed. Paid employee salaries and wages of $5,000. 31 (a) ournalize the transactions. (If no entry required, select "No entry" for the account titles and enter 0 for t Date Account Titles and Explanation Debit Credit Oct. 1

Pronghorn Corp provides security services. Selected transactions for Pronghorn Corp are presented below. Issued common stock in exchange for $64,700 cash from investors. 2 Hired part-time security consultant. Salary will be $2,000 per month. First day of work will be October 15. 4 Paid 1 month of rent for building for $2,000. Purchased equipment for $17,600, paying $3,900 cash and the balance on account. 8 Paid $1,600 for advertising. 10 Received bill for equipment repair cost of $410. Provided security services for event for $3,100 on account. 16 Purchased supplies for $400 on account. 21 Paid balance due from October 7 purchase of equipment. Received and paid utility bill for $145. Oct. 1 12 24 27 Received payment from customer for October 12 services performed. Paid employee salaries and wages of $5,000. 31 (a) ournalize the transactions. (If no entry required, select "No entry" for the account titles and enter 0 for t Date Account Titles and Explanation Debit Credit Oct. 1

Name: Pronghorn Corp provides security services. Selected transactions for
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Pronghorn Corp provides security services. Selected transactions for Pronghorn Corp are presented below.Issued common stock in exchange for $64,700 cash from investors.2 Hired part-time security consultant. Salary will be $2,000 per month. First day

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

During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. Began business by making a deposit in a company bank account of $60,000, in exchange for 6,000 shares of $10 par value common stock. July 1 July 3 Paid the current month's rent, $3,500 July 5 Paid the premium on a 1-year insurance policy, $4,200 July 7 Purchased supplies on account from Little Company, $1,000. July 10 Paid employee salaries, $3,500 July 14 Purchased equipment from Lake Company, $10,000. Paid $2,500 down and the balance was placed on account. Payments will be $500.00 per month until the equipment is paid. The first payment is due 8/1. Note: Use accounts payable for the balance due. July 15 Received cash for preparing tax returns for the first half of July, $8,000 July 19 Made payment on account to Lake Company, $500. July 31 Received cash for preparing tax returns for the last half of July, $9,000 July 31 Declared and paid cash…
The following are the transactions of Spotlighter, Incorporated, for the month of January. a. Borrowed $4,390 from a local bank on a note due in six months. b. Received $5,080 cash from investors and issued common stock to them. c. Purchased $1,900 in equipment, paying $650 cash and promising the rest on a note due in one year. d. Paid $750 cash for supplies. e. Bought and received $1,150 of supplies on account. Required: Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginni Debit Beginning Balance Ending Balance Debit F Cash Equipment Credit Credit Debit Beginning Balance Ending Balance Debit Supplies Accounts Payable
Issued $14,000 of QCI stock for cash. Incurred $650 of utilities costs this month and will pay them next month. Incurred and paid wages for the current month, totaling $1,800. Performed cleaning services on account worth $2,850. Some of Quick Cleaners’s equipment was repaired at a total cost of $234. The company paid the full amount at the time the repair work was done. Required: Prepare journal entries for the above transactions, which occurred during a recent month. Determine QCI's preliminary net income.
The following are the transactions of Spotlighter, Inc., for the month of January. Borrowed $4,790 from a local bank on a note due in six months. Received $5,480 cash from investors and issued common stock to them. Purchased $2,700 in equipment, paying $1,050 cash and promising the rest on a note due in one year. Paid $1,150 cash for supplies. Bought and received $1,550 of supplies on account. Prepare journal entries for each transaction.
During its first year of operations, a company entered into the following transactions: • Borrowed $5,150 from the bank by signing a promissory note. • Issued stock to owners for $11,500. • Purchased $1,150 of supplies on account. Paid $550 to suppliers as payment on account for the supplies purchased. What is the amount of total assets at the end of the year? Multiple Choice O O $17,250 $17,800 $5,750 $16,650
Dear expert , please help me with working
Hello, I need help please
The transactions for October, the first month of operation for Paul's Pet Services, are summarized below. Date 1-Oct Paul invested $5,000 of cash, equipment, and furniture worth $2,400 for shares. 1-Oct Took out a $6,000 1-year bank loan with an interest rate of 12% to fund operations. Interest is due at the end of each month. 2-Oct Paid $2,000 for the first two month's rent. 4-Oct Paid $500 for advertising and promotion for the grand opening in October. 10-Oct Bought $2,000 worth of inventory for the store and paid immediately. 16-Oct Received $180 from a client for six monthly grooming appointments for a dog. Paul performed the grooming for October. 25-Oct Purchased another $1,000 worth of inventory, to be paid on November 25th. Month During the month, sold 60% of the initial inventory purchased on Oct 10 for $3,400; $2,000 in cash and the remainder on credit. Month Depreciation on equipment and furniture was $400 for…
During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. Began business by making a deposit in a company bank account of $60,000, in exchange for 6,000 shares of $10 par value common stock. July 1 July 3 Paid the current month's rent, $3,500 July 5 Paid the premium on a 1-year insurance policy, $4,200 July 7 Purchased supplies on account from Little Company, $1,000. July 10 Paid employee salaries, $3,500 July 14 Purchased equipment from Lake Company, $10,000. Paid $2,500 down and the balance was placed on account. Payments will be $500.00 per month until the equipment is paid. The first payment is due 8/1. Note: Use accounts payable for the balance due. July 15 Received cash for preparing tax returns for the first half of July, $8,000 July 19 Made payment on account to Lake Company, $500. July 31 Received cash for preparing tax returns for the last half of July, $9,000 July 31 Declared and paid cash…
The transactions for October, the first month of operation, for Paul's Pet Services are summarized below. Paul invested $5,000 of cash, and equipment and furniture worth $2,400 for shares. Took out a $6,000 1 year bank loan with an interst rate of 12% to fund operations. Interest is due at the end of each month. Paid $2,000 for the first 2 month's rent. Paid $500 for advertising and promotion for the grand opening in October. Bought $2,000 worth of inventory for the store and paid immediately. Received $180 from a client for 6 monthly grooming appointments for a dog. Paul performed the grooming for October. Purchased another $1,000 worth of inventory, to be paid on November 25th. During the month sold 60% of the initial inventory purchased on Oct 10 for $3,400; $2,000 in cash and the remainder on credit. Depreciation on equipment and furniture was $400 for the month. Prepare an income statement and Balance Sheet Worksheet for Paul's Pet services. Assess the performance of Paul's Pet…