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Question 3 Halstead had the following transactions during the month of December: December 1 The owner contributed cash $35,000 and equipment $65,000 to the business. December 2 The business borrowed $45,000 from a bank to buy a motor vehicle December 3 The business purchased stock for $25,000 on credit from Quik Supplies December 5 The business paid wages $3,500 December 8 The business sold half of their stock purchased on December 3 for $35,000 December 10 The business paid their telephone account $600 December 12 The owner withdrew cash for personal expenses $1,800 December 15 The owner took inventory costing $500 for personal use December 18 The owner paid the electricity account $820 December 19 The business paid wages $3,500 December 22 The business sold their remaining stock for $34,200 December 23 The business paid Quik Supplies in full December 23 The business purchased stock on Credit from Quik Supplies for $35,000 December 24 The owner withdrew cash for personal expenses $1,600. Required: (a) Prepare journal entries for the above transactions

Question 3 Halstead had the following transactions during the month of December: December 1 The owner contributed cash $35,000 and equipment $65,000 to the business. December 2 The business borrowed $45,000 from a bank to buy a motor vehicle December 3 The business purchased stock for $25,000 on credit from Quik Supplies December 5 The business paid wages $3,500 December 8 The business sold half of their stock purchased on December 3 for $35,000 December 10 The business paid their telephone account $600 December 12 The owner withdrew cash for personal expenses $1,800 December 15 The owner took inventory costing $500 for personal use December 18 The owner paid the electricity account $820 December 19 The business paid wages $3,500 December 22 The business sold their remaining stock for $34,200 December 23 The business paid Quik Supplies in full December 23 The business purchased stock on Credit from Quik Supplies for $35,000 December 24 The owner withdrew cash for personal expenses $1,600. Required: (a) Prepare journal entries for the above transactions

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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Question 3 Halstead had the following transactions during the month of December: December 1 The owner contributed cash $35,000 and equipment $65,000 to the business. December 2 The business borrowed $45,000 from a bank to buy a motor vehicle December 3 The business purchased stock for $25,000 on credit from Quik Supplies December 5 The business paid wages $3,500 December 8 The business sold half of their stock purchased on December 3 for $35,000 December 10 The business paid their telephone account $600 December 12 The owner withdrew cash for personal expenses $1,800 December 15 The owner took inventory costing $500 for personal use December 18 The owner paid the electricity account $820 December 19 The business paid wages $3,500 December 22 The business sold their remaining stock for $34,200 December 23 The business paid Quik Supplies in full December 23 The business purchased stock on Credit from Quik Supplies for $35,000 December 24 The owner withdrew cash for personal expenses $1,600. Required: (a) Prepare journal entries for the above transactions (b) Prepare an Income Statement for the above for December (c) Prepare a Balance Sheet for the above for December
Transcribed Image Text:Question 3 Halstead had the following transactions during the month of December: December 1 The owner contributed cash $35,000 and equipment $65,000 to the business. December 2 The business borrowed $45,000 from a bank to buy a motor vehicle December 3 The business purchased stock for $25,000 on credit from Quik Supplies December 5 The business paid wages $3,500 December 8 The business sold half of their stock purchased on December 3 for $35,000 December 10 The business paid their telephone account $600 December 12 The owner withdrew cash for personal expenses $1,800 December 15 The owner took inventory costing $500 for personal use December 18 The owner paid the electricity account $820 December 19 The business paid wages $3,500 December 22 The business sold their remaining stock for $34,200 December 23 The business paid Quik Supplies in full December 23 The business purchased stock on Credit from Quik Supplies for $35,000 December 24 The owner withdrew cash for personal expenses $1,600. Required: (a) Prepare journal entries for the above transactions (b) Prepare an Income Statement for the above for December (c) Prepare a Balance Sheet for the above for December
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