Required information [The following information applies to the questions displayed below] The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $29,500 and receive cash. b. Purchase office supplies on account for $19,500, c. Pay $6,900 in salaries to employees for work performed during the month. 1 Anabre each transaction. For each transaction indicate by how much each category in the accounting equation increases or

Required information [The following information applies to the questions displayed below] The following transactions occur for the Wolfpack Shoe Company during the month of June: a. Provide services to customers for $29,500 and receive cash. b. Purchase office supplies on account for $19,500, c. Pay $6,900 in salaries to employees for work performed during the month. 1 Anabre each transaction. For each transaction indicate by how much each category in the accounting equation increases or

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 17PA: Prepare journal entries to record the following transactions for the month of November: A. on first...

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You are an accounting intern working for SpringFit Corporation. You have recently been assigned to help one of the accountants who is doing an internal audit of the business. You will be assisting with a review of the payables issued by SpringFit Corporation. Your first task is to review the previous year’s journal entries, shown as follows: Journal Entries, Year 1 PAGE 15 GENERAL JOURNAL ACCOUNTING EQUATION DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Jan. 1 Cash 1,062,060.00 ↑ 2 Premium on Bonds Payable 62,060.00 ↑ 3 Bonds Payable 1,000,000.00 ↑ 4 Jun. 30 Interest Expense 19,397.00 ↓ 5 Premium on Bonds Payable 3,103.00 ↓ 6 Cash 22,500.00 ↓ 7 Jul. 1 Cash 1,921,280.00 ↑ 8 Discount on Bonds Payable 78,720.00 ↓…
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