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Requirement $1; During its first month of operation, the True Consulting Corporation, which specializes in management consulting, completed the following transactions. July 1 Gruod 15,000 shares of the company's commanstack in exchange for $15,000. July 3 Purchased a truck for $8,000. A down payment of $3,000 war made, with the balance on account. July 5 Paid $1,200 to cover rent from July 1 through September 30. July 7 Purcharod $2,000 af supplier an account. July 10 Billed customers for consulting servicos porfarmed, $3,700. July 14 Paid $500 toward the amount owed for the supplies purchased on July 7. July 15 Paid $1750 in cash for employee uages. July 19 Callected $1600 in cash from customers that were billed on July 10. July 21 Received $4,200 cash from customers for services performed. July 31 Paid $350 in cash for truck repairs. July 31 Declared and Paid $700 in cash dividends. Propuro journal entries to record the July transactions in the General Journal boluu. Ground Bote Description(Account Name) Rohit Credit = Note:Remember that debitemusteaualstedit=Allatxaurieurnal entriesshouldkalanse........ Use the following account names for journal entries. Chart of Accounts Geteenex Arrats Account Titla Marmal Bald Carh Dobit Accounts Receivable Dobit Supplier Dobit Prepaid Rent Dobit Equipment Dobit Accumulated Depreciation-Equipmen Credit Liabilities Accounts Payable Income Tax Payable Credit Credit Stockholders' Equity Common Stock Credit Retained Earnings Credit Dividendr Dobit Revenue Service Revenue Credit Expenser Rent Expense Dobit Wages Expense Dobit Repairs & Maintenance Expense Dobit Supplies Expense Dobit Depreciation Expense Dobit Income Tax Expense Dobit Clearing Account Income Summary

Requirement $1; During its first month of operation, the True Consulting Corporation, which specializes in management consulting, completed the following transactions. July 1 Gruod 15,000 shares of the company's commanstack in exchange for $15,000. July 3 Purchased a truck for $8,000. A down payment of $3,000 war made, with the balance on account. July 5 Paid $1,200 to cover rent from July 1 through September 30. July 7 Purcharod $2,000 af supplier an account. July 10 Billed customers for consulting servicos porfarmed, $3,700. July 14 Paid $500 toward the amount owed for the supplies purchased on July 7. July 15 Paid $1750 in cash for employee uages. July 19 Callected $1600 in cash from customers that were billed on July 10. July 21 Received $4,200 cash from customers for services performed. July 31 Paid $350 in cash for truck repairs. July 31 Declared and Paid $700 in cash dividends. Propuro journal entries to record the July transactions in the General Journal boluu. Ground Bote Description(Account Name) Rohit Credit = Note:Remember that debitemusteaualstedit=Allatxaurieurnal entriesshouldkalanse........ Use the following account names for journal entries. Chart of Accounts Geteenex Arrats Account Titla Marmal Bald Carh Dobit Accounts Receivable Dobit Supplier Dobit Prepaid Rent Dobit Equipment Dobit Accumulated Depreciation-Equipmen Credit Liabilities Accounts Payable Income Tax Payable Credit Credit Stockholders' Equity Common Stock Credit Retained Earnings Credit Dividendr Dobit Revenue Service Revenue Credit Expenser Rent Expense Dobit Wages Expense Dobit Repairs & Maintenance Expense Dobit Supplies Expense Dobit Depreciation Expense Dobit Income Tax Expense Dobit Clearing Account Income Summary

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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Requirement $1; During its first month of operation, the True Consulting Corporation, which specializes in management consulting, completed the following transactions. July 1 Gruod 15,000 shares of the company's commanstack in exchange for $15,000. July 3 Purchased a truck for $8,000. A down payment of $3,000 war made, with the balance on account. July 5 Paid $1,200 to cover rent from July 1 through September 30. July 7 Purcharod $2,000 af supplier an account. July 10 Billed customers for consulting servicos porfarmed, $3,700. July 14 Paid $500 toward the amount owed for the supplies purchased on July 7. July 15 Paid $1750 in cash for employee uages. July 19 Callected $1600 in cash from customers that were billed on July 10. July 21 Received $4,200 cash from customers for services performed. July 31 Paid $350 in cash for truck repairs. July 31 Declared and Paid $700 in cash dividends. Propuro journal entries to record the July transactions in the General Journal boluu. Ground Bote Description(Account Name) Rohit Credit = Note:Remember that debitemusteaualstedit=Allatxaurieurnal entriesshouldkalanse........ Use the following account names for journal entries. Chart of Accounts Geteenex Arrats Account Titla Marmal Bald Carh Dobit Accounts Receivable Dobit Supplier Dobit Prepaid Rent Dobit Equipment Dobit Accumulated Depreciation-Equipmen Credit Liabilities Accounts Payable Income Tax Payable Credit Credit Stockholders' Equity Common Stock Credit Retained Earnings Credit Dividendr Dobit Revenue Service Revenue Credit Expenser Rent Expense Dobit Wages Expense Dobit Repairs & Maintenance Expense Dobit Supplies Expense Dobit Depreciation Expense Dobit Income Tax Expense Dobit Clearing Account Income Summary
Transcribed Image Text:Requirement $1; During its first month of operation, the True Consulting Corporation, which specializes in management consulting, completed the following transactions. July 1 Gruod 15,000 shares of the company's commanstack in exchange for $15,000. July 3 Purchased a truck for $8,000. A down payment of $3,000 war made, with the balance on account. July 5 Paid $1,200 to cover rent from July 1 through September 30. July 7 Purcharod $2,000 af supplier an account. July 10 Billed customers for consulting servicos porfarmed, $3,700. July 14 Paid $500 toward the amount owed for the supplies purchased on July 7. July 15 Paid $1750 in cash for employee uages. July 19 Callected $1600 in cash from customers that were billed on July 10. July 21 Received $4,200 cash from customers for services performed. July 31 Paid $350 in cash for truck repairs. July 31 Declared and Paid $700 in cash dividends. Propuro journal entries to record the July transactions in the General Journal boluu. Ground Bote Description(Account Name) Rohit Credit = Note:Remember that debitemusteaualstedit=Allatxaurieurnal entriesshouldkalanse........ Use the following account names for journal entries. Chart of Accounts Geteenex Arrats Account Titla Marmal Bald Carh Dobit Accounts Receivable Dobit Supplier Dobit Prepaid Rent Dobit Equipment Dobit Accumulated Depreciation-Equipmen Credit Liabilities Accounts Payable Income Tax Payable Credit Credit Stockholders' Equity Common Stock Credit Retained Earnings Credit Dividendr Dobit Revenue Service Revenue Credit Expenser Rent Expense Dobit Wages Expense Dobit Repairs & Maintenance Expense Dobit Supplies Expense Dobit Depreciation Expense Dobit Income Tax Expense Dobit Clearing Account Income Summary
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