*Shamrock, Inc. was opened on August 1 by Joe Shamrock. The following selected events and transactions occurred during August.Aug. 1 Invested $68,000 cash in the business in exchange for common stock.3 Purchased O’Brien’s Tree Service for $35,600 cash. The price consists of land $18,000, building $14,000, and equipment $3,600. (Make one compound entry.)5 Advertised the opening of the business, paying advertising expenses of $1,700.6 Paid cash $1,400 for a one-year insurance policy.10 Purchased equipment for $2,500 from Pharoah Company, payable in 30 days.18 Received fees for services of $1,800 in cash.25 Declared and paid a $750 cash dividend.30 Paid wages of $1,200.30 Paid Pharoah Company in full.31 Received $800 of fees in cash.Shamrock uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense.Journalize the August transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Name: *Shamrock, Inc. was opened on August 1 by Joe Shamrock. The following
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Description: *Shamrock, Inc. was opened on August 1 by Joe Shamrock. The following selected events and transactions occurred during August.Aug. 1 Invested $68,000 cash in the business in exchange for common stock.3 Purchased O’Brien’s Tree Service for $35,600 cas

Journal Entries are recorded on a chronological basis according to the rules of debit and credit as…

Answered: *Shamrock, Inc. was opened on August 1…

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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*Shamrock, Inc. was opened on August 1 by Joe Shamrock. The following selected events and transactions occurred during August.

Aug. 1		Invested $68,000 cash in the business in exchange for common stock.
3		Purchased O’Brien’s Tree Service for $35,600 cash. The price consists of land $18,000, building $14,000, and equipment $3,600. (Make one compound entry.)
5		Advertised the opening of the business, paying advertising expenses of $1,700.
6		Paid cash $1,400 for a one-year insurance policy.
10		Purchased equipment for $2,500 from Pharoah Company, payable in 30 days.
18		Received fees for services of $1,800 in cash.
25		Declared and paid a $750 cash dividend.
30		Paid wages of $1,200.
30		Paid Pharoah Company in full.
31		Received $800 of fees in cash.

Shamrock uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, Advertising Expense, and Salaries and Wages Expense.

Journalize the August transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

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