Show the double journal entries for these transactions. 1. The company issued some shares for $2,500 (the nominal/parvalue for those shares is $2,000). 2. A machine that cost $ 3,000 is purchased for cash. 3. Materials are purchased oncredit for $850. 4. A business computer was purchased for $ 4,500 and is financed by a loan from a friend. (Thecompany has to pay back the loan over 1 year). 5. Accounts receivable amounting to $750 are collected fromcustomers 6. $200 is paid to a supplier. 7. Goods are purchased from cash $ 350. 8. A filing cabinet is purchased for $80 by increasing an existing bank overdraft 9. Intangible costing $8,000 purchased for cash 10. The company paid back$600 from long-term loan 11. The dividend was declared, and the amount was $100 12. Dividend paid: $100

Approach to solving the question: For ease of understanding, I have provided solutions in both text…

Answered: Show the double journal entries for…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...

See similar textbooks

Similar questions

Refer to the following transactions for the next three questions. (Note: The following information will also be needed to answer questions no. 11 and 12. You may want to take a picture or write it on a рaper.) Inventory of P 300,000 is bought on credit Equipment costing P 3,000,000 was purchased which was financed by a loan from the bank repayable in 5 years. Paid P 100,000 to accounts payable. Issued P 4,000,000 of shares to shareholders. 11. By how much will total assets increased? а. Р3,200,000 b. P7,200,000 с. Р3.000.000 d. P4,200,000 12. What is the increase in shareholders' equity? а. Р4,300.000 b. P7,000.000 С. Р6.300.000 d. P4,000 000
I need the answer as soon as possible
Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
General entry please...
Consider the following transactions for Julianne Corporation: a. Issue common stock for $15,000. b. Purchase equipment for $11,400 cash. c. Pay employees' salaries of $3,800. d. Provide services to customers for $6,800 cash. 1. Post the beginning Cash balance of $4,000 and then post the above transactions. 2. Calculate the ending balance of the Cash account. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post these transactions to the Cash T-account. Assume the balance of Cash before these transac Beginning Balance Debit Cash Credit
Could you please help Me with this question?
Create journal entries for sage 50. ? 1.The owner Jasmine, had the bank transfer (by the bank memo) $20000 from the personal savings account to the business bank account to start the business. 2. Negotiated a 5-year bank loan of $40000 at an annual interest rate of 9.50% with Loyal Bank. The money was deposited in the bank account today. 3.Received invoice 402 for $1200 plus HST from Captain Insurance, for a one-year business Insurance Policy, commencing Aug 1, 2018. Issued cheque #1001 to pay this invoice.
A company was recently formed with $50,000 cash contributed to the company by stockholders for commonstock. The company then borrowed $20,000 from a bankand bought $10,000 of supplies on account. The companyalso purchased $50,000 of equipment by paying $20,000in cash and issuing a note for the remainder. What is theamount of total assets to be reported on the balance sheet?a. $110,000b. $100,000c. $90,000d. None of the above
My text book is Hospitality Industry Financial Accounting (4th edition). I am in chapter 9 -- RECEIVABLES AND PAYABLES now. There is a question asks for journalize the transactions for this note payable. The scenario is the following: In 20X8 and 20X9, Dorothy's Restaurant made the following transactions: 1. On July 1, 20X8, Dorothy's Restaurant borrowed $20,000 from the Kansas Bank at 12 percent interest for nine months. 2. On December 31, 20X8, it accrued interest on the note. 3. On April 1, 20X9, it repaid the loan to Kansas Bank, including interest.
! Required information [The following information applies to the questions displayed below.] Business Sim Corporation (BSC) entered into the following four transactions: (a) Issued 1,000 common shares to Kelly in exchange for $13,000. (b) Borrowed $34,000 from the bank, promising to repay it in two years. (c) Bought computer equipment by signing check number 101 in the amount of $39,000 and signing a promissory note for $5,000 due in six months. This loan contains a clause ("covenant") that requires Business Sim Corporation (BSC) to maintain a ratio of current assets to current liabilities of at least 1.4. (d) Received $650 of supplies and promised to pay for them in 30 days. 3. Assuming BSC entered into no other activities during its first year ended September 30, prepare the company's classified balance sheet. Include a balance of zero in Retained Earnings.
Required: Post the following transactions to the appropriate accounts: (1) Issued share capital for $5,000 cash (posted as an example). (2) Paid $900 in advance for three months' rent, $300 for each month. (3) Billed $1,500 to customers for repairs completed today. (4) Purchased on credit $2,000 of supplies to be used next month. (5) Borrowed $7,500 from the bank. (6) Collected $500 for the amount billed in transaction (3). (7) Received a $200 bill for electricity used to date (the bill will be paid next month). (8) Repaid $2,500 of the bank loan. (9) Used $800 of the supplies purchased in transaction (4). (10) Paid $2,000 for the supplies purchased in transaction (4). (11) Recorded the use of one month of the rent paid for in transaction (2). Share Capital |(1) 5,000 Cash Bank Loan Repair Revenue (1) 5,000 Accounts Receivable Accounts Payable Electricity Expense Prepaid Expense Rent Expense Unused Supplies Supplies Expense
Please help me

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Income Tax Fundamentals 2020

Accounting

ISBN:

9780357391129

Author:

WHITTENBURG

Publisher:

Cengage

SEE MORE TEXTBOOKS