The following transactions took place for Dawn Corporation during November, 2020, its first month of operations. Make compound entries when applicable. 1 Dawn Corporation issued and sold shares to Dawn Childe for $10,000 Paid November rent for the amount of $5,000. 3 The company borrowed $50,000 cash from bank by acquiring a bank loan. Paid $3,000 for office supplies. The supplies were put into the supply storeroom. 5 Paid for a 1-year insurance policy for the business, amount paid $5,000. Billed customers $20,000 for services rendered. 8 Purchased computer equipment on account for $6,000. 10 Purchase $1,000 of additional office supplies on credit. 15 Received $15,000 in cash from customers billed on November 6th. 18 Paid $1,000 for advertising that ran for the first two weeks of this month. 20 Applied for a $20,000 government grant for research and development. 22 Paid 2,000 on the November 8th purchase. 23 Collected $15,000 in cash for fees earned today from various customers. Paid the following expenses in cash: Legal fees, $3,000; telephone $500; maintenance, $6,000 Wages, $15,000. 25 27 Paid the landlord $5,000 in cash for December's rent. The company signed a contract with a new employee. We will pay them a monthly salary for $2,000. The employee starts work on December 3d. 28 The company made their monthly bank loan payment in the amount of $2,000. $500 of this amount was paid on the bank loan and the remainder was interest expense. 29 30 Dividends of $1,000 were paid to the shareholder. 2.
The following transactions took place for Dawn Corporation during November, 2020, its first month of operations. Make compound entries when applicable. 1 Dawn Corporation issued and sold shares to Dawn Childe for $10,000 Paid November rent for the amount of $5,000. 3 The company borrowed $50,000 cash from bank by acquiring a bank loan. Paid $3,000 for office supplies. The supplies were put into the supply storeroom. 5 Paid for a 1-year insurance policy for the business, amount paid $5,000. Billed customers $20,000 for services rendered. 8 Purchased computer equipment on account for $6,000. 10 Purchase $1,000 of additional office supplies on credit. 15 Received $15,000 in cash from customers billed on November 6th. 18 Paid $1,000 for advertising that ran for the first two weeks of this month. 20 Applied for a $20,000 government grant for research and development. 22 Paid 2,000 on the November 8th purchase. 23 Collected $15,000 in cash for fees earned today from various customers. Paid the following expenses in cash: Legal fees, $3,000; telephone $500; maintenance, $6,000 Wages, $15,000. 25 27 Paid the landlord $5,000 in cash for December's rent. The company signed a contract with a new employee. We will pay them a monthly salary for $2,000. The employee starts work on December 3d. 28 The company made their monthly bank loan payment in the amount of $2,000. $500 of this amount was paid on the bank loan and the remainder was interest expense. 29 30 Dividends of $1,000 were paid to the shareholder. 2.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following transactions took place for Dawn Corporation during November, 2020, its first month of operations.
Make compound entries when applicable.
1
Dawn Corporation issued and sold shares to Dawn Childe for $10,000
Paid November rent for the amount of $5,000.
3
The company borrowed $50,000 cash from bank by acquiring a bank loan.
Paid $3,000 for office supplies. The supplies were put into the supply storeroom.
5
Paid for a 1-year insurance policy for the business, amount paid $5,000.
Billed customers $20,000 for services rendered.
8
Purchased computer equipment on account for $6,000.
10
Purchase $1,000 of additional office supplies on credit.
15
Received $15,000 in cash from customers billed on November 6th.
18
Paid $1,000 for advertising that ran for the first two weeks of this month.
20
Applied for a $20,000 government grant for research and development.
22
Paid 2,000 on the November 8th purchase.
23
Collected $15,000 in cash for fees earned today from various customers.
Paid the following expenses in cash: Legal fees, $3,000; telephone $500; maintenance, $6,000
Wages, $15,000.
25
27
Paid the landlord $5,000 in cash for December's rent.
The company signed a contract with a new employee. We will pay them a monthly salary for $2,000.
The employee starts work on December 3d.
28
The company made their monthly bank loan payment in the amount of $2,000. $500 of this amount
was paid on the bank loan and the remainder was interest expense.
29
30
Dividends of $1,000 were paid to the shareholder.
2.
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