# Culver Real Estate Agency: Journalizing Transactions## Transaction OverviewThe following transactions relate to Culver Real Estate Agency for the month of October:### October 1- **Transaction:** Stockholders invested $30,240 in exchange for common stock of the corporation.- **Entry:** (To be journalized)### October 2- **Transaction:** Hired an administrative assistant at an annual salary of $39,600.- **Entry:** No immediate entry required (salary will be recorded when paid).### October 3- **Transaction:** Bought office furniture for $4,020 on account.- **Entry:** (To be journalized)### October 6- **Transaction:** Sold a house and lot for E.C. Roads; commissions due from Roads amount to $10,440 (not paid by Roads at this time).- **Entry:** (To be journalized)### October 10- **Transaction:** Received cash of $140 as commission for acting as a rental agent renting an apartment.- **Entry:** (To be journalized)### October 27- **Transaction:** Paid $650 on account for the office furniture purchased on October 3.- **Entry:** (To be journalized)### October 30- **Transaction:** Paid the administrative assistant $3,300 in salary for October.- **Entry:** (To be journalized)## Journalizing Transactions**Instructions:** If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.| Date | Account Titles and Explanation | Debit | Credit ||------------|--------------------------------|-----------|-----------|| Oct. 1 | Cash | $30,240 | || | Common Stock | | $30,240 || Oct. 3 | Office Furniture | $4,020 | || | Accounts Payable | | $4,020 || Oct. 6 | Accounts Receivable | $10,440 | || | Commission Revenue | | $10,440 || Oct. 10 | Cash | $140 | ||

The journal entries are prepared to record the transactions on regular basis. The assets and…

This information relates to Culver Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $30,240 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $39,600. Buys office furniture for $4,020, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,440 (not paid by Roads at this time). Receives cash of $140 as commission for acting as rental agent renting an apartment. Pays $650 on account for the office furniture purchased on October 3. Pays the administrative assistant $3,300 in salary for October. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date V Account Titles and Explanation Debit Credit

This information relates to Culver Real Estate Agency. Oct. 1 2 3 6 10 27 30 Stockholders invest $30,240 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $39,600. Buys office furniture for $4,020, on account. Sells a house and lot for E. C. Roads; commissions due from Roads, $10,440 (not paid by Roads at this time). Receives cash of $140 as commission for acting as rental agent renting an apartment. Pays $650 on account for the office furniture purchased on October 3. Pays the administrative assistant $3,300 in salary for October. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date V Account Titles and Explanation Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

E2-13 (Algo) Recording Journal Entries LO2-4 Jameson Corporation was organized on May 1. The following events occurred during the first month. a. Received $72,000 cash from the five investors who organized Jameson Corporation. Each investor received 110 shares of $10 par value common stock. b. Ordered store fixtures costing $11,000. c. Borrowed $10,000 cash and signed a note due in two years. d. Purchased $18,000 of equipment, paying $1,100 in cash and signing a six-month note for the balance. e. Lent $1,500 to an employee who signed a note to repay the loan in three months. f. Received and paid for the store fixtures ordered in (b). Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record the receipt of $72,000 cash from five investors who each received 110 shares of $10 par value common stock. Note: Enter…
6 https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmghmiddleware%252 Tp Inventor Training D. CHAP2 HOMEWORK A Saved 1 Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. 10 April 1 Tanner invested $8e,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock. 2 The company prepaid $9, c00 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $9,000. 3 The company made credit purchases for $8,000 in office equipment and $3,60e in office supplies. Payment is due within 10 days. 6 The company completed services for a client and imnediately received $4,000 cash. 9 The company completed a $6,000 project for a client, who must pay within 30 days. 13 The company paid $11,600 cash to settle the account payable crented on April 3. 19 The company paid $2,400 cash for the…
On January 1, 2022, Lloyd and Joan Valdez organized Tech Associates as a corporation; each contributed $75,000 cash to start the business and received 4,000 shares of common stock. The store completed its first year of operations on December 31, 2022. financial items for the year were determined: On that date, the following Cash on hand and in the bank $73,350 Amounts due from customers for the sales of merchandise $39,000 Office equipment $72,000 Amounts owed to suppliers for merchandise inventory $12,000 One-year note payable to a local bank $3,000 Retained Earnings at Dec 31, 2022 $19230 No dividends were declared or paid to shareholders during the year. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income – Dividends = Ending Retained Earnings] to solve for net income.)
Business transactions: On March. 1. Mr. A introduced $50,000 capital in cash into the business. 2. A sum of $30,000 loan borrowed from the Bank at 6% for 5 years. 3. Rent paid of $6,000. 4. Insurance paid $2,400 in advance for two years. 5. Equipment purchased of $10,000 in cash (useful for 5 years). 6. Furniture purchased worth $3,500 in cash (useful for 5 years). 7. Vehicle purchased for business on credit for $5,000 (useful for 5 years). 8. Supplies purchased on account for $1,500. 9. Goods purchased on account for $15,000. 10. Salaries and wages paid for $7,000. 11. Electricity bill paid for $750. 12. Telephone bill paid for $150. 13. Goods to supplier of $100 due to defects. 14. Depreciation expense on equipment for $2,000 15. Depreciation expense on vehicle for $1000. 16. Depreciation expense on furniture for $700 17. Interest expense paid on bank loan for $1,800. 18. Goods sold for $40,250. 19. Mr. A used goods for personal use worth $200. 20. Payment of $14,900 made to supplier…
This information relates to McCall Real Estate Agency. Oct. 1 Stockholders invest $31,020 in exchange for common stock of the corporation. 2 Hires an administrative assistant at an annual salary of $42,960. 3 Buys office furniture for $4,110, on account. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $11,340 (not paid by Roads at this time). 10 Receives cash of $215 as commission for acting as rental agent renting an apartment. 27 Pays $730 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,580 in salary for October. Prepare the debit–credit analysis for each transaction
Georgia Corporation incorporated on September 2, current year. The company engaged in the following transactions during its first month of operations. Sept. 2 Issued capital stock in exchange for $1,17e,e00 cash. Sept. 4 Purchased land and a building for $1,080,000. The value of the land was $240,eee, and the value of the building was $840,000. The company paid $120,000 cash and issued a note payable for the balance. Sept. 12 Purchased office supplies for $600 on account. The supplies will last for several months. Sept. 19 Billed clients $216,000 on account. Sept. 29 Recorded and paid salary expense of $72, e00. Sept. 30 Received $132,0ee from clients billed on September 19. A partial list of the account titles used by the company includes the following. Cash Accounts Receivable Office Supplies Land Building Notes Payable Accounts Payable Capital Stock Client Revenue Salary Expense a. Prepare journal entries for the above transactions. b. Post each entry to the appropriate ledger…
Create journal entries for each of the following transactions The company issues capital stock for $90,000. The company borrows $40,000 from the bank. The company pays its rent for one year in advance, $18,000. The company buys inventory for $30,000 on account. The company sells inventory costing $20,000 for $40,000 on account. The company pays its employees $1,000 for services rendered. The company buys inventory for $50,000 cash. The company sells inventory costing $40,000 for $80,000 cash. The company collects $20,000 from customers on account. The company pays $25,000 on account. One month of rent has expired. Dividends of $2,000 are paid.
B. Mr. Abdullah formed Al-Noor Enterprises on February 2021. During the month, the following financial transactions occurred: Review and find the mistake of the following transactions which is recorded in general journal and rewrite them. 2021, February 10 Paid the month's rent OR 700 16 Withdrew OR 10,000 for personal use. 23 Collected OR 9,000 from Bahwan Company. 28 Sold goods for cash - OMR 15,000 Al-Noor Enterprises for January Date Particulars Ref. Debit Credit 2020 Feb. 11 Rent Expense 700 Cash 700 16 Abdullah, Withdrawal 10,000 Expense 10,000 10,000 Cash Accounts Payable 23 10,000 30 Sales 15,000 Cash 15,000
WHAT IS THE INCOME STATEMENT FOR THE FOLLOWING During its first month of operation, the Quick Tax Corporation, which specializes in tax preparation, completed the following transactions. July 1 Began business by making a deposit in a company bank account of $60,000, in exchange for 6,000 shares of $10 par value common stock. July 3 Paid the current month's rent, $3,500 July 5 Paid the premium on a 1-year insurance policy, $4,200 July 7 Purchased supplies on account from Little Company, $1,000. July 10 Paid employee salaries, $3,500 July 14 Purchased equipment from Lake Company, $10,000. Paid $2,500 down and the balance was placed on account. Payments will be $500.00 per month until the equipment is paid. The first payment is due 8/1. Note: Use accounts payable for the balance due. July 15 Received cash for preparing tax returns for the first half of July, $8,000 July 19 Made payment on account to Lake Company, $500. July 31 Received cash for preparing tax returns for the last half of…
E3-7 This information relates to Crofoot Real Estate Agency. Stockholders invest $30,000 in exchange for common stock of the corporation. Hires an administrative assistant at an annual salary of $36,000. 3 Buys office furniture for $3,800, on account. Sells a house and lot for M.E. Graves; commissions due from Graves, $10,800 (not paid by Graves at this time). Oct. 1 6. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment. 27 Pays $700 on account for the office furniture purchased on October 3. 30 Pays the administrative assistant $3,000 in salary for October. Instructions Prepare the debit-credit analysis for each transaction, as illustrated on pages 121-126.
Let us assume that Mr. Amir starts a business called Amir Enterprises on 1st January, 2021 and invests cash of RO. 20,000 as his capital. Amir Enterprise’s purchases machinery worth RO. 1,000 paid 35% in cash and remaining on credit. The company purchased goods worth RO. 5,000. Paid RO. 2,000 cash and balance on credit The company made a sale of RO. 2800 (cost being RO 3000) on credit basis The company took loan of RO. 10,000 from Bank Muscat . Mr. Amir withdrew RO. 1,000 from the business for his personal use You need to record the above transactions in an equation form. Q2Select any five financial transactions of your choice and make journal entries for the same. Q3 There are three types of organizations namely manufacturing, services and trading sectors, choose any one organization from each sector of your choice and name 5 Assets, Liabilities, Expenses and revenue from them.
In September, the company entered the following transactions: Sept. 1 Issued common shares to Tony Ferria and other investors in exchange for $100,000 cash. Sept 1 Paid $9,000 to Wellington Realty as three months’ advance rent on the rental yard and office formerly occupied by Rent-It Sept 1 Purchased for $180,000 all the equipment formerly owned by Rent-It. Paid $70,000 cash and issued a one-year note payable for $110,000, plus interest at the annual rate of 9%. This rental equipment is estimated to have a 10-year useful life. Sept 4 Purchased office supplies on account from Modern Office Co., $1,630. Payment due in 30 days. (These supplies are expected to last for several months.) Sept 8 Received $10,000 cash from McFadden Construction Co. as advance payment for equipment rental. Sept 12 Paid salaries for the first two weeks in September, $3,600. Sept 15 Excluding the McFadden…