Transactions for Mehta Company for the month of May are presented below. Prepare the Journal Entries for each transaction. B.D. Metha invests $4,0000 cash in exchange for common stock in a small welding corporation.

Transactions for Mehta Company for the month of May are presented below. Prepare the Journal Entries for each transaction. B.D. Metha invests $4,0000 cash in exchange for common stock in a small welding corporation.

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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Alex Vera organized Succulent Epress at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions: a. Terry Mason invested $30,000 in Succulent Express in exchange for common stock. b. Paid $5,400 on February 1 for an insurance premium on a one-year policy. c. Purchased supplies on account, $1,800. d. Received fees of $57,000 during February. e. Paid expenses as follows: wages, $21,600; rent, $6,400; utilities, $2,800; and miscellaneous, $3,200. f. Paid dividends of $8,000. Part 1: Record the preceding transactions using the integrated financial statement framework. After each transaction, you should enter a balance for each item. Part 2: Record the adjustments at the end of February to record the insurance expense and supplies expense. There was $300 of supplies on hand as of February 28. Identify the adjustment…
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Provide a ledger account instead!
Ralph Collins founded Collins Consignment Sales Company and the company was operated from his home. As of September 1, 2021, Collins decided to move to rented quarters and to operate the business on a full-time basis. He wishes to know how much net income the business has earned but has no prior knowledge of accounting and has approached your group for advice. The company entered the following transactions during September:Sept 1. The following assets were received from Ralph in exchange for capital of Collins Consignment Sales Company: cash - $19,000, accounts receivable - $2,800, supplies - $2,050, and office equipment - $15,000. There were no liabilities received. 2. Paid three (3) months rent on a lease rental contract, $6,000. 3. Paid the premiums on the property and peril insurance policies, $3,000. 4. Received cash from clients as an advance payment for services to be provided in the coming months, $5,900. 5. Purchased additional office equipment on…
Alex Vera organized Succulent Epress at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions: a. Terry Mason invested $30,000 in Succulent Express in exchange for common stock. b. Paid $5,400 on February 1 for an insurance premium on a one-year policy. c. Purchased supplies on account, $1,800. d. Received fees of $57,000 during February. e. Paid expenses as follows: wages, $21,600; rent, $6,400; utilities, $2,800; and miscellaneous, $3,200. f. Paid dividends of $8,000. Part 3: Prepare all financial statements for February, including income statement, statement of stockholders' equity, balance sheet, and statement of cash flows. Part 3: Financial Statements Succulent Express Income Statement For the Month Ended February 28, 20Y4 Fees earned Operating expenses: Wages expense Rent…
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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.
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Prepare a statement of financial position.
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