Write the journal entries for each transaction. Post the totals for each account in the end- of- period spreadsheet Receive cash in exchange for common stock- $25000 Purchase supplies for cash- $250 Prepay insurance for the year- $1000 Purchase land for $50,000. Pay $10,000 cash and finance the rest Purchased a building for $75,000. Pay $10,000 cash and finance the rest. Paid advertising expense $50 Mow lawns for the week- $500- send bills to customers Mow lawns for the week and receive cash- $100 Paid salaries $150 Paid utilities $150 Purchase supplies on account $300 Collect from customers $250 Pay supplies on account bill- $150 Paid stockholder dividends $1000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question
  1. Write the journal entries for each transaction. Post the totals for each account in the end- of- period spreadsheet
  2. Receive cash in exchange for common stock- $25000
  3. Purchase supplies for cash- $250
  4. Prepay insurance for the year- $1000
  5. Purchase land for $50,000. Pay $10,000 cash and finance the rest
  6. Purchased a building for $75,000. Pay $10,000 cash and finance the rest.
  7. Paid advertising expense $50
  8. Mow lawns for the week- $500- send bills to customers
  9. Mow lawns for the week and receive cash- $100
  10. Paid salaries $150
  11. Paid utilities $150
  12. Purchase supplies on account $300
  13. Collect from customers $250
  14. Pay supplies on account bill- $150
  15. Paid stockholder dividends $1000
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education