Make a General Journal June 1: Hudson Bloom invested $145,098.00 cash and computer equipment with a fair
Fantastic news! We've Found the answer you've been seeking!
Question:
Make a General Journal
Transcribed Image Text:
June 1: Hudson Bloom invested $145,098.00 cash and computer equipment with a fair market value of 01 $42,120.00 in his new business, Byte of Accounting. June 1: Check # 5000 was used to purchased office equipment costing $1,188.00 from Office Express. The 02 invoice number was 87417. June 1: Check # 5001 was used to purchased computer equipment costing $14,580.00 from nicole alfonseca. 03 The invoice number was 20117. June 2: Check # 5002 was used to make a down payment of $35,000.00 on additional computer equipment that 04 was purchased from Royce Computers, invoice number 76542. The full price of the computer was $175,000.00. A five-year note was executed by Byte for the balance. June 4: Additional office equipment costing $600.00 was purchased on credit from Discount Computer 05 Corporation. The invoice number was 98432. June 8: Unsatisfactory office equipment costing S120.00 from invoice number 98432 was returned to Discount 06 Computer for credit to be applied against the outstanding balance owed by Byte. June 10: Check # 5003 was used to make a $26,750.00 payment reducing the principal owed on the June 2 07 purchase of computer equipment from Royce Computers. June 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer equipment for 08 $5,136.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387. 09 June 16: A check in the amount of $7,500.00 was received for services performed for Pitman Pictures. June 16: Byte purchased a building and the land it is on for $125,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $20,000.00. The balance of the cost is 10 to be allocated to the building. Check # 5005 was used to make the down payment of $12,500.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance. 11 June 17: Check # 5006 for $4,200.00 was paid for rent for June and July. 12 June 17: Received invoice number 26354 in the amount of $250.00 from the local newspaper for advertising. 13 June 21: Billed various miscellaneous local customers $4,600.00 for consulting services performed. June 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for 14 $775.00. The invoice number was 975-328. 15 June 21: Accounts payable in the amount of $480.00 were paid with Check # 5007. 16 June 22: Check # 5010 was used to pay the advertising bill that was received on June 17. June 1: Hudson Bloom invested $145,098.00 cash and computer equipment with a fair market value of 01 $42,120.00 in his new business, Byte of Accounting. June 1: Check # 5000 was used to purchased office equipment costing $1,188.00 from Office Express. The 02 invoice number was 87417. June 1: Check # 5001 was used to purchased computer equipment costing $14,580.00 from nicole alfonseca. 03 The invoice number was 20117. June 2: Check # 5002 was used to make a down payment of $35,000.00 on additional computer equipment that 04 was purchased from Royce Computers, invoice number 76542. The full price of the computer was $175,000.00. A five-year note was executed by Byte for the balance. June 4: Additional office equipment costing $600.00 was purchased on credit from Discount Computer 05 Corporation. The invoice number was 98432. June 8: Unsatisfactory office equipment costing S120.00 from invoice number 98432 was returned to Discount 06 Computer for credit to be applied against the outstanding balance owed by Byte. June 10: Check # 5003 was used to make a $26,750.00 payment reducing the principal owed on the June 2 07 purchase of computer equipment from Royce Computers. June 14: Check # 5004 was used to purchase a one-year insurance policy covering its computer equipment for 08 $5,136.00 from Seth's Insurance. The effective date of the policy was June 16 and the invoice number was 2387. 09 June 16: A check in the amount of $7,500.00 was received for services performed for Pitman Pictures. June 16: Byte purchased a building and the land it is on for $125,000.00 to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $20,000.00. The balance of the cost is 10 to be allocated to the building. Check # 5005 was used to make the down payment of $12,500.00. A thirty year mortgage with an inital payement due on August 1st, was established for the balance. 11 June 17: Check # 5006 for $4,200.00 was paid for rent for June and July. 12 June 17: Received invoice number 26354 in the amount of $250.00 from the local newspaper for advertising. 13 June 21: Billed various miscellaneous local customers $4,600.00 for consulting services performed. June 21: Check # 5008 was used to purchase a fax machine for the office from Office Machines Express for 14 $775.00. The invoice number was 975-328. 15 June 21: Accounts payable in the amount of $480.00 were paid with Check # 5007. 16 June 22: Check # 5010 was used to pay the advertising bill that was received on June 17.
Expert Answer:
Answer rating: 100% (QA)
Solution Following are the steps to be followed to prepare Journal entries 1 Enter each transactio... View the full answer
Related Book For
Elementary Linear Algebra with Applications
ISBN: 978-0471669593
9th edition
Authors: Howard Anton, Chris Rorres
Posted Date:
Students also viewed these physics questions
-
The norm of a linear transformation TA: Rn Rn can be defined by where the maximum is taken over all nonzero x in Rn. (The subscript indicates that the norm of the linear transformation on the left is...
-
Suppose that f: Rn R and g: Rn Rn are differentiable on Rn and that there exist r > 0 and a Rn such that Dg(x) is the identity matrix, I, for all x Br(a). Prove that there is a function h: Br(a) {a}...
-
Let 5: Rn Rn and T: Rn Rn be linear transformations with matrices A and B respectively. [Theorem 3.] (a) Show that B2 = B if and only if T2 = 7 (where T2 means T o T). (b) Show that B2 = 1 if and...
-
Olmsted Co. has small computer chips assembled in Poland and transports the final assembled products to the parent, where they are sold by the parent in the U.S. The assembled products are invoiced...
-
Air at 3.5 MPa and 38oC flows across a tube bank consisting of 400 tubes of 1.25-cm OD arranged in a staggered manner 20 rows high; Sp = 3.75 cm and Sn = 2.5 cm. The incoming-flow velocity is 9 m/s,...
-
Find Req for the circuit in Fig. 2.94? Figure 2.94 For Prob. 2.30 6 6 Req 2 2
-
Suppose you buy a new home and finance \(90 \%\) of the price with a mortgage from a bank. Suppose that a few years later the value of your home falls below your mortgage balance and you decide to...
-
M. K. Gallant is president of Kranbrack Corporation, a company whose stock is traded on a national exchange. In a meeting with investment analysts at the beginning of the year, Gallant had predicted...
-
An investor is investing an amount of 300 on day 1 and receives the following cash flows ever six months.: Period in Years Cash flow 0.5 40 1 50 1.5 50 2 70 2.5 100 3 100 What is the IRR on this...
-
The Ace Trucking Company must determine the number of drivers and trucks to have available on a weekly basis. The standard schedule is to send drivers over the pickup and delivery route on Monday and...
-
Study the examples below and write a program that works exactly like the examples. For example: Input Result MATH111 Enter subject code: MATH111 Abstract Algebra Enter subject title: Abstract Algebra...
-
Instruction: Below, EXPLAIN how you can use the following " Concept " to solve the Organization "Problem, " described below. Make sure to take the reader through the logic of how they would implement...
-
Clarice works at a healthcare facility and has been an employee for almost two years. She has no history of discipline and consistently receives positive reviews from family members, patients and...
-
A manager is being asked about his budget and is concerned that the issue might be related to excessive overtime. Where could this information be found? An employee raises a complaint about a peer...
-
What is the Three-Dimensional Model of Leadership Effectiveness adapted from William Reddin's managerial effectiveness? Explain.
-
Informal communication, formal hierarchy, and standardization. Describe each coordinating mechanism and provide an example of each based on your understanding and experience.
-
(4) A rocket starts from rest and moves upward from the surface of the Earth. For the first 10 seconds of motion the vertical acceleration is given by the function a = At. Let x = 0 represent the...
-
It is possible to investigate the thermo chemical properties of hydrocarbons with molecular modeling methods. (a) Use electronic structure software to predict cHo values for the alkanes methane...
-
Explain why the determinant of an n n matrix with a row of zeros must have a zero determinant, using the method of this section.
-
In each part, use the method of Example 4 in Section 1.5 to find and check your result by showing that AA-1 = A-1 A = I. (a) 1 1i 0 A=101 -i 1-2i 2
-
Find values of x1 and x2 that maximize z = 3x1 + 2x2 subject to 2x1 + 3x2 6 2x1 - x2 0 x1 2 x2 1 x1 0 x2 0
-
In 2022, Mark purchased two separate activities. Information regarding these activities for 2022 and 2023 is as follows: The 2022 losses were suspended losses for that year. During 2023, Mark also...
-
Jerry sprayed all of the landscaping around his business with a pesticide in June 2023. Shortly thereafter, all of the trees and shrubs unaccountably died. The FMV and the adjusted basis of the...
-
In 2023, Julie, a single individual, reported the following items of income and deduction: Julie owns 100% and is an active participant in the rental real estate activity. What is her taxable income...
Study smarter with the SolutionInn App