find all listed below chart of accounts 1 2 3 4 5 6 7 8 Jack's Wash
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1 2 3 4 5 6 7 8 Jack's Wash began business on September 1 of 2021, by depositing $50,000 in a checking account in the name of Jack's Wash, Inc. representing Jack's purchase of 10,000 ownership shares (common stock). Borrowed $8,000 from City Bank for 5 years and signed a promissory note with an annual interest rate of 9%. Purchased equipment from Washers Wholesale, $26,200. Paid in cash. Purchased supplies costing $3,000 from Suds 'n Stuff on account. Paid the rent for business space used in U-STOR-IT, $1,000. Purchased a 6-month insurance policy, $3,600 in cash. Paid $4,200 for advertising to appear in the Pine newspaper during the next three months. Received $350 from customers who paid in advance for washing services to be provided in the future. Services provided to customers during the first half of September totaled $8,700. Cash received totaled $6,400 and services on account were $2,300. 9 10 Paid employees for hours worked during the first two weeks of September, $2,500. 11 Paid $2,600 on account to Suds 'n Stuff. 12 13 14 Received and paid the utility bill for electricity, $500. 15 Collected $2800 of accounts receivable. 16 Paid City Bank one month of interest, $60. 17 Declared and paid cash dividends to the stockholder Jack, $2,000. Adjusting Entries: Paid wages for September 15-28, $2,500. Services provided the second half of September totaled $17,500. Cash received totaled $14,800 and services on account were $2,700. 18 Received but not yet paid the telephone bill, $250. (Hint: use Utilities payable) 19 Recorded depreciation for one month on the equipment, $437. 20 Supplies on hand at the end of September have a cost of $600. 21 One month of prepaid insurance was expired in September. One month of prepaid advertising was expired in September. 22 1 2 3 4 5 6 7 8 Jack's Wash began business on September 1 of 2021, by depositing $50,000 in a checking account in the name of Jack's Wash, Inc. representing Jack's purchase of 10,000 ownership shares (common stock). Borrowed $8,000 from City Bank for 5 years and signed a promissory note with an annual interest rate of 9%. Purchased equipment from Washers Wholesale, $26,200. Paid in cash. Purchased supplies costing $3,000 from Suds 'n Stuff on account. Paid the rent for business space used in U-STOR-IT, $1,000. Purchased a 6-month insurance policy, $3,600 in cash. Paid $4,200 for advertising to appear in the Pine newspaper during the next three months. Received $350 from customers who paid in advance for washing services to be provided in the future. Services provided to customers during the first half of September totaled $8,700. Cash received totaled $6,400 and services on account were $2,300. 9 10 Paid employees for hours worked during the first two weeks of September, $2,500. 11 Paid $2,600 on account to Suds 'n Stuff. 12 13 14 Received and paid the utility bill for electricity, $500. 15 Collected $2800 of accounts receivable. 16 Paid City Bank one month of interest, $60. 17 Declared and paid cash dividends to the stockholder Jack, $2,000. Adjusting Entries: Paid wages for September 15-28, $2,500. Services provided the second half of September totaled $17,500. Cash received totaled $14,800 and services on account were $2,700. 18 Received but not yet paid the telephone bill, $250. (Hint: use Utilities payable) 19 Recorded depreciation for one month on the equipment, $437. 20 Supplies on hand at the end of September have a cost of $600. 21 One month of prepaid insurance was expired in September. One month of prepaid advertising was expired in September. 22
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Based on the provided information here is a breakdown of the transactions and adjusting entries for Jacks Wash for the month of September 2021 Transac... View the full answer
Related Book For
An Introduction To Statistical Methods And Data Analysis
ISBN: 9781305465527
7th Edition
Authors: R. Lyman Ott, Micheal T. Longnecker
Posted Date:
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