Make the following journal entries for Entity A in good form. 1. On January 1, 2024,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Make the following journal entries for Entity A in good form. 1. On January 1, 2024, Entity A sold common stock for $45,000 to investors. 2. On January 3, Entity A purchased $7,000 of supplies on credit. 3. On January 15, Entity A performed services for Entity C for $4,500 on credit. 4. On January 20, Entity A paid its monthly rent of $1,000. 5. On January 25, Entity B paid for half the supplies it purchased on credit (see Item 2). 6. On January 30, Entity A performed services for cash of $4,200. 7. On January 31, Entity A received a check from Entity C for $4,500 (see Item 3). Make the following journal entries for Entity A in good form. 1. On January 1, 2024, Entity A sold common stock for $45,000 to investors. 2. On January 3, Entity A purchased $7,000 of supplies on credit. 3. On January 15, Entity A performed services for Entity C for $4,500 on credit. 4. On January 20, Entity A paid its monthly rent of $1,000. 5. On January 25, Entity B paid for half the supplies it purchased on credit (see Item 2). 6. On January 30, Entity A performed services for cash of $4,200. 7. On January 31, Entity A received a check from Entity C for $4,500 (see Item 3).
Expert Answer:
Answer rating: 100% (QA)
1 On January 1 2024 Entity A sold common stock for 45000 to investors Journal Entry Date January 1 2... View the full answer
Related Book For
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date:
Students also viewed these accounting questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Dodona I, LLC, invested $ 4 million in two securities offerings from Goldman, Sachs & Co. The investments were in collat-eralized debt obligations ( CDOs). Their value depended on residential...
-
Options complete the following sentence for each of these investors: a. A buyer of call options. b. A buyer of put options. c. A seller (writer) of call options. d. A seller (writer) of put options....
-
A snow insurance company offers an insurance contract that costs the buyer an upfront premium at the beginning of 2023. The contract specifies that if it snows more than 2 feet in CT on any single...
-
A number of importani parts of internal accounting control are listed below: 1. Internal auditing. 2. Reasonable assurance. 3. Segregation of functions. 4. Organization structure. 5 . Documentation...
-
Yoshi Company completed the following transactions and events involving its delivery trucks. 2012 Jan. 1 Paid $ 20,515 cash plus $ 1,485 in sales tax for a new delivery truck estimated to have a...
-
if the economy is currently at 8% unemployment 3% inflation and the president is considering using expansionary fiscal policy to reduce unemployment to 4%, what can you tell the president about the...
-
1 Golden Steer 2 3 General Journal 4 Date 5 Part B 6 7 8 9 _0 11 2 13 4 15 6 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 10 1 12 13 14 15 16 +7 18 19 50 51 52 53 54 65 56 57...
-
Employees are often the first line of defense when it comes to cyber security - why is it important to keep messaging and responsibilities simple? In what ways can training and awareness become "too...
-
KEY FOR COMPARISON Compare the total cost of acquiring a system to the department's budget (cell B1). - Write a formula in cell C11, which can be copied across the row, to determine how much over...
-
A 5 meter tall person is 4 meters away from a mirror. Her eyes are 15 cm from the top of her head. We want to place the smallest mirror possible such that she can see her entire body. How tall should...
-
describe about these Prizms: Based on their characteristics, way of life, and behaviours, each of the Prizms represents a certain population group. Downtown Verve Eat, Play, Love Suburban Sports...
-
There are times when the best strategies are simply unplanned and happen. When these "emergent" strategies are born (often out of conflict) it is important to be flexible in order to be successful....
-
Convert 40cm Hg vacuum of pressure to kPa absolute, assuming that the barometer reads 760 mm inches of mercury.
-
Find the volume of a sphere with a surface area of 36 in 3 The volume is in. (Type an exact answer in terms of .)
-
You are thinking of investing in one of two companies. In one annual report, the auditors opinion states that the financial statements were prepared in accordance with generally accepted accounting...
-
Hanks Company is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets...
-
A recent annual report for CVS contained the following information (dollars in thousands) at the end of its fiscal year: A footnote to the financial statements disclosed that uncollectible accounts...
-
Refer to E3-9. Data From inE3-9 Staceys Piano Rebuilding Company has been operating for one year. At the start of the second year, its income statement accounts had zero balances and its balance...
-
What is meant by the term "active listening"?
-
What does the term "unauthorized practice of law" mean, and how does it limit your relationship with a client?
-
Why is it important to pay attention to cultural differences when interviewing a client?
Study smarter with the SolutionInn App