North Corp. had the following transactions occur in November and December of 2023: Description Received $75,000...

 

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North Corp. had the following transactions occur in November and December of 2023: Description Received $75,000 in cash when they issued 5,000 shares of no-par common stock for $15 per share. Date Nov 1 Nov 1 Nov 15 Nov 20 Dec 1 Dec 1 Dec 8 Dec 30 Received $3,000 from a customer for services to be performed evenly over the next three (3) months, beginning in November. Purchased $2,000 worth of supplies on account. Paid $800 for the supplies previously purchased on account. Paid $12,000 for three months' rent in advance ($4,000 each month). The rental period begins on December 1. Purchased land costing $50,000 by paying $10,000 cash and financing the remaining $40,000 with a one-year, 12% note. The note's principal amount and interest will be paid when the note matures one year. Performed services worth $700 on account. Received $700 in cash for services previously performed on account. Additional information is as follows: At the end of December, supplies costing $600 are still on hand (unused). If necessary, calculations should be rounded to the nearest whole month and dollar. Part A: In the General Journal that starts on the next page, journalize (using proper formatting) the eight transactions in the same order they were presented. (27 pts) Special Notes: Journal entries must be in proper form (ex. debits before credits, indent credits) to receive full credit. See the "Accounting Formatting Rules" near the front of your course pack. Explanations should not be included. Skip a line between each journal entry. Problem I, Part A: Date Nov 1 Nov 1 Nov 15 Nov 20 Dec 1 Dec 1 Dec 8 Dec 30 Date Dec 31 Dec 31 Dec 31 Account Name Cash Dec 31 Common Stock (no par) Cash Deferred Revenue Supplies Accounts Payable Accounts Payable Cash Prepaid Rent Cash Land Cash Note Payable Accounts Receivable Service Revenue Cash Accounts Receivable Debit $75,000 Account Name $3,000 $2,000 $800 $12,000 $50,000 $700 $700 Credit Debit $75,000 $3,000 $2,000 Problem I, Part B: Journalize the four necessary December 31, 2023, adjusting entries. (12 pts) Credit $800 $12,000 $10,000 $40,000 $700 $700 North Corp. had the following transactions occur in November and December of 2023: Description Received $75,000 in cash when they issued 5,000 shares of no-par common stock for $15 per share. Date Nov 1 Nov 1 Nov 15 Nov 20 Dec 1 Dec 1 Dec 8 Dec 30 Received $3,000 from a customer for services to be performed evenly over the next three (3) months, beginning in November. Purchased $2,000 worth of supplies on account. Paid $800 for the supplies previously purchased on account. Paid $12,000 for three months' rent in advance ($4,000 each month). The rental period begins on December 1. Purchased land costing $50,000 by paying $10,000 cash and financing the remaining $40,000 with a one-year, 12% note. The note's principal amount and interest will be paid when the note matures one year. Performed services worth $700 on account. Received $700 in cash for services previously performed on account. Additional information is as follows: At the end of December, supplies costing $600 are still on hand (unused). If necessary, calculations should be rounded to the nearest whole month and dollar. Part A: In the General Journal that starts on the next page, journalize (using proper formatting) the eight transactions in the same order they were presented. (27 pts) Special Notes: Journal entries must be in proper form (ex. debits before credits, indent credits) to receive full credit. See the "Accounting Formatting Rules" near the front of your course pack. Explanations should not be included. Skip a line between each journal entry. Problem I, Part A: Date Nov 1 Nov 1 Nov 15 Nov 20 Dec 1 Dec 1 Dec 8 Dec 30 Date Dec 31 Dec 31 Dec 31 Account Name Cash Dec 31 Common Stock (no par) Cash Deferred Revenue Supplies Accounts Payable Accounts Payable Cash Prepaid Rent Cash Land Cash Note Payable Accounts Receivable Service Revenue Cash Accounts Receivable Debit $75,000 Account Name $3,000 $2,000 $800 $12,000 $50,000 $700 $700 Credit Debit $75,000 $3,000 $2,000 Problem I, Part B: Journalize the four necessary December 31, 2023, adjusting entries. (12 pts) Credit $800 $12,000 $10,000 $40,000 $700 $700 North Corp. had the following transactions occur in November and December of 2023: Description Received $75,000 in cash when they issued 5,000 shares of no-par common stock for $15 per share. Date Nov 1 Nov 1 Nov 15 Nov 20 Dec 1 Dec 1 Dec 8 Dec 30 Received $3,000 from a customer for services to be performed evenly over the next three (3) months, beginning in November. Purchased $2,000 worth of supplies on account. Paid $800 for the supplies previously purchased on account. Paid $12,000 for three months' rent in advance ($4,000 each month). The rental period begins on December 1. Purchased land costing $50,000 by paying $10,000 cash and financing the remaining $40,000 with a one-year, 12% note. The note's principal amount and interest will be paid when the note matures one year. Performed services worth $700 on account. Received $700 in cash for services previously performed on account. Additional information is as follows: At the end of December, supplies costing $600 are still on hand (unused). If necessary, calculations should be rounded to the nearest whole month and dollar. Part A: In the General Journal that starts on the next page, journalize (using proper formatting) the eight transactions in the same order they were presented. (27 pts) Special Notes: Journal entries must be in proper form (ex. debits before credits, indent credits) to receive full credit. See the "Accounting Formatting Rules" near the front of your course pack. Explanations should not be included. Skip a line between each journal entry. Problem I, Part A: Date Nov 1 Nov 1 Nov 15 Nov 20 Dec 1 Dec 1 Dec 8 Dec 30 Date Dec 31 Dec 31 Dec 31 Account Name Cash Dec 31 Common Stock (no par) Cash Deferred Revenue Supplies Accounts Payable Accounts Payable Cash Prepaid Rent Cash Land Cash Note Payable Accounts Receivable Service Revenue Cash Accounts Receivable Debit $75,000 Account Name $3,000 $2,000 $800 $12,000 $50,000 $700 $700 Credit Debit $75,000 $3,000 $2,000 Problem I, Part B: Journalize the four necessary December 31, 2023, adjusting entries. (12 pts) Credit $800 $12,000 $10,000 $40,000 $700 $700 North Corp. had the following transactions occur in November and December of 2023: Description Received $75,000 in cash when they issued 5,000 shares of no-par common stock for $15 per share. Date Nov 1 Nov 1 Nov 15 Nov 20 Dec 1 Dec 1 Dec 8 Dec 30 Received $3,000 from a customer for services to be performed evenly over the next three (3) months, beginning in November. Purchased $2,000 worth of supplies on account. Paid $800 for the supplies previously purchased on account. Paid $12,000 for three months' rent in advance ($4,000 each month). The rental period begins on December 1. Purchased land costing $50,000 by paying $10,000 cash and financing the remaining $40,000 with a one-year, 12% note. The note's principal amount and interest will be paid when the note matures one year. Performed services worth $700 on account. Received $700 in cash for services previously performed on account. Additional information is as follows: At the end of December, supplies costing $600 are still on hand (unused). If necessary, calculations should be rounded to the nearest whole month and dollar. Part A: In the General Journal that starts on the next page, journalize (using proper formatting) the eight transactions in the same order they were presented. (27 pts) Special Notes: Journal entries must be in proper form (ex. debits before credits, indent credits) to receive full credit. See the "Accounting Formatting Rules" near the front of your course pack. Explanations should not be included. Skip a line between each journal entry. Problem I, Part A: Date Nov 1 Nov 1 Nov 15 Nov 20 Dec 1 Dec 1 Dec 8 Dec 30 Date Dec 31 Dec 31 Dec 31 Account Name Cash Dec 31 Common Stock (no par) Cash Deferred Revenue Supplies Accounts Payable Accounts Payable Cash Prepaid Rent Cash Land Cash Note Payable Accounts Receivable Service Revenue Cash Accounts Receivable Debit $75,000 Account Name $3,000 $2,000 $800 $12,000 $50,000 $700 $700 Credit Debit $75,000 $3,000 $2,000 Problem I, Part B: Journalize the four necessary December 31, 2023, adjusting entries. (12 pts) Credit $800 $12,000 $10,000 $40,000 $700 $700 North Corp. had the following transactions occur in November and December of 2023: Description Received $75,000 in cash when they issued 5,000 shares of no-par common stock for $15 per share. Date Nov 1 Nov 1 Nov 15 Nov 20 Dec 1 Dec 1 Dec 8 Dec 30 Received $3,000 from a customer for services to be performed evenly over the next three (3) months, beginning in November. Purchased $2,000 worth of supplies on account. Paid $800 for the supplies previously purchased on account. Paid $12,000 for three months' rent in advance ($4,000 each month). The rental period begins on December 1. Purchased land costing $50,000 by paying $10,000 cash and financing the remaining $40,000 with a one-year, 12% note. The note's principal amount and interest will be paid when the note matures one year. Performed services worth $700 on account. Received $700 in cash for services previously performed on account. Additional information is as follows: At the end of December, supplies costing $600 are still on hand (unused). If necessary, calculations should be rounded to the nearest whole month and dollar. Part A: In the General Journal that starts on the next page, journalize (using proper formatting) the eight transactions in the same order they were presented. (27 pts) Special Notes: Journal entries must be in proper form (ex. debits before credits, indent credits) to receive full credit. See the "Accounting Formatting Rules" near the front of your course pack. Explanations should not be included. Skip a line between each journal entry. Problem I, Part A: Date Nov 1 Nov 1 Nov 15 Nov 20 Dec 1 Dec 1 Dec 8 Dec 30 Date Dec 31 Dec 31 Dec 31 Account Name Cash Dec 31 Common Stock (no par) Cash Deferred Revenue Supplies Accounts Payable Accounts Payable Cash Prepaid Rent Cash Land Cash Note Payable Accounts Receivable Service Revenue Cash Accounts Receivable Debit $75,000 Account Name $3,000 $2,000 $800 $12,000 $50,000 $700 $700 Credit Debit $75,000 $3,000 $2,000 Problem I, Part B: Journalize the four necessary December 31, 2023, adjusting entries. (12 pts) Credit $800 $12,000 $10,000 $40,000 $700 $700 North Corp. had the following transactions occur in November and December of 2023: Description Received $75,000 in cash when they issued 5,000 shares of no-par common stock for $15 per share. Date Nov 1 Nov 1 Nov 15 Nov 20 Dec 1 Dec 1 Dec 8 Dec 30 Received $3,000 from a customer for services to be performed evenly over the next three (3) months, beginning in November. Purchased $2,000 worth of supplies on account. Paid $800 for the supplies previously purchased on account. Paid $12,000 for three months' rent in advance ($4,000 each month). The rental period begins on December 1. Purchased land costing $50,000 by paying $10,000 cash and financing the remaining $40,000 with a one-year, 12% note. The note's principal amount and interest will be paid when the note matures one year. Performed services worth $700 on account. Received $700 in cash for services previously performed on account. Additional information is as follows: At the end of December, supplies costing $600 are still on hand (unused). If necessary, calculations should be rounded to the nearest whole month and dollar. Part A: In the General Journal that starts on the next page, journalize (using proper formatting) the eight transactions in the same order they were presented. (27 pts) Special Notes: Journal entries must be in proper form (ex. debits before credits, indent credits) to receive full credit. See the "Accounting Formatting Rules" near the front of your course pack. Explanations should not be included. Skip a line between each journal entry. Problem I, Part A: Date Nov 1 Nov 1 Nov 15 Nov 20 Dec 1 Dec 1 Dec 8 Dec 30 Date Dec 31 Dec 31 Dec 31 Account Name Cash Dec 31 Common Stock (no par) Cash Deferred Revenue Supplies Accounts Payable Accounts Payable Cash Prepaid Rent Cash Land Cash Note Payable Accounts Receivable Service Revenue Cash Accounts Receivable Debit $75,000 Account Name $3,000 $2,000 $800 $12,000 $50,000 $700 $700 Credit Debit $75,000 $3,000 $2,000 Problem I, Part B: Journalize the four necessary December 31, 2023, adjusting entries. (12 pts) Credit $800 $12,000 $10,000 $40,000 $700 $700

Answer rating: 100% (QA)

Part 1 Journal Entries Date Account Title Debit Credit 01Nov Cash 75... View the full answer