Printing Plus, Lynn Sanders' printing service company. We will analyze and record each of the transactions...
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Printing Plus, Lynn Sanders' printing service company. We will analyze and record each of the transactions for her business and discuss how this impacts the financial statements. More detail for each of these transactions is provided, along with a few new transactions. Commenced the business with 1MM cash and 500M printing equipment Prepare entries, t-accounts and trial balance 1. On January 3, 2019, issued $20,000 shares of common stock for cash. 2. On January 5, 2019, purchased equipment on account for $3,500, payment due within the month. 3. On January 9, 2019, received $4,000 cash in advance from a customer for services not yet rendered. 4. On January 10, 2019, provides $5,500 in services to a customer who asks to be billed for the services. 5. On January 12, 2019, paid a $300 utility bill with cash. 6. On January 14, 2019, distributed $100 cash in dividends to stockholders. 7. On January 17, 2019, received $2,800 cash from a customer for services rendered. 8. On January 18, 2019, paid in full, with cash, for the equipment purchase on January 5. 9. On January 20, 2019, paid $3,600 cash in salaries expense to employees. 10. On January 23, 2019, received cash payment in full from the customer on the January 10 transaction. 11. On January 27, 2019, provides $1,200 in services to a customer who asks to be billed for the services. 12. On January 30, 2019, purchased supplies on account for $500, payment due within three months. 13 On January 3 2019, issued $20,000 shares of common stock for cash. Printing Plus, Lynn Sanders' printing service company. We will analyze and record each of the transactions for her business and discuss how this impacts the financial statements. More detail for each of these transactions is provided, along with a few new transactions. Commenced the business with 1MM cash and 500M printing equipment Prepare entries, t-accounts and trial balance 1. On January 3, 2019, issued $20,000 shares of common stock for cash. 2. On January 5, 2019, purchased equipment on account for $3,500, payment due within the month. 3. On January 9, 2019, received $4,000 cash in advance from a customer for services not yet rendered. 4. On January 10, 2019, provides $5,500 in services to a customer who asks to be billed for the services. 5. On January 12, 2019, paid a $300 utility bill with cash. 6. On January 14, 2019, distributed $100 cash in dividends to stockholders. 7. On January 17, 2019, received $2,800 cash from a customer for services rendered. 8. On January 18, 2019, paid in full, with cash, for the equipment purchase on January 5. 9. On January 20, 2019, paid $3,600 cash in salaries expense to employees. 10. On January 23, 2019, received cash payment in full from the customer on the January 10 transaction. 11. On January 27, 2019, provides $1,200 in services to a customer who asks to be billed for the services. 12. On January 30, 2019, purchased supplies on account for $500, payment due within three months. 13 On January 3 2019, issued $20,000 shares of common stock for cash.
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Answer rating: 100% (QA)
Answer Journal entries Date Account Name Debit Credit Jan 3 Cash 20000 Jan 3 Common Stock 20000 Jan 5 Equipment 3500 Jan 5 Accounts Payable 3500 Jan 9 ... View the full answer
Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
Posted Date:
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