Using the following transactions, record journal entries, create financial statements, and assess the impact of each...
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Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. September 1 Griffin invested $105,000 cash along with office equipment valued at $26,500 in exchange for common stock of a new company named RG Consulting. September 3 The company purchased land valued at $46,000 and a building valued at $161,500. The purchase is paid with $31,500 cash and a long-term note payable for $176,000. September 5 The company purchased $3,500 of office supplies on credit. September 7 Griffin invested her personal automobile in the company in exchange for more common stock. The automobile has a value of $19,500 and is to be used exclusively in the business. September 9 The company purchased $7,500 of additional office equipment on credit. September 11 The company paid $2,850 cash salary to an assistant. September 13 The company provided services to a client and collected $5,400 cash. September 15 The company paid $1,200 cash for this month's utilities. September 17 The company paid $3,500 cash to settle the account payable created on September 5. September 19 The company purchased $21,000 of new office equipment by paying $21,000 cash. September 21 The company completed $6,800 of services for a client, who must pay within 30 days. September 23 The company paid $2,850 cash salary to an assistant. September 25 The company received $5,000 in partial payment on the receivable created on September 21. September 27 The company paid $3,500 cash in dividends. Requirement General Journal View transaction list No 1 General Ledger Trial Balance View Journal entry worksheet Date September 01 Cash Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of RG Consulting, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger and the Trial Balance as soon as you click "Record Entry". Income Statement Office equipment Common stock St Retained Earnings Account Title Balance Sheet Debit Impact on Equity 105.000 Credit Show less A Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. September 1 Griffin invested $105,000 cash along with office equipment valued at $26,500 in exchange for common stock of a new company named RG Consulting. September 3 The company purchased land valued at $46,000 and a building valued at $161,500. The purchase is paid with $31,500 cash and a long-term note payable for $176,000. September 5 The company purchased $3,500 of office supplies on credit. September 7 Griffin invested her personal automobile in the company in exchange for more common stock. The automobile has a value of $19,500 and is to be used exclusively in the business. September 9 The company purchased $7,500 of additional office equipment on credit. September 11 The company paid $2,850 cash salary to an assistant. September 13 The company provided services to a client and collected $5,400 cash. September 15 The company paid $1,200 cash for this month's utilities. September 17 The company paid $3,500 cash to settle the account payable created on September 5. September 19 The company purchased $21,000 of new office equipment by paying $21,000 cash. September 21 The company completed $6,800 of services for a client, who must pay within 30 days. September 23 The company paid $2,850 cash salary to an assistant. September 25 The company received $5,000 in partial payment on the receivable created on September 21. September 27 The company paid $3,500 cash in dividends. Requirement General Journal View transaction list No 1 General Ledger Trial Balance View Journal entry worksheet Date September 01 Cash Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of RG Consulting, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger and the Trial Balance as soon as you click "Record Entry". Income Statement Office equipment Common stock St Retained Earnings Account Title Balance Sheet Debit Impact on Equity 105.000 Credit Show less A
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Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
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