Business
Accounting
The general ledger accounts of Human Services Corp. have the

The general ledger accounts of Human Services Corp. have the following amounts recorded during December 2016: Required:

Question:

The general ledger accounts of Human Services Corp. have the following amounts recorded during December 2016:

Required: Reconstruct the transactions that occurred during December and prepare the journal entries to record these transactions, including descriptions. The transactions and related journal entries do not need to be listed in a particular order.

Transcribed Image Text:

Cash Land Buildin 12,000 30,000 15,000 7,000 4,000 500 10001040 5,000 8,000 6,000 10,000 Incorp. Costs 14,000 Preferred Shares Common Shares 005000 20.00 15,000 14,000 6,000 30,000 22,000 7,000

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 50% (8 reviews)

2016 Dec Cash 30000 Common Shares 30000 To record issue of common shares for cash Commo...View the full answer

Answered By

Usman Nasir

I did Master of Commerce in year 2009 and completed ACCA (Association of Chartered Certified Accountants) in year 2013. I have 10 years of practical experience inclusive of teaching and industry. Currently i am working in a multinational company as finance manager and serving as part time teacher in a university. I have been doing tutoring via many sites. I am very strong at solving numerical / theoretical scenario-based questions.

4.60+ 16+ Reviews 28+ Question Solved

Related Book For book-img-for-question

Accounting Introduction To Financial Accounting

ISBN: 9781517089719

1st Edition

Authors: Henry Dauderis, David Annand

See More Books

Question Posted: Apr 26, 2016 09:43 AM

See More Questions

Students also viewed these Accounting questions

Following is the chart of accounts of Vance Rehab Clinic: Assets 111 Cash 113 Accounts Receivable 115 Supplies 117 Prepaid Insurance 124 Equipment Liabilities 221 Accounts Payable Owners Equity 311...
The following general ledger accounts are included in the trial balance for an audit client, Jones Wholesale Stationery Store. Income tax expense Income tax payable Accounts receivable Advertising...
Assume it is Monday, May 1, 2014, the first business day of the month, and you have just been hired as the accountant for Alpine Company, which operates with monthly accounting periods. All of the...
Vehicles begin arriving at Allen fieldhouse at 6:30 PM, at a constant rate of 4 per minute. One gate opens at 7:00 PM and processes cars at a rate of 5 vehicles per minute. At 7:10 PM, a second gate...
Will preventive maintenance eliminate all breakdowns?
When firms increase dividends, stock prices tend to increase. One reason given for this price reaction is that dividends operate as a positive signal. What is the increase in dividends signaling to...
Explain why the sample variance formula is \[\sum_{i=1}^{N} \frac{\left(y_{i}-\bar{y} ight)^{2}}{N-1}\] instead of \[\sum_{i=1}^{N} \frac{\left(y_{i}-\bar{y} ight)^{2}}{N}\]
This case is based on the Q.M. in Action, Pricing for Environmental Compliance in the Auto Industry. In this case we build a model similar to the one built for General Motors. The CAFE requirement on...
Problem 3.1 (5 pts) Consider a 2-layer fully-connected NN, where we have input x = R1, hidden feature x2 = Rmx1, output x3 E Rkx1 and weights and bias W = Rmxn, W2 Rkxm, b = Rmx1, b2 E Rkx1 of the...
Dave is considering quitting smoking. Assume that Dave lives three periods (indexed by 0,1,2), and that he might quit in period 0 or in period 1. If he does not quit, he will receive a consumption...
The shareholders' equity section of Gannon Oilfield Corporation's balance sheet at December 31, 2016 is shown below. Preferred shares Authorized-100 shares Issued and outstanding-64 shares...
Strada Controls Inc. has 100,000 common shares outstanding on January 1, 2016. On May 25, 2016, the board of directors declared a semi-annual cash dividend of $1 per share. The dividend will be paid...
Suppose that in a Bayesian network containing an unobserved variable Y, all the variables in the Markov blanket MB(Y) have been observed. a. Prove that removing the node Y from the network will not...
Pam has been a secretary for two years and is now debating whether to go back to school to earn a professional accounting degree. What should she consider? The costs and benefits of earning the degree
According to The Buffalo Creek Disaster , what do you have to do to maintain the corporate veil?
A small town is considering establishing a new fund to support community development. Discuss the criteria and nature of major fund reporting that should guide their decision.
Calculate the amount of payroll tax due and an effective tax rate, correct to the nearest hundredth of a percent. Calculating four taxes: Social Security, Medicare,Federal income, and New York state.
Develop a case based on your research of a recent fraud (within the last 7 years). This case should not be one that is highly publicized, like the Bernie.
Repeat Problem 2.37 for the function f (x 1 , . . . , x 5 ) = m(1, 4, 6, 7, 9, 10, 12, 15, 17, 19, 20, 23, 25, 26, 27, 28, 30, 31) + D(8, 16, 21, 22). Data From Problem 2.37 Find the minimum-cost SOP...
Why is it important to understand the macro-environment when making decisions about an international retail venture?
The tobacco companies have paid billions because of smoking-related illnesses. In particular, Philip Morris, a leading cigarette manufacturer, paid over $3,000,000,000 in one year. Requirements 1....
This and similar cases in later chapters focus on the financial statement of a real companyAmazon.com, Inc., the Internet shopping leader. As you work each case, you will gain confidence in your...
Exeter, Inc., is a building contractor on the Gulf Coast. After losing a number of big lawsuits, it was facing its first annual net loss as the end of the year approached. The CEO, Hank Snow, was...
a) Based on the information provided in the table below: i. Describe the impact of the cost behavior on economies of scale, constant returns to scale, and diseconomies of scale in each firm?...
Use the following information to answer questions below: Total current assets Total non-current assets Total current liabilities Long-term borrowings Share capital Revenue Gross profit Retained...
A Public Information Officer ( PIO ) for a public safety or emergency management agency might expect to spend what portion of his or her time on activities directly related to incident response or...

Information Technology Law In South Africa 1st Edition - ISBN: 9403522860 - Free Book

Study smarter with the SolutionInn App