The journal entries for the Decorators Mill were prepared in E3-6. E3-6 Selected transactions for the Decorators
Question:
The journal entries for the Decorators Mill were prepared in E3-6.
E3-6
Selected transactions for the Decorators Mill Ltd., an interior decorator corporation in its first month of business, are as follows:
March 2 Issued common shares for $11,000 cash.
4 Purchased used car for $1,000 cash and $9,000 on account, for use in the business.
10 Billed customers $2,300 for services performed.
13 Paid $225 cash to advertise business opening.
25 Received $1,000 cash from customers billed on March 10.
27 Paid amount owing for used car purchased on March 4.
30 Received $700 cash from a customer for services to be performed in April.
31 Paid dividends of $500 to shareholders.
Instructions
Post the journal entries to T accounts.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine