Cincinnati Painting Service Inc. specializes in painting houses. During June, its first month of operations, Cincinnati Painting
Question:
June 1 Issued common stock for $10,000
3 Purchased painting supplies from River City Supply for $1,125 on credit
8 Purchased a used truck from Hamilton Used Car Sales for $8,700, paying $2,000 down and agreeing to pay the balance in six months
14 Paid $3,960 to hourly employees for work performed in June
22 Billed various customers a total of $9,430 for June painting jobs
26 Received $5,800 cash from James Eaton for a house painting job completed and billed in May
29 Collected $450 from Albert Montgomery on completion of a one-day painting job. This amount is not included in the June 22 bills.
Required:
1. Prepare a journal entry for each transaction.
2. Post the journal entries to Cincinnati Painting’s ledger accounts. Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
Question Posted: