Journalize these accounting transactions. (a) Stockholders invested $12,000 in the business in exchange for common stock. (b)
Question:
(a) Stockholders invested $12,000 in the business in exchange for common stock.
(b) Insurance of $800 is paid for the year.
(c) Supplies of $1,800 are purchased on account.
(d) Cash of $7,500 is received for services rendered.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (16 reviews)
a Cash 12000 Common Stock 12000 Issued stock for cash b P...View the full answer
Answered By
LAUREEN AUMA
Being a pharmacist in training, I assist my fellow students in grasping the key concepts of the profession as well as help those struggling to cope with the demanding nature of the field. I also engage with the community on a volunteer basis on the importance of modern medicine and the usefulness of seeking medical help.
0.00
0 Reviews
10+ Question Solved
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
1 Advanced resources are likely to sustain a company's competitive advantage over time. If True, explain. If False, explain. 2 Functional-level strategies are intended to create valuable resources to...
-
Goods costing $2,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18 a $200 credit memo is received from the supplier for damaged goods. Give the journal entry on July...
-
Goods costing $3,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18 a $200 credit was received from the supplier for damaged goods. Give the journal entry on July 24...
-
In Exercises 912, use the given conditions to write an equation for each line in point-slope form and general form Passing through (4, -7) and perpendicular to the line whose equation is x - 2y - 3 =...
-
The velocity of block A is 2 m/s to the right at the instant when r = 0.8 m and ( = 30o. Neglecting the mass of the pulley and the effect of friction in the pulley and between block A and the...
-
A stream of ethane gas at 220 C and 30 bar expands isentropically in a turbine to 2.6 bar. Determine the temperature of the expanded gas and the work produced if the properties of ethane are...
-
As the owner of a landmark Chicago skyscraper, you decide to purchase insurance that will pay $1 billion in the event the building is destroyed by terrorists. Suppose the likelihood of such a loss is...
-
Universal Sports Exchange has just received notice from C&C Sports that the price of a baseball jersey will be increasing to $15.30 next year. In response to this increase, Universal is planning its...
-
19.A radioactive -emission. A detector records n -particles in 2s and by next 2s (accumulatively) it records 1.1 n -particle. Number of -particles recorded by detector after a long time, is (1) 11n...
-
The A. J. Swim Team soon will have an important swim meet with the G. N. Swim Team. Each team has a star swimmer (John and Mark, respectively) who can swim very well in the 100- yard butterfly,...
-
(a) Should accounting transaction debits and credits be recorded directly in the ledger accounts? (b) What are the advantages of first recording transactions in the journal and then posting to the...
-
(a) What is a ledger? (b) Why is a chart of accounts important?
-
Schrager Manufacturing Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,930, Work in Process-Cutting $3,670, Work in Process-Assembly $11,110, and...
-
Explain how the logistic and supplies chain has evolve in the 21 century
-
As an HR professional, it is important to understand the overall makeup of an organization, especially company staff. Diversity is an ongoing concern for some organizations. There are employment laws...
-
What are the actions that should be taken when the rights are infringed against a worker with mental illness?
-
List three organisations or peak bodies that are led by Aboriginal and Torres Strait Islander People and can support your growth as an educator.
-
Describe the three phases of the labor relations process and why each phase is important.
-
The regression curve of daily quantity demanded of tablet computers in a Midwestern market, measured in thousands of units and expressed as a function of price, all else held equal, is given by...
-
Carlton Stokes owns and operates a car-detailing business named SuperShine & Detailing. For $150, Carltons business will hand wash and wax customers cars, vacuum the interior, and thoroughly clean...
-
Draw a dot diagram for NO + .
-
The following items were taken from the balance sheet of Nike, Inc. Instructions Perform each of the following. (a) Classify each of these items as an asset, liability, or stockholders' equity and...
-
The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Elder Corporation and Holden Enterprises, are presented below for 2010....
-
Presented below are five independent situations. (a) Three physics professors at MIT have formed a business to improve the speed of information transfer over the Internet for stock exchange...
-
A system consisting of a small 1.20-kg object attached to a Ax(cm) light spring oscillates on a smooth, horizontal surface. A 5.00- graph of the position x of the object as a function of time is 4.00...
-
Transform following Relational model into ER Model. id Author writes authorid bookid Book bookid title edition libid memberld name dob AuthorContact id contact publishes Library id bid date id...
-
State suitable case for each model Hierarchical Model Network data model Relational model Object-oriented data model
Study smarter with the SolutionInn App