Prepare journal entries to record the following August 2020 transactions of a new business called For the
Question:
Prepare journal entries to record the following August 2020 transactions of a new business called For the Love of Pixels.
Transcribed Image Text:
Joseph Eagle, the owner, invested $20,000 cash and photography equipment with a fair value of $42,000. Rented a studio, paying $12,000 for the next three months in advance. Purchased office supplies for $1,800 cash. Aug. Received $9,200 in photography revenue. 20 Paid $1,400 for August utilities. 31
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 88% (9 reviews)
General Journal Page G1 Date Account Titles and Explanation PR D...View the full answer
Answered By
Jehal Shah
I believe everyone should try to be strong at logic and have good reading habit. Because If you possess these two skills, no matter what difficult situation is, you will definitely find a perfect solution out of it. While logical ability gives you to understand complex problems and concepts quite easily, reading habit gives you an open mind and holistic approach to see much bigger picture.
So guys, I always try to explain any concept keeping these two points in my mind. So that you will never forget any more importantly get bored.
Last but not the least, I am finance enthusiast. Big fan of Warren buffet for long term focus investing approach. On the same side derivatives is the segment I possess expertise.
If you have any finacne related doubt, do reach me out.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Question Posted:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
Prepare journal entries to record the following transactions involving the short- term securities investments of Krum Co., all of which occurred during year 2013. a. On August 1, paid $450,000 cash...
-
Prepare journal entries to record the following merchandising transactions of Gore Company, which applies the perpetual inventory system. (It will help to identify each receivable and payable; for...
-
Prepare journal entries to record the following transactions involving the short-term securities investments of Bolton Co., all of which occurred during year 2011. a. On February 15, paid $170,000...
-
Consider Devine Fashion from S8-6. Assume that the fixed expenses assigned to each department include only direct fixed costs of the department (rather than unavoidable fixed costs as given in S8-6):...
-
Experiments show that it takes 1656 kJ/mol to break all the bonds in methane (CH4) and 4006 kJ/mol to break all the bonds in propane (C3H8). Based on these data, calculate the average bond enthalpy...
-
Huawei has to be the poster child for Chinese tech firms that have become internationally successful. In a remarkably short time, Huawei has expanded phenomenally from a small electronics...
-
The Cooper Furniture Company of Potomac, Maryland, assembles two types of chairs (Recliners and Rockers). Separate assembly lines are used for each type of chair. Classify each cost item (AI) as...
-
Emergency calls to Winter Park, Floridas 911 systems for the past 24 weeks are as follows: (a) Compute the exponentially smoothed forecast of calls for each week. Assume an initial forecast of 50...
-
Schematic below represents a given circuit with two inputs A and B 2-bits each and 2 outputs Sum_reg and Carry_reg 2-bits each as wee. At every rising edge of the clock, the circuit will add two...
-
Alexander Smith and his wife Allison are married and file a joint tax return for 2019. The Smiths live at 1234 Buena Vista Drive, Orlando, FL 32830. Alexander is a commuter airline pilot but took 6...
-
Identify the transposition error in the following trial balance, assuming this is the only error. Be Fabulous Flowers Trial Balance September 30, 2020 Acct. No. Account Debit Credit $ 9,800 101 Cash....
-
Using the account information shown below, prepare a trial balance at January 31, 2020. Vahn Landscaping General Ledger Unearned Brea Vahn, Capital Cash 101 Equipment 163 Revenue 233 301 5,000 6,000...
-
What is an interviewer likely to conclude about you if you don't have any questions to ask during the interview?
-
Consider an industry operating under monopolistic competition, in which each firm produces a unique differ- entiated product. Firms in this industry can sell their output in two markets, Home (H) and...
-
At a point in a stressed body the plane stresses are: x=130.0MPa, o=48.0MPa, o = 0, Txy = Tx = = 0 acting as shown in the figure. For the plane n shown determine: (a) the resultant stress S, (b) the...
-
1. Fill the Denavit-Hartenberg table for the Stanford manipulator, which is shown in the figure below, and write the overall homogenous matrix of the robot as a product of the rotation and...
-
The total mass of a mixture of saturated liquid and vapor of water at 200 C is 2 kg. At this temperature, hf=852.26 kJ/kg and hfg-1939.8kJ/kg. If the amount of liquid water in the mixture is 1.5 kg,...
-
4. Determine the stable (i.e. no net force) altitude (according to 1976 standard atmosphere) of a hot air balloon (diameter of 25m, weight of 600 kg) as a function of gas temperature inside the...
-
The unadjusted trial balance of Silber Insurance Agency at August 31, 2017, appears below: Adjustment data for month-end adjustments: a. Commission revenue received in advance that had not been...
-
Estimate a range for the optimal objective value for the following LPs: (a) Minimize z = 5x1 + 2x2 Subject to X1 - x2 3 2x1 + 3x2 5 X1, x2 0 (b) Maximize z = x1 + 5x2 + 3x3 Subject to X1 + 2x2 +...
-
Canadas largest film exhibition operator with theatres in ten provinces. An excerpt from its comparative balance sheet at December 31, 2014, shows the following assets and liabilities, in...
-
Refer to the income statement for WestJet in Appendix III. Is WestJet a merchandiser?
-
Refer to the income statement for Danier in Appendix III. Is a detailed calculation of the cost of goods sold presented?
-
How does lean production facilitate effective communication and collaboration across departments?
-
2. The idiophones in gamelan ensembles occur in pairs. The longest bar on a particular gamelan pair has a fundamental frequency (pitch) of 100Hz. Call this gamelan A. (a) (3 points) What are two...
-
The authors of The Creation of Inequality make the point that the Ice Age had barely thawed when some of our ancestors began "surrendering bits of equality." And that process unfolds across 15,000...
Study smarter with the SolutionInn App