Prepare journal entries for each of the following transactions: 1. Issue common stock for $21,000. 2. Obtain
Question:
Prepare journal entries for each of the following transactions:
1. Issue common stock for $21,000.
2. Obtain $9,000 loan from the bank by signing a note.
3. Purchase construction equipment for $25,000 cash.
4. Purchase advertising for the current month for $1,100 cash.
5. Provide construction services for $18,000 on account.
6. Receive $13,000 cash on account from previous services to customers.
7. Pay salaries for the current month of $6,000.
Step by Step Answer:
1 Debit Credit Cash 21000 Common Stock 21000 Issue common stock 2 Cash 9000 Notes Payable 900...View the full answer
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 for each of the following transactions for a company that has a fiscal year-end of December 31: (1) On October 1, $12,000 was paid for a one-year fire insurance policy; (2) On...
-
Prepare journal entries for each of the following selected transactions. a. On January 13, DeShawn Tyler opens a landscaping company called Elegant Lawns by investing $80,000 cash along with...
-
Prepare journal entries for each of the following transactions. 1. Performed services for customers on account $2,500. 2. Purchased $41,000 of equipment on account. 3. Received $1,000 from customers...
-
Describe how a noninsulating allocation promotes cooperation among managers and encourages mutual monitoring.
-
A researcher studies children in elementary school and finds a strong positive linear association between height and reading scores. a) Does this mean that taller children are generally better...
-
Following are the 2015 balance sheet and income statement for the Woods Company. a. The firm operated at full capacity in 2015. During 2016, it expects sales to increase by 20 percent and dividends...
-
Explain the role of interface in encapsulation. Provide examples.
-
A uniform 2.20-kg steel bar with length 2.70 m is suspended on each end by a chain. A 40.0-kg person hangs 70.0 cm from one end while a 55.0-kg person hangs 50.0 cm from the other end. Another person...
-
The job of people who work in advertising agency Media departments is to recommend media selection, programming, and plans that are in the best interest of their clients. The media plans they...
-
Mineral Deposits, Ltd. (MD, Ltd.), an Australian company, manufactures the Reichert Spiral, a device used for recovering gold particles from sand and gravel. The spiral was patented in Australia, and...
-
Huang Companys reporting year-end is December 31. Below are the unadjusted and adjusted trial balances for December 31, 2024. Required: Prepare the adjusting journal entries that were recorded on...
-
Prepare journal entries for each of the following transactions: 1. Pay $700 for radio advertising for the current month. 2. Purchase supplies of $1,300 on account. 3. Provide services of $2,900 to...
-
For a freshman taking introductory statistics and majoring in psychology, let X equal the students ACT mathematics score and Y the students ACT verbal score. Assume that X and Y have a bivariate...
-
Modify the symbol-table API to handle values with duplicate keys by having get() return an iterable for the values having a given key. Implement BST and Index as dictated by this API. Discuss the...
-
Enter the following transactions of an antiques shop in the accounts and extract a trial balance as at 31 March 2013. 2013 March 1 Started in business with 8,000 in the bank. 2 5 Bought goods on...
-
Develop a series of decision tree models to predict how likely a given university applicant will be accepted by the colleges based on the applicants sex, race, high school GPA, SAT/ACT score, and...
-
Enter the following items in the appropriate debtors accounts (i.e. your customers accounts) only; do not write up other accounts. Then balance-off each of these personal accounts at the end of the...
-
Subset the data to include only one of the three colleges. Group college applicants into clusters based on categorical variables of your choice (e.g., sex, parents education). Determine the...
-
True or false? (a) In the classically forbidden region, E > V for a stationary state. (b) If the harmonic-oscillator wave function v is an even function, then v+1 is an odd function. (c) For...
-
Read Case Study Google: Dont Be Evil Unless and answer the following: Given its mission of providing information to the world, should Google censor searches in China?
-
Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from customers, $340,000; Cash paid for rent, $40,000; Cash paid to employees...
-
For each of the following items, identify the appropriate financial statement element or elements: (1) Probable future sacrifices of economic benefits; (2) Probable future economic benefits owned by...
-
For each of the following items, identify the appropriate financial statement element or elements: (1) Probable future sacrifices of economic benefits; (2) Probable future economic benefits owned by...
-
How would Stephanies investing decisions be affected if she were 35 years old? If she were 50 years old? Amount of Insurance Needed. Considering the information in the previous problem, how much life...
-
Jamie Lee and Ross have been hearing many stories recently about acquaintances who are passing away without leaving a will, which made Jamie Lee and Ross anxious to review their estate plan with an...
-
What are the companys top risks, how severe is their impact and how likely are they to occur?
Study smarter with the SolutionInn App