Journalize the following business transactions in general journal form. Identify each transaction by number. 1. The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Journalize the following business transactions in general journal form. Identify each transaction by number. 1. The company issues stock in exchange for $40,000 cash. 2. Purchased $400 of supplies on credit. 3. Purchased equipment for $8,000, paying $2,000 in cash and signed a 30-day, $6,000, note payable. 4. Real estate commissions billed to clients amount to $4,000. 5. Paid $700 in cash for the current month's rent. 6. Paid $200 cash on account for supplies purchased in transaction 2. 7. Received a bill for $600 for advertising for the current month. 8. Paid $2,200 cash for office salaries and wages. 9. The company paid dividends of $1,500. 10. Received a check for $3,000 from a client in payment on account for commissions billed in transaction 4. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3. Journalize the following business transactions in general journal form. Identify each transaction by number. 1. The company issues stock in exchange for $40,000 cash. 2. Purchased $400 of supplies on credit. 3. Purchased equipment for $8,000, paying $2,000 in cash and signed a 30-day, $6,000, note payable. 4. Real estate commissions billed to clients amount to $4,000. 5. Paid $700 in cash for the current month's rent. 6. Paid $200 cash on account for supplies purchased in transaction 2. 7. Received a bill for $600 for advertising for the current month. 8. Paid $2,200 cash for office salaries and wages. 9. The company paid dividends of $1,500. 10. Received a check for $3,000 from a client in payment on account for commissions billed in transaction 4. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3.
Expert Answer:
Answer rating: 100% (QA)
Answer No Accounts title and explaination Debit Credit 1 Cash 40000 Common stocks 400... View the full answer
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Posted Date:
Students also viewed these accounting questions
-
A corporation issued $1,000,000 of common stock in exchange for $1,000,000 of fixed assets. Where would this transaction be reported on the statement of cash flows?
-
A corporation issued $300,000 of common stock in exchange for $300,000 of fixed assets. Where would this transaction be reported on the statement of cash flows?
-
A corporation issued $2,000,000 of common stock in exchange for $2,000,000 of fixed assets. Where would this transaction be reported on the statement of cash flows?
-
Write a memo to an employee whose work and behavior have been unsatisfactory. (You are the department manager.) Try to motivate the employee to improve his performance. Be brief, direct, honestand as...
-
Read and brief the following cases: a. Thornton v. Commissioner, 2003-2 USTC 50,695 b. Stamoulis v. Commissioner, T. C. Summary Opinion 2007-38
-
To what extent do you think that workers are always fooled by the inflation fallacy?
-
Your company sells $100,000 of goods and you collect sales tax of 3%. What current liability does the sale create? a. Accounts Payable of $3,000 b. Unearned Revenue of $3,000 c. Sales Revenue of...
-
Efficient securities market theory has long been under attack from behavioural finance, which draws on psychological theories of investor behaviour to explain why security prices do not always behave...
-
Provide an example of your own creative and innovative thinking from a digital marketing perspective. Please explain fully.
-
Get It Right, CPAs, has been retained to review its client's corporate formation calculations for 20XX. Maria, Roger, and Novak created Grassroots Tennis, Inc. (GTI), which began operations on March...
-
Mkt inc had 186000 shares outstanding on jan 1 2015 and issued an additional 24000 shared during the year. The common shareholder equity was $5841000 at the end of the year. Calculate book value per...
-
What is the auditor's common law liability to clients? What is the minimum basis for liability?
-
Two variables have a _________________ relationship if the data tend to cluster around a straight line. In Exercises 912, fill in each blank with the appropriate word or phrase.
-
In general, what elements must be proved by various parties to a legal liability case involving auditors?
-
In a ________________, ordered pairs are plotted on a set of axes. In Exercises 912, fill in each blank with the appropriate word or phrase.
-
Distinguish between ordinary negligence, gross negligence, and fraud.
-
The Western Harbour Tunnel crossing Victoria Harbour in HK was built at a cost of around HK7.5 billion, owned by the Western Harbour Tunnel Company Limited (WHTCL). Suppose that the government...
-
Funds are separate fiscal and accounting entities, each with its own self-balancing set of accounts. The newly established Society for Ethical Teachings maintains two funds-a general fund for...
-
Averill Products Inc. reported the following on the companys income statement in 2014 and 2013: a. Determine the number of times interest charges are earned for 2014 and 2013. Round to one decimal...
-
The balance of Cash is likely to differ from the bank statement balance. What two factors are likely to be responsible for the difference? Discuss.
-
Under U.S. GAAP, LIFO is an acceptable inventory method. Listed below is financial statement information for three companies that use LIFO. All table numbers are in millions of dollars. *Autos and...
-
Which of the following questions would an auditor ask while auditing accounts receivable to add value to an audit? a. Are accounts receivable pledged? b. Are customers satisfied with your billing...
-
What are some inquiries an auditor can make when examining the long-term debt account to add value to the audit?
-
Beta, Inc., is an affiliate of an audit client and is audited by another firm of auditors. Which of the following is most likely to be used by the auditor to obtain assurance that all guarantees of...
Study smarter with the SolutionInn App