A newly founded business performed in their first days of operations, the six transactions that you...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A newly founded business performed in their first days of operations, the six transactions that you can find below. The business was founded on the 20th of July, by a young entrepreneur, Mr White, who wanted to provide typing, copying, and printing services to the university students in his home city: a) 20/07/2019: In exchange for his investment of $200,000 cash, the business issued to Mr White 1,000 shares of capital stock. b) 21/07/2019: Purchased a small building and land for $450,000, paying $165,000 cash and signing a note payable for the balance. The building $210,000 and the land was considered to be worth $240,000. c) 22/07/2019: Purchased office equipment for $30,000 from Office Furniture Co. Paid $17,000 cash and agreed to pay the balance within 60 days. d) 26/7/2019: Purchased from Auto Ltd. a motorcycle on credit for $3,400 to be used for making deliveries to customers. Mr White agreed to make payment to Auto Ltd. within 10 days. e) 27/7/2019 Signed a note payable due in six months, for borrowing $30,000 from a bank. f) 30/7/2019: Paid in full the account payable to Auto Ltd. Questions: A. Record the above transaction to the Journal. B. Post the recording to the T accounts, using the following Account Titles: - Cash - Office Equipment - Notes Payable - Land - Delivery Vehicles - Accounts Payable - Buildings - Capital Stock C. Prepare a trial balance at July 31 by using the form provided to you in the theory's example (create the heading and the columns accordingly). A newly founded business performed in their first days of operations, the six transactions that you can find below. The business was founded on the 20th of July, by a young entrepreneur, Mr White, who wanted to provide typing, copying, and printing services to the university students in his home city: a) 20/07/2019: In exchange for his investment of $200,000 cash, the business issued to Mr White 1,000 shares of capital stock. b) 21/07/2019: Purchased a small building and land for $450,000, paying $165,000 cash and signing a note payable for the balance. The building $210,000 and the land was considered to be worth $240,000. c) 22/07/2019: Purchased office equipment for $30,000 from Office Furniture Co. Paid $17,000 cash and agreed to pay the balance within 60 days. d) 26/7/2019: Purchased from Auto Ltd. a motorcycle on credit for $3,400 to be used for making deliveries to customers. Mr White agreed to make payment to Auto Ltd. within 10 days. e) 27/7/2019 Signed a note payable due in six months, for borrowing $30,000 from a bank. f) 30/7/2019: Paid in full the account payable to Auto Ltd. Questions: A. Record the above transaction to the Journal. B. Post the recording to the T accounts, using the following Account Titles: - Cash - Office Equipment - Notes Payable - Land - Delivery Vehicles - Accounts Payable - Buildings - Capital Stock C. Prepare a trial balance at July 31 by using the form provided to you in the theory's example (create the heading and the columns accordingly).
Expert Answer:
Answer rating: 100% (QA)
Tourral entrics Sn the books of fanticulans Debite ... View the full answer
Posted Date:
Students also viewed these computer engineering questions
-
The classic transportation problem that you can find in most linear programming books (or by a quick search of the Internet) is set up something like this: You have a set of source points with a...
-
1. In their first days of operation, some Fresh & Easy stores sold out of certain items, leaving the shelves empty. In the United States, where abundance is an important cultural trait, the image of...
-
Confirm that you can find the most recent financial statements for Starbucks Corporation (SBUX) using the following sources: a. From the companys Web page (www.starbucks.com). b. From the SEC Web...
-
Complete your review of the Stevens District Hospital Strategic Planning Scenario, you have been asked to provide a presentation to the governing board of the hospital. This board is comprised of the...
-
What is the new career, and how does it differ from older notions about careers?
-
What is an open system and why is it important for an organization to be open to its environment?
-
Adamson and Baker formed a partnership by investing \($220\) 000 and \($180\) 000 respectively. The partnership had a final profit of \($92\) 000 in the first year. Required a. Prepare the journal...
-
An analysis of the transactions made by Foley & Co., a certified public accounting firm, for the month of August is shown below. Each increase and decrease in stockholders equity is explained....
-
3. A particle of mass m is moving in the xy-plane such that its velocity at a point (x, y) is given as v = a(yx+2xy), where a is a non-zero constant. What is the force F acting on the particle? (A) F...
-
Use PSpice to find V1, V2, and V3 in the network of Fig. 10.128. 8 V. j1012 V, jlOS2 4/0 A
-
Find how far does the car travel in the first four seconds.
-
A motor drives a disk initially at rest through 23.9 rotations in \(5.0 \mathrm{~s}\). Assume the vector sum of the torques caused by the force exerted by the motor and the force of friction is...
-
A solid ball of inertia \(m\) rolls without slipping down a ramp that makes an angle \(\theta\) with the horizontal. (a) What frictional force is exerted on the ball? (b) As a function of \(\theta\),...
-
What maximum torque can a bicyclist deliver to the pedals?
-
A horizontal \(2.0-\mathrm{kg}\) rod is \(2.0 \mathrm{~m}\) long. An \(8.0-\mathrm{kg}\) block is suspended from its left end, and a \(4.0-\mathrm{kg}\) block is suspended from its right end. (a)...
-
You make a lawn roller out of a \(125-\mathrm{kg}\) solid cylinder, set to rotate about a central axle. You rig up handles on either side of the axle so that you and a friend can pull on the handles...
-
Week 3 Assignment B AC1030 Accounting Software Applications Each item worth 1.25 points. 25 points total Instructions: Using the journal form provided, journalize the transactions a-e which all...
-
In the busy port of Chennai, India, the number of containers loaded onto ships during a 15-week period is as follows: 1. Develop a linear trend equation to forecast container loadings. 2. Using the...
-
The position of a particle is defined by the position vector where numerically \(a=0.33, b=0.71, c=1.0\). Determine: 1. the dimensions of \(a, b, c\); 2. the function describing the velocity and...
-
A projectile is launched from the Earth's surface with velocity \(v_{0}=50.0 \mathrm{~m} / \mathrm{s}\), at an angle \(\theta=60^{\circ}\) to the vertical. Determine the radius of curvature of the...
-
The equation of motion of a particle is given in Cartesian coordinates by the relation \(\mathbf{r}(t)=\alpha t^{2} \hat{\mathbf{i}}+\beta t^{2} \hat{\mathbf{j}}\). Determine (i) the trajectory of...
Study smarter with the SolutionInn App