ABC Company pays $6,000 cash (insurance premium) for a 6-month insurance policy. Coverage begins July 1st. ABC
Fantastic news! We've Found the answer you've been seeking!
Question:
ABC Company pays $6,000 cash (insurance premium) for a 6-month insurance policy. Coverage begins July 1st.
Transcribed Image Text:
ABC Company pays $6,000 cash (insurance premium) for a 6-month insurance policy. Coverage begins July 1st. A B C D E F G H J K L M N 1 Transactions 2 3. June 1st ABC Company receives $50,000 cash from the owner as a contribution. 4 5 June 3rd ABC Company pays $32,000 cash for equipment. 6 7 June 5th 8 9 June 8th ABC Company purchases $15,000 of merchandise inventory on credit from a supplier ABC Company pays $ 800 in cash for employee salary 10 11 June 11th ABC Company pays $15,000 cash to ttle the account payable created on June 5th 12 13 June 15th The owner withdraws $1.000 cash from ABC Company for personal use 14 15 June 19th 16 17 18 19 June 27th 20 June 24th ABC Company sold merchandise inventory that had cost $8,000 for $11,000 cash (Note: This transaction will require two journal entries). ABC Company pays $560 cash for this month's utilities ABC Company pays $6.000 cash (insurance premium) for a 6-month insurance policy. Coverage begins July 1st 21 June. 30th ABC Company pays $2.000 cash for rent. 22 23 ABC Company pays $6,000 cash (insurance premium) for a 6-month insurance policy. Coverage begins July 1st. A B C D E F G H J K L M N 1 Transactions 2 3. June 1st ABC Company receives $50,000 cash from the owner as a contribution. 4 5 June 3rd ABC Company pays $32,000 cash for equipment. 6 7 June 5th 8 9 June 8th ABC Company purchases $15,000 of merchandise inventory on credit from a supplier ABC Company pays $ 800 in cash for employee salary 10 11 June 11th ABC Company pays $15,000 cash to ttle the account payable created on June 5th 12 13 June 15th The owner withdraws $1.000 cash from ABC Company for personal use 14 15 June 19th 16 17 18 19 June 27th 20 June 24th ABC Company sold merchandise inventory that had cost $8,000 for $11,000 cash (Note: This transaction will require two journal entries). ABC Company pays $560 cash for this month's utilities ABC Company pays $6.000 cash (insurance premium) for a 6-month insurance policy. Coverage begins July 1st 21 June. 30th ABC Company pays $2.000 cash for rent. 22 23
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Write a structured flowchart for prob.2.3
-
What are the major components of a firm's buying center?
-
The following information pertains to Joyce Company. 1. Cash balance per bank, July 31, $7,328. 2. July bank service charge not recorded by the depositor $38. 3. Cash balance per books, July 31,...
-
Baycom Corporation's comparative balance sheet is provided in the Working Papers. Work independently to complete the following problem. 1. Complete the comparative balance sheet using trend analysis....
-
Clark and Shiffer LLP perform activities related to e-commerce consulting and information systems in Vancouver, British Columbia. The firm, which bills $140 per hour for services performed, is in a...
-
The table below represents the college degrees awarded in a recent academic year by gender. Bachelor's Master's Doctorate Men 573,079 211,381 24,341 Women 775,424 301,264 21,683 a. Complete the...
-
Jason spends $2.35 to buy lunch at school. If he buys a lunch on 9 days, what number represents the total change in the amount of money Jason has?
-
What are the benefits of free trade?
-
Before planning a marketing campaign, the owner would like to get a better sense of her customer segmentation. Consider what you learned in this week's lecture about the different categories in...
-
This project will be completed in two parts. The instructions and list of daily business transactions are listed in the Google Sheet titled "Project Instructions" link below. All answers should be...
-
What is GDP and why is it important?
-
Explain the law of demand and provide an example.
-
Jim works as a ticket seller at the Big Time Movie Theater, where he collects the admission charge and issues a ticket to the customer. The customer then presents the ticket to the theater manager,...
-
7. Baladna wants to analyze process that includes delivery by suppliers, production inside the company, transportation to to its customers and information systems. Then it also wants to find out...
-
Presented below are summary financial data from the Johnson & Johnson 2015 annual report. Using the ratio definitions from Exhibit 4.6, calculate the following ratios: return on equity, return on...
-
Presented below are summary financial data from the Bristol-Myers Squibb 2015 annual report. Using the ratio definitions from Exhibit 4.6, calculate the following liquidity and solvency ratios: cash...
-
Presented below are summary financial data from The Boeing Company 2015 annual report. Using the ratio definitions from Exhibit 4.6, calculate the following ratios: return on equity, return on assets...
Study smarter with the SolutionInn App