Assume the following: Lomo Engineering Company had the following transactions: Jan -01 Issued capital stock for...
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Assume the following: Lomo Engineering Company had the following transactions: Jan -01 Issued capital stock for $965,000. Jan 01 Purchased a Packaging Equipment for $20,000. Jan 01 Purchased an Insurance Policy (1 year) for $30,000. Jan-03 Purchased a Machine, paying $15,000 in cash and issuing a note of $20,000. Jan 05 Purchased $28,000 of inventory on account. Jan-07 Sold inventory costing $6,000 for $50,000 on account. Jan-11 Paid $2,000 for inventory purchased on account (from Jan-05). Jan 15 Collect $12,550 of accounts receivable from customers (from Jan-07). Jan-17 T Paid utility bills totaling $1,500. Jan 23 Paid wages for $13,000. Jan-25 Collect $8.000 in bank interest. Jan 30 Paid $12,590 due to income taxes. Required: A. Record the above transactions in General Journal (Journal Entries). B. Record the transactions in General Ledger format (T-Accounts). C. Prepare a Trial Balance for Techno Engineering Company. Assume the following: Lomo Engineering Company had the following transactions: Jan -01 Issued capital stock for $965,000. Jan 01 Purchased a Packaging Equipment for $20,000. Jan 01 Purchased an Insurance Policy (1 year) for $30,000. Jan-03 Purchased a Machine, paying $15,000 in cash and issuing a note of $20,000. Jan 05 Purchased $28,000 of inventory on account. Jan-07 Sold inventory costing $6,000 for $50,000 on account. Jan-11 Paid $2,000 for inventory purchased on account (from Jan-05). Jan 15 Collect $12,550 of accounts receivable from customers (from Jan-07). Jan-17 T Paid utility bills totaling $1,500. Jan 23 Paid wages for $13,000. Jan-25 Collect $8.000 in bank interest. Jan 30 Paid $12,590 due to income taxes. Required: A. Record the above transactions in General Journal (Journal Entries). B. Record the transactions in General Ledger format (T-Accounts). C. Prepare a Trial Balance for Techno Engineering Company.
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Journal Entries Date Account titles and explanation Debit Credit Jan 01 Cash 965000 Common stock 965000 Common stock issued in exchange of cash Jan 01 ... View the full answer
Related Book For
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
Posted Date:
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