During the first month of operations, the following transactions occurred for ACME Corporation: Issued common shares...
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During the first month of operations, the following transactions occurred for ACME Corporation: Issued common shares in exchange for $5,000 cash and office equipment valued at $9,000. Feb 1 Feb 6 Purchased supplies on account for $300. Feb 10 Purchased 6 months of advertising totaling $3,000 for cash. Feb 14 Paid $400 for this month's insurance. Feb 15 Completed $2,200 of design services for a client on account. Completed $1,800 of design services for a client, which was immediately collected. Feb 18 Feb 26 Paid for $150 of the supplies purchased on Feb 6th. Feb 27 Received $2,400 for design services to be completed in March. Feb 28 Declared and paid $400 of dividends to shareholders. ACME Corporation uses the following accounts: Cash Accounts payable Service revenue Advertising expense Insurance expense Rent expense Supplies expense Telephone expense Utilities expense Accounts receivable Deferred revenue Supplies Prepaid advertising Prepaid insurance Prepaid rent Equipment Truck Salaries payable Bank loan payable Common shares Dividends declared REQUIRED: Prepare the journal entries for the above transactions on the general journal form provided. During the first month of operations, the following transactions occurred for ACME Corporation: Issued common shares in exchange for $5,000 cash and office equipment valued at $9,000. Feb 1 Feb 6 Purchased supplies on account for $300. Feb 10 Purchased 6 months of advertising totaling $3,000 for cash. Feb 14 Paid $400 for this month's insurance. Feb 15 Completed $2,200 of design services for a client on account. Completed $1,800 of design services for a client, which was immediately collected. Feb 18 Feb 26 Paid for $150 of the supplies purchased on Feb 6th. Feb 27 Received $2,400 for design services to be completed in March. Feb 28 Declared and paid $400 of dividends to shareholders. ACME Corporation uses the following accounts: Cash Accounts payable Service revenue Advertising expense Insurance expense Rent expense Supplies expense Telephone expense Utilities expense Accounts receivable Deferred revenue Supplies Prepaid advertising Prepaid insurance Prepaid rent Equipment Truck Salaries payable Bank loan payable Common shares Dividends declared REQUIRED: Prepare the journal entries for the above transactions on the general journal form provided.
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solution In the books of ACME Corporation lournal entries for the month of Feb Date General Journal ... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
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