Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A...
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Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30. a. Received $91,000 cash when issuing 9,100 new common shares. b. Purchased land by paying $5,000 cash and signing a note payable for $9,000 due in three years. c. Hired a new aesthetician for a salary of $2,100 a month, starting next month. d. NGS purchased a company car for $29,000 cash (list price of $32,000) to assist in running errands for the business. e. Bought and received $1,000 in supplies for the spa on credit. f Paid $200 of the amount owed in (e). g. Nicole sold 100 of her own personal shares to Raea Gooding for $600. Required: 1. Prepare journal entries for each of the entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Received $91,000 cash when issuing 9,100 new common shares. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 3 4 5 6 7 Purchased land by paying $5,000 cash and signing a note payable for $9,000 due in three years. Record the transaction. Note: Enter debits before credits. es Transaction General Journal Debit Credit b Record entry Clear entry View general journal > Journal entry worksheet < 1 2 4 5 6 7 Hired a new aesthetician for a salary of $2,100 a month, starting next month. Record the transaction. Note: Enter debits before credits. Transaction C General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 5 6 7 NGS purchased a company car for $29,000 cash (list price of $32,000) to assist in running errands for the business. Record the transaction. Note: Enter debits before credits. Transaction d General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 6 7 Bought and received $1,000 in supplies for the spa on credit. Record the transaction. Note: Enter debits before credits. Transaction e General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6.my 7 Paid $200 of the amount owed in (e). Record the Transaction. Note: Enter debits before credits. Transaction f General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 3 Nicole sold 100 of her own personal shares to Raea Gooding for $600. Record the transaction. Note: Enter debits before credits. Transaction g General Journal Debit Credit Record entry Clear entry View general journal Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30. a. Received $91,000 cash when issuing 9,100 new common shares. b. Purchased land by paying $5,000 cash and signing a note payable for $9,000 due in three years. c. Hired a new aesthetician for a salary of $2,100 a month, starting next month. d. NGS purchased a company car for $29,000 cash (list price of $32,000) to assist in running errands for the business. e. Bought and received $1,000 in supplies for the spa on credit. f Paid $200 of the amount owed in (e). g. Nicole sold 100 of her own personal shares to Raea Gooding for $600. Required: 1. Prepare journal entries for each of the entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Received $91,000 cash when issuing 9,100 new common shares. Record the transaction. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 3 4 5 6 7 Purchased land by paying $5,000 cash and signing a note payable for $9,000 due in three years. Record the transaction. Note: Enter debits before credits. es Transaction General Journal Debit Credit b Record entry Clear entry View general journal > Journal entry worksheet < 1 2 4 5 6 7 Hired a new aesthetician for a salary of $2,100 a month, starting next month. Record the transaction. Note: Enter debits before credits. Transaction C General Journal Debit Credit View general journal Record entry Clear entry Journal entry worksheet < 1 2 3 4 5 6 7 NGS purchased a company car for $29,000 cash (list price of $32,000) to assist in running errands for the business. Record the transaction. Note: Enter debits before credits. Transaction d General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 6 7 Bought and received $1,000 in supplies for the spa on credit. Record the transaction. Note: Enter debits before credits. Transaction e General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6.my 7 Paid $200 of the amount owed in (e). Record the Transaction. Note: Enter debits before credits. Transaction f General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 3 Nicole sold 100 of her own personal shares to Raea Gooding for $600. Record the transaction. Note: Enter debits before credits. Transaction g General Journal Debit Credit Record entry Clear entry View general journal
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Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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