Question: Record the following entries using the horizontal statements model. A. Issued stock for cash, $10,000 B Paid $3,000 cash for advanced payment of three months

Record the following entries using the horizontal statements model.

A. Issued stock for cash, $10,000

B Paid $3,000 cash for advanced payment of three months rent (November, December and January).

C. Purchased supplies on account, $2,000.

D. Received $12,000 cash for services to be completed in the future.

E Performed $6,000 of the services in transaction (D).

F. An inventory at year-end reveals that there is $1,300 of supplies remaining.

G. Regular weekly salaries are $10,000. Salaries are paid on Friday for the five day week which ended the previous Friday. 12/31/12 is a Wednesday.

H Recorded rent expense for year ended 12/31/2012 (see transaction B)

Balance Sheet

Income Statement

Assets

Liabilities

Stock. Equity

Rev

Exp.

Cash

Accts Rec.

Supp

Prepaid Rent

Accts. Pay.

Wages Pay.

Notes Pay.

Unearn

Rev.

Com. Stock

Ret. Earn.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

A portfolio is formed as follows: sell short $2,000 of security 1 and buy $3,000 of security 2, $2,000 of security 3, and $3,000 of security 4. the cash provided by the owner of the portfolio is...

Initedre / ACCT - Accounting Project C (100Points) MERCHANDISING ACOUNTING Joe Blink opened Blink Corporation. It has issued 20,000 shares of $5 par value common stock. It authorized 900,000 share....

Need help with the Income Statement, Statement of Cash Flows and with the full + or - chart The trial balance of Pacilio Security Services, Incorporated as of January 1, Year 2, was as follows: Cash...

MERCHANDISING ACOUNTING Joe Blink opened Blink Corporations Merchandising business on October 1. It authorized 800,000 share at $5 par value Blink applies the perpetual inventory system. Blink...

23 oct. Universidad Name Date Accounting project C(100Points) ACC MERCHANDISING ACOUNTING Joe Blink opened Blink Corporations Merchandising business on October 1. Blink applies the perpetual...

MERCHANDISING ACOUNTING Joe Blink opened Blink Corporations Merchandising business on October 1. Blink applies the perpetual inventory system. Blink provides a 2-year warranty with one of its...

UR Seccure Worksheet December 31, 2020 Adjustments Debit Credit Adjusted Trial Balance Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Unadjusted Trial Balance Debit Credit...

Please fill out the Format and blank! and please make a financial statement! please! Sampson Training, Inc. had the following transaction in its first year of business. It's year end in December 31....

1 Adjustments and the Worksheet Instructions 1. Using the following information prepare the year-end adjusting entries and complete the worksheet 2. Journalize the adjusting entries. 3. Using the...

Pizza Express Inc. began the 2018 accounting period with $2,500 cash, $1,400 of common stock, and $1,100 of retained earnings. Pizza Express was affected by the following accounting events during...

Pizza Express Inc. began the 2018 accounting period with $9.000 cash, $7,000 of common stock, and $2.000 of retained earnings. Pizza Express was affected by the following accounting events during...

The McGowan Repair Shop repairs and services machine tools. A summary of its costs ( by activity) for 2012 is as follows: a. Materials and labor for servicing machine tools...... $ 500,000 b. Rework...

A card is randomly selected from a standard deck of 52 playing cards. Find the probability that the card is red or a queen.

What is the present value of the best offer? ( rounded ) $ 5 . 3 million $ 4 . 6 million $ 4 . 1 million $ 5 . 1 million Submit

P-1) (100 Pts.) A chemical manufacturing company (CMC) has a contract for the procurement of the neccssaly chemicals from four suppliers. The chemicals purchased from Supplier A are priced at $20...

6-11 This project develops skills in searching Web-enabled databases with information about products and services in faraway locations. Your company, Caledonian Furniture, is located in Cumbernauld,...

6-6 To what extent should end users be involved in the selection of a database management system and database design?

6-13 Explain the role of the database in SAPs threetier system. The Lego Group, which is headquartered in Billund, Denmark, is one of the largest toy manufacturers in the world. Legos main products...