Selected transactions for Pharoah Ltd. during its first month of operations are presented below: Issued common...
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Selected transactions for Pharoah Ltd. during its first month of operations are presented below: Issued common shares for $16,000 cash. Purchased used car for $1,200 cash and $8,000 on account, for use in the business. Billed customers $2,300 for services performed. Mar. 2 4 10 13 25 27 30 31 Paid $250 cash to advertise business opening. Received $1,200 cash from customers billed on March 10. Paid amount owing for used car purchased on March 4, Received $600 cash from a customer for services to be performed in April. Declared and paid $2.500 of dividends to shareholders. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Selected transactions for Pharoah Ltd. during its first month of operations are presented below: Issued common shares for $16,000 cash. Purchased used car for $1,200 cash and $8,000 on account, for use in the business. Billed customers $2,300 for services performed. Mar. 2 4 10 13 25 27 30 31 Paid $250 cash to advertise business opening. Received $1,200 cash from customers billed on March 10. Paid amount owing for used car purchased on March 4, Received $600 cash from a customer for services to be performed in April. Declared and paid $2.500 of dividends to shareholders. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.)
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Answer rating: 100% (QA)
Date Particulars Debit Credit Mar02 Cash 16000 Common Stock 16000 Mar0... View the full answer
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
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