The following transactions occurred at the Daisy King Ice Cream Company. 1. Started business by issuing 10,000 shares of common stock for $21,000. 2.
The following transactions occurred at the Daisy King Ice Cream Company. 1. Started business by issuing 10,000 shares of common stock for $21,000. 2. Signed a franchise agreement to pay royalties of 6% of sales. 3. Leased a building for three years at $510 per month and paid six months' rent in advance. 4. Purchased equipment for $5,500, paying $2,000 down and signing a two-year, 12% note for the balance. 5. Purchased $1,900 of supplies on account. 6. Recorded cash sales of $900 for the first week. 7. Paid weekly salaries and wages, $370. 8. Paid for supplies purchased in item (5). 9. Paid royalties due on first week's sales. 10. Recorded depreciation on equipment, $60. Required: Prepare journal entries to record each of the transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fleld.)
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College Accounting Chapters 1-30
Authors: John Price, M. David Haddock, Michael Farina
15th edition
1259994975, 125999497X, 1259631117, 978-1259631115
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