Yolanda owns a pet store called Fur & Purrs. The firm started business in August 2014...
Fantastic news! We've Found the answer you've been seeking!
Question:
![Yolanda owns a pet store called Fur & Purrs. The firm started business in August 2014 and is closing its](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/09/650d376b32e37_1695364968040.jpg)
Transcribed Image Text:
Yolanda owns a pet store called Fur & Purrs. The firm started business in August 2014 and is closing its first month's accounts. The following events were among others that transpired during the past month: Aug. 01 02 02 06 10 14 18 21 26 30 00 Deposited cash from personal account into the firm's bank account, $55,000. Signed contract for lease of shop at $2,000 per month for 3 years. Paid 2 months' deposit. (Note: rent is due to be paid at the end of every month) Bought 5 cash registers at $1,400 each. Paid a 10% deposit by check. Issued a check for an advertisement in the monthly newsletter (for the month of September 2014), $60. Paid another 30% on the cash registers by check. Applied for a loan from the bank for $30,000. Last month's electricity bill arrived. Paid rent by check. Total Revenue for the month was $6,300 (all sales are in cash); and 10% discounts were given as an introductory offer for this month only. Additional information (the following have not been paid for): k. Electricity & water expenses 1. Telephone expenses n. Total credit purchases o. Salaries for the month Journalize the transactions of Fur & Purrs. $234 $99 $3,205 $2,510 Yolanda owns a pet store called Fur & Purrs. The firm started business in August 2014 and is closing its first month's accounts. The following events were among others that transpired during the past month: Aug. 01 02 02 06 10 14 18 21 26 30 00 Deposited cash from personal account into the firm's bank account, $55,000. Signed contract for lease of shop at $2,000 per month for 3 years. Paid 2 months' deposit. (Note: rent is due to be paid at the end of every month) Bought 5 cash registers at $1,400 each. Paid a 10% deposit by check. Issued a check for an advertisement in the monthly newsletter (for the month of September 2014), $60. Paid another 30% on the cash registers by check. Applied for a loan from the bank for $30,000. Last month's electricity bill arrived. Paid rent by check. Total Revenue for the month was $6,300 (all sales are in cash); and 10% discounts were given as an introductory offer for this month only. Additional information (the following have not been paid for): k. Electricity & water expenses 1. Telephone expenses n. Total credit purchases o. Salaries for the month Journalize the transactions of Fur & Purrs. $234 $99 $3,205 $2,510
Expert Answer:
Answer rating: 100% (QA)
SOLUTION To journalize the transactions of Fur Purrs well record each transaction in the general jou... View the full answer
Related Book For
Financial Reporting Financial Statement Analysis and Valuation a strategic perspective
ISBN: 978-1337614689
9th edition
Authors: James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Posted Date:
Students also viewed these accounting questions
-
Galle Inc. entered into the following transactions during January: a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Neutrons can be used in diffraction experiments to probe the lattice structure of crystalline solids. Since the neutron's wavelength needs to be on the order of the spacing between atoms in the...
-
A colleague has sent you an e-mail seeking your advice as he attempts to sell a new voice-mail system to a local business. Send him a return e-mail describing the various people who might influence...
-
Evaluate exactly the given expressions if possible. cos 1 (3/2)
-
Select an SRS. The faculty grievance system at a university specifies that a 5-member hearing panel shall be drawn at random from the 30-member grievance committee. Use Table A at line 107 to draw an...
-
Determine the reactions at supports A and B. Units Used: kip = 103 lb Given: w1 = 500lb/ft w2 = 700lb/ft a = 6 ft b = 8 ft c = 9 ft d = 6 ft w2
-
PSC 3 - 9 Calculate Federal ( Percentage Method, Pre - 2 0 2 0 Form W - 4 ) , State, and Local Income Tax Withholding For each employee listed, use the percentage method to calculate federal income...
-
On May 1, a petty cash fund was established for $150.00. The following vouchers were issued during May: REQUIRED 1. Prepare the journal entry to establish the petty cash fund. 2. Record the vouchers...
-
i don't understand how to record the transactions. I could use some help. Dumnalize the following sales transactions for Salem Sportswear Explanations are not required. Jul 1 Salem sold $20,000 of...
-
1. The following data are available for JURIS DOCTOR CORP: Purchased raw materials from supplier amounting to P 40,000 on account.; During the month, raw materials costing P 30,000 were issued to...
-
The following financial information is available for Concord Corporation. (in millions) 2025 2024 Average common stockholders' equity $2,500 $2,600 Dividends declared for common stockholders 305 594...
-
Vecton's Bakery manufactures apple turnovers that passes through 4 sequential processes. Production data for February for Department 4 of the operation is as follows: Production data Units Opening...
-
write a code in java where we apply the sets and subsets to obtain functions as results. Let A= {1,2,3,4}, B={5,6,7,0}, C={8,9,10,11} and f: AB g:BC h: BC, all function are 1 to 1 a) Form the...
-
Consider the following LC-3 program. .ORIG x3000 LEA R1, LABEL LDR RO, R1, #231 LDI R1, LOCAL AND R3, R3, #0 LOOP AND R2, RO, R1 BRZ SHIFT ADD R3, R3, #1 SHIFT ADD R1, R1, R1 BRnp LOOP HALT LABEL...
-
Creations by Brahtz has a weekly payroll of $180,000 is paid every Friday for a 5-day workweek. Assume that the last day of the fiscal year falls on Tuesday. Which of the following journal entries...
-
Rowland Textile Inc. manufactures two products: sweatshirts and T-shirts. The manufacturing process involves two activities: cutting and sewing. Expected overhead costs and cost drivers are as...
-
Why is the dividends valuation approach applicable to firms that do not pay periodic (quarterly or annual) dividends?
-
Explain the theory behind the dividends valuation approach. Why are dividends value-relevant to common equity shareholders?
-
The first case at the end of this chapter and numerous subsequent chapters is a series of integrative cases involving Wal-Mart Stores, Inc. (Walmart). The series of cases applies the concepts and...
-
David Rose is puzzled. His company had a price-earnings ratio of 25 in 2004. He feels that this is an indication that the company is doing well. Julie Bast, his accountant, says that more information...
-
Which ratio or ratios from this chapter do you think should be of greatest interest to: (a) a pension fund considering investing in a corpo- ration's 20-year bonds? (b) a bank contemplating a...
-
Name ratios useful in assessing (a) li- quidity, (b) solvency, and (c) profitability. AppendixLO1
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App