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1. 1/1/2020 Stockholders invested $1,655,000 in cash in the business in exchange for common stock. 2. 3/1/2020 Paid $70,200 for advertising to be provided for the next 12 months. 3. 3/15/2020 Purchased 35,000 in Office Supplies from Jiffy Office on Account 4. 4/30/2020 Purchased a Building for $625,000. Paid $200,000 in cash and signed a 10 year note payable for $425,000 with Chase Bank. The interest is payable annually at a rate of 4.25%. 5. 5/1/2020 Paid $43,200 for a business liability insurance policy for a 2-yearterm. 6. 5/1/2020 Purchased additional Office Supplies from Jiffy Office on Account totaling $45,000 7. 5/15/2020 Paid 75% of the total amount owed to Jiffy Office. 8. 6/1/2020 Paid retainer for legal services for 12 months for $69,180 9. 7/1/2020 Paid $36,000 for two year office rental. 10. 9/1/2020 Purchased Equipment for $160,000 with cash. 11. 10/1/2020 Received a $945,000, 5-year loan from M&T Bank with a 4.25% interest rate. Interest is payable semi-annually (3/31 and 9/30) 12. 11/1/2020 Received $170,000 in advance for services to be provided in the future. The following are full year transactions - use date of "2020" 13. Declared and Paid a $115,000 dividend 14. Earned $3,150,000 for services provided in 2020: a $2,475,000 was received by customers in cash b. $675,000 was billed to customers 15. Paid salaries for employees of $2,100,000 16. Paid Utilities of $103,750 17. Received $525,000 in cash for customers from transactions already billed

1. 1/1/2020 Stockholders invested $1,655,000 in cash in the business in exchange for common stock. 2. 3/1/2020 Paid $70,200 for advertising to be provided for the next 12 months. 3. 3/15/2020 Purchased 35,000 in Office Supplies from Jiffy Office on Account 4. 4/30/2020 Purchased a Building for $625,000. Paid $200,000 in cash and signed a 10 year note payable for $425,000 with Chase Bank. The interest is payable annually at a rate of 4.25%. 5. 5/1/2020 Paid $43,200 for a business liability insurance policy for a 2-yearterm. 6. 5/1/2020 Purchased additional Office Supplies from Jiffy Office on Account totaling $45,000 7. 5/15/2020 Paid 75% of the total amount owed to Jiffy Office. 8. 6/1/2020 Paid retainer for legal services for 12 months for $69,180 9. 7/1/2020 Paid $36,000 for two year office rental. 10. 9/1/2020 Purchased Equipment for $160,000 with cash. 11. 10/1/2020 Received a $945,000, 5-year loan from M&T Bank with a 4.25% interest rate. Interest is payable semi-annually (3/31 and 9/30) 12. 11/1/2020 Received $170,000 in advance for services to be provided in the future. The following are full year transactions - use date of "2020" 13. Declared and Paid a $115,000 dividend 14. Earned $3,150,000 for services provided in 2020: a $2,475,000 was received by customers in cash b. $675,000 was billed to customers 15. Paid salaries for employees of $2,100,000 16. Paid Utilities of $103,750 17. Received $525,000 in cash for customers from transactions already billed

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.9MCP: Journal Entries Atkins Advertising Agency began business on January 2. The transactions entered into...
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1. 1/1/2020 Stockholders invested $1,655,000 in cash in the business in exchange for common stock. 2. 3/1/2020 Paid $70,200 for advertising to be provided for the next 12 months. 3. 3/15/2020 Purchased 35,000 in Office Supplies from Jiffy Office on Аccount 4. 4/30/2020 Purchased a Building for $625,000. Paid $200,000 in cash and signed a 10 year note payable for $425,000 with Chase Bank. The interest is payable annually at a rate of 4.25%. 5. 5/1/2020 Paid $43,200 for a business liability insurance policy for a 2-yearterm. 6. 5/1/2020 Purchased additional Office Supplies from Jiffy Office on Account totaling $45,000 7. 5/15/2020 Paid 75% of the total amount owed to Jiffy Office. 8. 6/1/2020 Paid retainer for legal services for 12 months for $69,180 9. 7/1/2020 Paid $36,000 for two year office rental. 10.9/1/2020 Purchased Equipment for $160,000 with cash. 11. 10/1/2020 Received a $945,000, 5-year loan from M&T Bank with a 4.25% interest rate. Interest is payable semi-annually (3/31 and 9/30) 12. 11/1/2020 Received $170,000 in advance for services to be provided in the future. The following are full year transactions – use date of “2020" 13. Declared and Paid a $115,000 dividend 14. Earned $3,150,000 for services provided in 2020: a $2,475,000 was received by customers in cash b. $675,000 was billed to customers 15. Paid salaries for employees of $2,100,000 16. Paid Utilities of $103,750 17. Received $525,000 in cash for customers from transactions already billed
Transcribed Image Text:1. 1/1/2020 Stockholders invested $1,655,000 in cash in the business in exchange for common stock. 2. 3/1/2020 Paid $70,200 for advertising to be provided for the next 12 months. 3. 3/15/2020 Purchased 35,000 in Office Supplies from Jiffy Office on Аccount 4. 4/30/2020 Purchased a Building for $625,000. Paid $200,000 in cash and signed a 10 year note payable for $425,000 with Chase Bank. The interest is payable annually at a rate of 4.25%. 5. 5/1/2020 Paid $43,200 for a business liability insurance policy for a 2-yearterm. 6. 5/1/2020 Purchased additional Office Supplies from Jiffy Office on Account totaling $45,000 7. 5/15/2020 Paid 75% of the total amount owed to Jiffy Office. 8. 6/1/2020 Paid retainer for legal services for 12 months for $69,180 9. 7/1/2020 Paid $36,000 for two year office rental. 10.9/1/2020 Purchased Equipment for $160,000 with cash. 11. 10/1/2020 Received a $945,000, 5-year loan from M&T Bank with a 4.25% interest rate. Interest is payable semi-annually (3/31 and 9/30) 12. 11/1/2020 Received $170,000 in advance for services to be provided in the future. The following are full year transactions – use date of “2020" 13. Declared and Paid a $115,000 dividend 14. Earned $3,150,000 for services provided in 2020: a $2,475,000 was received by customers in cash b. $675,000 was billed to customers 15. Paid salaries for employees of $2,100,000 16. Paid Utilities of $103,750 17. Received $525,000 in cash for customers from transactions already billed
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