a. Borrowed $15 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $18 cash on July 2, 2018. c. Issued additional shares of common stock for $4 on July 3. d. Purchased software on July 4, $4 cash. e. Purchased supplies on July 5 on account for future use, $6. f. Recorded revenues on December 6 of $50, including $10 on credit and $40 received in cash. g. Recognized salaries and wages expense on December 7 of $23; paid in cash. h. Collected accounts receivable on December 8, $7. i. Paid accounts payable on December 9, $8. j. Received a $4 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Data for adjusting journal entries on December 31: k. Amortization for 2018, $1. 1. Supplies of $4 were counted on December 31, 2018. m. Depreciation for 2018, $2. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $5. p. Income tax expense for 2018 was $5 and will be paid in 2019. Required: 2. Record journal entries for transactions (a) through (). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.)
a. Borrowed $15 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $18 cash on July 2, 2018. c. Issued additional shares of common stock for $4 on July 3. d. Purchased software on July 4, $4 cash. e. Purchased supplies on July 5 on account for future use, $6. f. Recorded revenues on December 6 of $50, including $10 on credit and $40 received in cash. g. Recognized salaries and wages expense on December 7 of $23; paid in cash. h. Collected accounts receivable on December 8, $7. i. Paid accounts payable on December 9, $8. j. Received a $4 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Data for adjusting journal entries on December 31: k. Amortization for 2018, $1. 1. Supplies of $4 were counted on December 31, 2018. m. Depreciation for 2018, $2. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $5. p. Income tax expense for 2018 was $5 and will be paid in 2019. Required: 2. Record journal entries for transactions (a) through (). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter3: Review Of A Company's Accounting System
Section: Chapter Questions
Problem 11E: Worksheet for Service Company Whitaker Consulting Company has prepared a trial balance on the...
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