August 1 August 2 M. Harris, the owner, invested $13,250 cash and $56,975 of photography equipment in the company. The company paid $2,500 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,518 cash. August 20 The company received $3,800 cash from taking photos for customers. August 31 The company paid $881 cash for August utilities. Journal entry 1 Date August 01 Accounts payable Journal entry 2 Date General Journal Debit Credit August 02 journal entry 3 General Journal Debit Credit Date General Journal Debit Credit August 05 journal entry 4 Date General Journal Debit Credit August 20 urnal entry 5 Date General Journal Debit Credit August 31

August 1 August 2 M. Harris, the owner, invested $13,250 cash and $56,975 of photography equipment in the company. The company paid $2,500 cash for an insurance policy covering the next 24 months. August 5 The company purchased supplies for $2,518 cash. August 20 The company received $3,800 cash from taking photos for customers. August 31 The company paid $881 cash for August utilities. Journal entry 1 Date August 01 Accounts payable Journal entry 2 Date General Journal Debit Credit August 02 journal entry 3 General Journal Debit Credit Date General Journal Debit Credit August 05 journal entry 4 Date General Journal Debit Credit August 20 urnal entry 5 Date General Journal Debit Credit August 31

Name: Asv 1 August 1August 2M. Harris, the owner, invested $13,250 cash and
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Asv 1 August 1August 2M. Harris, the owner, invested $13,250 cash and $56,975 of photography equipment in the company.The company paid $2,500 cash for an insurance policy covering the next 24 months.August 5 The company purchased supplies for $2,518

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...

See similar textbooks

Similar questions

Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…
Check my The following transactions took place at the Cook Employment Agency during November 20X1. DATE TRANSACTIONS 5 Performed services for Job Search, Inc., for $40,000; received $19,000 in cash and the client promised to pay the balance in 60 days. 18 Purchased a graphing calculator for $425 and some supplies for $575 from office Supply; issued Check 1008 for the total. 23 Received Invoice 1602 for $2,100 from Automotive Technicians Repair for repairs to the firm's automobile; issued Check 1009 for half the amount and arranged, to pay the other half in 30 days. Nov. Prepare journal entries for the above transactions. View transaction list
Consider each of the transaction below independently. All expenditures were made in cash In march, the Cleanway Laundromat bought equipment. Cleanway paid $5,000 down and signed a noninterest-bearing note requiring the payment of $30,000 in nine months. The cash price for the equipment was $34,000. Prepare all necessary journal entries to record each the transaction. Use this format: Date Account Titles DR CR
es The following transactions took place at the Cook Employment Agency during November 20X1. DATE TRANSACTIONS Nov. 5 Performed services for Job Search, Inc., for $31,000; received $14,500 in cash and the client promised to pay the balance in 60 days. 18 Purchased a graphing calculator for $380 and some supplies for $530 from Office Supply; issued Check 1008 for the total. 23 Received Invoice 1602 for $1,650 from Automotive Technicians Repair for repairs to the firm's automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days. Prepare journal entries for the above transactions. View transaction list Journal entry worksheet < 1 2 Purchased a graphing calculator for $380 and some supplies for $530 from Office Supply; issued Check 1008 for the total. Date Nov 18, 20X1 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
XEXERCISE 11-14 On July 1, Klaus Co. acquired a new computer with a list price of $130,000. Klaus recerve i trade-in allowance of $20,000 on an old computer of a similar type, paid cash of $20,00 gave a series of five notes payable for the remainder. The following information about the al computer is obtained from the account in the office equipment ledger: cóst, $82,500; acum lated depreciation on December 31, the end of the preceding fiscal year, $62,500; ánnua preciation, $15,000. Journalize the entries to record: (a) the current depreciation of the u computer to the date of trade-in, (b) the transaction on July 1 for financial reporting purpo ENTRIES FOR GAIN ON TRADE OF PLANT ASSET Objective 7
Searth Summer 19/201 Sport Direct, a sport stuff shop. At the beginning of the current season, the ledger of Sport Direct shop showed cash $2,200, Inventory $1,800, and Share capital - Ordinary $4,000. The following transactions were completed during April NOTE: Answer questions from 1 - 25 by using these information. April 1) Purchased Truck costing $9,600 by signing $9,600, 12%, 6-month notes payable. April 4) Purchased racquets and balls from Jay-Mac Co. for $760, FOB Shipping point, terms 2/10,n/30. April 5) Purchased Building for $48,000 cash, April 6) Paid Freight on purchase from Jay-Mac Co. for $40 cash. April 7) Purchased Supplies for $2,500 cash. April 8) Sold Merchandise to members for $1,150 on account terms n/30. The merchandise sold had a cost of $790 April 9) Paid office rent $1,500 cash. April 10) Returned merchandise for Jay-Mac Co. for $60, for a racquets that were defective, April 11) Purchased tennis shoes from u Sports for $420 cash. April 13) Paid Jay-Mac Co. in…
IV. A new sound system is being installed at Club Falcon. The invoice, dated June 9, shows the total cost of the equipment as $16,480. Shipping charges amount to $516, and insurance is $81.20. Terms of sale are 2/10 prox. If the invoice is paid on July 9, what is the net amount due?
Journal Entries (Note Issued, Renewed, and Paid)May 1 Purchased $5,000 worth of equipment from a supplier on account.June 1 Issued a $5,000, 30-day, 6% note in payment of the account payable.July 1 Paid $500 cash plus interest to the supplier, extending the note for 30 days from July 1.31 Paid the note in full.Aug. 10 Issued a $3,500, 60-day, 7% note to a supplier for purchase of merchandise.Prepare general journal entries for the transactions. Assume 360 days in a year.
Julius Ceasar organized Eternal Images, a photography and portrait studio, on Oct. 1, 2020. The studio completed the following transactions during the month: Oct. 1 Deposited P350,000 in a bank account in the name of the business Oct. 3 Paid two month's rent in advance, P30,000 Oct. 5 Acquired photography equipment valued at P129,000. Oct.12 Purchased photography supplies on credit, P21,000. Oct.13 Received cash for previously unbilled portraits, P11,400. Oct.17 Billed customers for portraits, P22,500. Oct.19 Paid fifty percent of the supplies purchased on Oct. 12, P10,500. Oct.25 Paid electricity bill for Oct., P3,600 Oct.26 Paid the telephone bill for Oct., P2,100. Oct.28 Received payments from the customers billed on Oct. 17, P7500. Oct.29 Paid salaries to personnel, P12,000. Oct.30 Received an advance payment from a customer, P1,500. Oct.31 Withdrew P16,000 from the business for a personal…
The following transactions took place at the Cook Employment Agency during November 20X1. DATE TRANSACTIONS Nov. 5 Performed services for Job Search, Inc., for $31,000; received $14,500 in cash and the client promised to pay the balance in 60 days. 18 Purchased a graphing calculator for $380 and some supplies for $530 from Office Supply; issued Check 1008 for the total. 23 Received Invoice 1602 for $1,650 from Automotive Technicians Repair for repairs to the firm's automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days. Prepare journal entries for the above transactions. View transaction list Journal entry worksheet < 1 2 Received Invoice 1602 for $1,650 from Automotive Technicians Repair for repairs to the firm's automobile; issued Check 1009 for half the amount and arranged to pay the other half in 30 days. Date Nov 23, 20X1 3 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal
Blue Corp rents out fishing tools. The company requires a returnable deposit with each rental service. During May, the company collected $9,000 customer deposits. The amount of deposit forfeiture 10% of the total deposits. Which one of the following journal entries is correct to record deposit forfeiture? Debit Returnable deposit $900; Credit Cash $900 O Debit Returnable deposit $900; Credit Sales revenue $900 Debit Cash $450; Credit Returnable deposit $450 Debit Cash $900; Credit Returnable deposit $900
Notes Receivable Crowne Cleaning provides cleaning services for Amber Inc., a business with four buildings. Crowne assigned different cleaning charges for each building based on the amount of square feet to be cleaned. The charges for the four buildings are $55,200, $49,800, $69,600, and $30,000. Amber secured this amount by signing a note bearing 10% Interest on June 1. Required: 1. Prepare the journal entry to record the sale on June 1. If an amount box does not require an entry, leave it blank. 188 2. Determine how much interest Crowne will receive if the note is repaid on December 1. 3. Prepare Crowne's journal entry to record the cash received to pay off the note and interest on December 1. If an amount box does not require an entry, leave it blank. ED