Dec 2 Dec 3 Dec 4 Dec 7 Dec 11 Dec 16 Dec 17 Dec 18 Dec 22 Dec 29 Dec 31 Dec 31 Wortham Services received $70,000 cash and issued common stock to the stockholders. Purchased supplies, $700, and equipment, $11,400, on account. Performed services for a customer and received cash, $5,000. Paid cash to acquire land, $40,000. Performed services for a customer and billed the customer, $3,100. Wortham expects to collect within one month. Paid for the equipment purchased December 3 on account. Paid for newspaper advertising, $570. Received partial payment from customer on account, $1,000. Received and paid the water and electricity bills, $400. Received $2,000 cash for servicing the heating unit of a customer. Paid employee salaries, $2,000. Declared and paid dividends of $1,800.
Dec 2 Dec 3 Dec 4 Dec 7 Dec 11 Dec 16 Dec 17 Dec 18 Dec 22 Dec 29 Dec 31 Dec 31 Wortham Services received $70,000 cash and issued common stock to the stockholders. Purchased supplies, $700, and equipment, $11,400, on account. Performed services for a customer and received cash, $5,000. Paid cash to acquire land, $40,000. Performed services for a customer and billed the customer, $3,100. Wortham expects to collect within one month. Paid for the equipment purchased December 3 on account. Paid for newspaper advertising, $570. Received partial payment from customer on account, $1,000. Received and paid the water and electricity bills, $400. Received $2,000 cash for servicing the heating unit of a customer. Paid employee salaries, $2,000. Declared and paid dividends of $1,800.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter2: The Accounting Information System
Section: Chapter Questions
Problem 39E: Exercise 2-39 Transaction Analysis OBJECTIVE e The following events occurred for Parker Company....
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Explanation -
Journal Entries -
Journal Entries are used to record transactions entered into by the company. It is recorded in the form of debit and credit. Once recorded, all the transactions it posted to Ledger.
Ledgers -
Ledgers are the columnar form of journals into individual accounts. Once posted all the ledgers, the balance will be posted to Trial Balance
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