During 2018, its first year of operations as a delivery service, Carla Vista Corp. entered into the following transactions. The fiscal year end for Carla Vista is December 31. 1. Issued common shares to investors in exchange for $ 90,000 in cash. 2. Borrowed $ 46,000 cash from the bank, due 2020. 3. Purchased delivery vehicles for $ 61,000 cash. 4. Received $ 24,000 from customers for services provided. 5. Purchased supplies for $ 3,700 on account. 6. Paid rent of $ 5,500. 7. Performed services on account for $ 9,000. 8. Paid salaries of $ 28,000. 9. Declared and paid a dividend of $ 12,000 to shareholders. 10. Paid income taxes of $ 200 for the month. Prepare journal entries to
During 2018, its first year of operations as a delivery service, Carla Vista Corp. entered into the following transactions. The fiscal year end for Carla Vista is December 31. 1. Issued common shares to investors in exchange for $ 90,000 in cash. 2. Borrowed $ 46,000 cash from the bank, due 2020. 3. Purchased delivery vehicles for $ 61,000 cash. 4. Received $ 24,000 from customers for services provided. 5. Purchased supplies for $ 3,700 on account. 6. Paid rent of $ 5,500. 7. Performed services on account for $ 9,000. 8. Paid salaries of $ 28,000. 9. Declared and paid a dividend of $ 12,000 to shareholders. 10. Paid income taxes of $ 200 for the month. Prepare journal entries to
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 19EA: A business has the following transactions: The business is started by receiving cash from an...
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Question
During 2018, its first year of operations as a delivery service, Carla Vista Corp. entered into the following transactions. The fiscal year end for Carla Vista is December 31.
1. | Issued common shares to investors in exchange for $ 90,000 in cash. | |
2. | Borrowed $ 46,000 cash from the bank, due 2020. | |
3. | Purchased delivery vehicles for $ 61,000 cash. | |
4. | Received $ 24,000 from customers for services provided. | |
5. | Purchased supplies for $ 3,700 on account. | |
6. | Paid rent of $ 5,500. | |
7. | Performed services on account for $ 9,000. | |
8. | Paid salaries of $ 28,000. | |
9. | Declared and paid a dividend of $ 12,000 to shareholders. | |
10. |
Paid income taxes of $ 200 for the month. |
Prepare
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Account Titles and Explanation
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Debit
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2
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3
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10
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