E2-19 Perfect Printers Inc. completed the following transactions during October 2020, its first month of operations: Oct. 1 Received $25,000, and issued common shares. 2 Purchased $800 of office supplies on account. 4 Paid $20,000 cash for land to use as a building site. 6 Performed service for customers, and received cash of $5,000. 9 Paid $100 on accounts payable. 17 Performed service for Waterloo School Board on account totalling $1,500. 23 Collected $1,000 from Waterloo School Board on account. 31 Paid the following expenses: salary, $1,000; rent, $500.
E2-19 Perfect Printers Inc. completed the following transactions during October 2020, its first month of operations: Oct. 1 Received $25,000, and issued common shares. 2 Purchased $800 of office supplies on account. 4 Paid $20,000 cash for land to use as a building site. 6 Performed service for customers, and received cash of $5,000. 9 Paid $100 on accounts payable. 17 Performed service for Waterloo School Board on account totalling $1,500. 23 Collected $1,000 from Waterloo School Board on account. 31 Paid the following expenses: salary, $1,000; rent, $500.
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 2.1C
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Produce a journal following these transactions.
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Exercises
BC
E2-19 Perfect Printers Inc. completed the following transactions during October 2020,
its first month of operations:
Oct.
1
Received $25,000, and issued common shares.
95
2
Purchased $800 of office supplies on account.
4
Paid $20,000 cash for land to use as a building site.
6.
Performed service for customers, and received cash of $5,000.
AA
Paid $100 on accounts payable.
17
Performed service for Waterloo School Board on account totalling $1,500.
23
Collected $1,000 from Waterloo School Board on account.
31
Paid the following expenses: salary, $1,000; rent, $500.
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