Following are the transactions for Valdez Services. The company paid $500 cash for payment on a 3-month-old account payable for office supplies. The company paid $2,200 cash for the just-completed two-week salary of the receptionist. The company paid $42,000 cash for equipment purchased. The company paid $200 cash for this month’s utilities. The company paid a $10,500 cash dividend to the owner (sole shareholder). 1. Prepare general journal entries for the above transactions of Valdez Services. 2. Listed below are three reasons why a transaction would not result in an expense. Match each of the reasons to the transaction it properly describes.
Following are the transactions for Valdez Services. The company paid $500 cash for payment on a 3-month-old account payable for office supplies. The company paid $2,200 cash for the just-completed two-week salary of the receptionist. The company paid $42,000 cash for equipment purchased. The company paid $200 cash for this month’s utilities. The company paid a $10,500 cash dividend to the owner (sole shareholder). 1. Prepare general journal entries for the above transactions of Valdez Services. 2. Listed below are three reasons why a transaction would not result in an expense. Match each of the reasons to the transaction it properly describes.
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 1EA: Identify whether each of the following transactions, which are related to revenue recognition, are...
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Following are the transactions for Valdez Services.
- The company paid $500 cash for payment on a 3-month-old account payable for office supplies.
- The company paid $2,200 cash for the just-completed two-week salary of the receptionist.
- The company paid $42,000 cash for equipment purchased.
- The company paid $200 cash for this month’s utilities.
- The company paid a $10,500 cash dividend to the owner (sole shareholder).
1. Prepare general
2. Listed below are three reasons why a transaction would not result in an expense. Match each of the reasons to the transaction it properly describes.
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