Forte Disc Golf Course wApagoMaPDF MEnhanceng selected Journalize a serī P2-1B events and transactions occurred during March. transactions. (SO 2, 4) Mar. 1 Invested $20,000 cash in the business. 3 GLS Purchased Heeren's Golf Land for $15,000 cash. The price consists of land $12,000, shed $2,000, and equipment $1,000. (Make one compound entry.) 5 Paid advertising expenses of $700. Paid cash $600 for a one-year insurance policy. Purchased golf discs and other equipment for $1,050 from Innova Company payable in 30 days. Received $1,100 in cash for golf fees earned (Forte records golf fees as service revenue). Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. Withdrew $800 cash for personal use. Paid salaries of $250. Paid Innova Company in full. Received $2,100 cash for fees earned. 6. 10 18 19 25 30 30 31 Matt Forte uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Owner's Capital, Owner's Drawings, Service Revenue, Advertising Expense, and Salaries and Wages Expense.

Forte Disc Golf Course wApagoMaPDF MEnhanceng selected Journalize a serī P2-1B events and transactions occurred during March. transactions. (SO 2, 4) Mar. 1 Invested $20,000 cash in the business. 3 GLS Purchased Heeren's Golf Land for $15,000 cash. The price consists of land $12,000, shed $2,000, and equipment $1,000. (Make one compound entry.) 5 Paid advertising expenses of $700. Paid cash $600 for a one-year insurance policy. Purchased golf discs and other equipment for $1,050 from Innova Company payable in 30 days. Received $1,100 in cash for golf fees earned (Forte records golf fees as service revenue). Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. Withdrew $800 cash for personal use. Paid salaries of $250. Paid Innova Company in full. Received $2,100 cash for fees earned. 6. 10 18 19 25 30 30 31 Matt Forte uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue, Owner's Capital, Owner's Drawings, Service Revenue, Advertising Expense, and Salaries and Wages Expense.

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 30BE: Brief Exercise 2-30 Transaction Analysis Galle Inc. entered into the following transactions during...

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P2-1A Holz Disc Golf Course was opened on March 1 by Ian Holz. The following selected events and transactions occurred during March.Mar. 1 Invested $20,000 cash in the business. 3 Purchased Rainbow Golf Land for $15,000 cash. The price consists of land $12,000, shed $2,000, and equipment $1,000. (Make one compound entry.) 5 Paid advertising expenses of $900. 6 Paid cash $600 for a one-year insurance policy. 10 Purchased golf discs and other equipment for $1,050 from Stevenson Company payable in 30 days. 18 Received $1,100 in cash for golf fees (Holz records golf fees as service revenue). 19 Sold 150 coupon books for $10 each. Each book contains 4 coupons that enable the holder to play one round of disc golf. 25 Withdrew $800 cash for personal use. 30 Paid salaries of $250. 30 Paid Stevenson Company in full. 31 Received $2,700 cash for golf fees.Holz Disc Golf uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Unearned Service Revenue,…
P2-3A Maquoketa Services was formed on May 1, 2017. The following transactions took place during the fi rst month.Transactions on May 1: 1. Jay Bradford invested $40,000 cash in the company, as its sole owner. 2. Hired two employees to work in the warehouse. They will each be paid a salary of $3,050 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $24,000 cash in advance for the fi rst year. 4. Purchased furniture and equipment costing $30,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months. 5. Paid $1,800 cash for a one-year insurance policy on the furniture and equipment.Transactions during the remainder of the month: 6. Purchased basic offi ce supplies for $420 cash. 7. Purchased more offi ce supplies for $1,500 on account. 8. Total revenues earned were $20,000—$8,000 cash and $12,000 on account. 9. Paid $400 to suppliers for accounts payable due. 10. Received $3,000 from customers in payment of accounts receivable. 11.…
hi! I need trial balance for below details please Dec. 1 - Mr. John Miller deposited $100,000 as initial investment to his newly open business, Miller Repair Shop dec. 3 John bought supplies, $10,000 on account dec. 5 A piece of land personally owned by John was transferred to the business for the use of its operation. The land was acquired 2 years ago with a cost of $50,000. The market value as of this date is $75,000. dec.7 50% of the account on December 3 was paid. dec.8 An equipment was acquired for $40,000. 25% downpayment was made and a promissory note was issued for the balance dec.9 The customers were billed for services rendered, $5,000 dec.10 $7,500 was received from cash customers. dec.11 Some customers billed on December 9 issued promissory notes in payment of their accounts for a total of $3,000 dec.12 Utilities expense were paid, $1,500 dec. 14 Insurance premium was paid, $4,500 dec.15 Salaries of employees were paid, $3,200 dec. 16 John withdrew cash, $2,000 for…
Jun. 1 Maria Gonzalez, the owner, invested $108,000 cash, office equipment with a value of $7,000, and $64,000 of drafting equipment to launch the company. Jun. 2 The company purchased land worth $51,000 for an office by paying $9,100 cash and signing a long-term note payable for $41,900. Jun. 3 The company purchased a portable building with $53,000 cash and moved it onto the land acquired on June 2. Jun. 4 The company paid $4,200 cash for the premium on an 18-month insurance policy. Jun. 5 The company completed and delivered a set of plans for a client and collected $7,800 cash. Jun. 6 The company purchased $22,400 of additional drafting equipment by paying $11,500 cash and signing a long-term note payable for $10,900. Jun. 7 The company completed $17,200 of engineering services for a client. This amount is to be received in 30 days. Jun. 8 The company purchased $1,350 of additional office equipment on credit. Jun. 9 The company…
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Scratch Miniature Golf and Driving Range Inc. was opened on March 1 by Rick Fowler. The following selected events and transactions occurred during March. Mar. 1 Invested $50,000 cash in the business in exchange for common stock. 3 Purchased Michelle Wie's Golf Land for $38,000 cash. The price consists of land $10,000, building $22,000, and equipment $6,000. (Make one compound entry.) 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,600. 6 Paid cash $1,480 for a one‐year insurance policy. 10 Purchased golf equipment for $2,500 from Singh Company, payable in 30 days. 18 Received golf fees of $1,200 in cash. 25 Declared and paid a $500 cash dividend. 30 Paid wages of $900. 30 Paid Singh Company in full. 31 Received $750 of fees in cash. Scratch uses the following accounts: Cash, Prepaid Insurance, Land, Buildings, Equipment, Accounts Payable, Common Stock, Dividends, Service Revenue, Advertising Expense,…
Question Case 1: Real Estate Agency Oct. 1 Ms. Lea begins business as a real estate agent with a cash investment of P1,500,000. 2 Paid rent, P35,000, on office space. 3 Purchased office equipment for P140,000 on account. 6 Sold a house and lot for Mr. Smith; billed Mr. Smith P220,000 for realty services performed. 27 Paid P55,000 on the balance related to the transaction of October 3. 30 Received bill for October utilities, P6,500 (not paid at this time). Requirement: Journalize the transactions. Explanations can be omitted.
Mr. Bab Agsakin opened a call center business called "Babagsakin Call Center" on October 1, 2021. The following were the transactions during the three months ended December 31, 2021: 1. On October 1, 2021, Mr. Agsakin provided an initial capital of ₱1,000,000 to the business. 2. The business acquired computer equipment for ₱700,000 cash on October 3, 2021. The equipment has useful life of 6 years and scrap value of ₱70,000. 3. Total payments for business permit and other licenses amounted to ₱200,000 (this will be under taxes and licenses expense account). 4. The business availed a one year Health insurance and paid the whole amount ₱24,000, covering October 1, 2021 to September 30, 2022. 5. Obtained a 12%, one year, bank loan for ₱100,000 on November 1, 2021. Principal and interest are due at maturity date October 31, 2022. 6. Total service fees billed to clients amounted to ₱3,200,000 on account as of December 31, 2021. 7. Total payments for repairs and maintenance amounted to…
Directions: Below are the economic transaction of Garcia’s Car Accessories and Services. Aug. 1 Garcia invested P48,000 cash in the business. 1 Rented office space and paid P800 cash for the August rent. 3 Purchased exploration equipment for P22,000 by paying P12,000 cash and agreeing to pay the balance in 3 months. 5 Purchased office supplies by paying P1,500 cash. 6 Completed exploration work and immediately collected P420 cash for the work. 8 Purchased P1,350 of office equipment on credit. 15 Completed exploration work on credit in the amount of P8,000. 18 Purchased P700 of office supplies on credit. 20 Paid cash for the office equipment purchased on August 8. 24 Billed a client P2,400 for work completed; the balance is due in 30 days. 28 Received P5,000 cash for the work completed on August 15. 30 Paid the assistant’s salary of P1,100 cash for this month. 30 Paid P340 cash for this month’s utility bill. 30 Garcia withdrew P1,050 cash from the business for personal…
Case 1: Real Estate Agency Oct. 1 Ms. Lea begins business as a real estate agent with a cash investment of P1,500,000. 2 Paid rent, P35,000, on office space. 3 Purchased office equipment for P140,000 on account. 6 Sold a house and lot for Mr. Smith; billed Mr. Smith P220,000 for realty services performed. 27 Paid P55,000 on the balance related to the transaction of October 3. 30 Received bill for October utilities, P6,500 (not paid at this time). Requirement: Journalize the transactions. Explanations can be omitted. Case 2: GTC Company The GTC Company began operations on April 1. On April 30, the trial balance shows the following balances for selected accounts. Prepaid Insurance P 3,600 Equipment 28,000 Notes Payable 20,000 Unearned Service Revenue 4,200 Service Revenue 1,800 Analysis reveals the following additional data. Prepaid insurance is the cost of a 2-year insurance…
Dec Name of Transations 1 1 1 Jan: Owner contributes $20 000 in cash to start XYZ Ltd. 2 4 5 Jan: Furniture purchased amounting $10,000 by paying $5,000 3 10 10 Jan: Salaries incurred and paid $5,000. 4 11 15 Jan: Received cash from services provided amounting $7,500. 5 13 20 Jan: Paid accounts payable of $4,000. 6 15 25 Jan: Stationeries purchased on credit amounting $2,500. pass the journal enteries for the above transactions MakeCash ledger , Accounts payable ledger and Trial balance
Q No 1- Manal Enterprises incorporated on May 3, 2021. The company engaged in the following transactions during its first month of operations: May 3 invested in business Rs.40000, Furniture Rs.24,000, equipment Rs.15000 May 4 Paid May office rent expense of $1,000. May 5 Purchased office supplies for $400 cash. The supplies will last for several months. May 15 Purchased office equipment for $8,000 on account. The entire amount is due June 15. May 18 Purchased a company car for $27,000. Paid $7,000 cash and issued a note payable for the remaining amount owed. May 20 Billed clients $32,000 on account. May 29 Paid May utilities of $200. May 30 Received $30,000 from clients billed on May 20. May 31 Recorded and paid salary expense of $14,000. Required: Prepare journal entries, including explanations, for the above transactions. Post each entry to the appropriate ledger accounts (use the T account format)