Milo Corp. opened Monday, June 1st with inventory of $50,000 and cash in the bank of $70,000. These were its only assets. All start-up financing came from the owner's personal funds. The one employee also started on June 1st and is paid $1,000 a week every Friday for the week just ending (the work week is 5 days). Payroll is the only expense. On June 5th, the company made a credit sale of $9,000 out of inventory. On June 10th, it received $12,000 of new inventory, purchased on credit with repayment due in 45 days. The company bought a delivery truck for $10,000 cash on June 25th. The books were closed on Tuesday, June 30th. Show the amounts in the following balance sheet accounts as of Tuesday, June 30th. Cash Accounts Receivable Inventory Fixed Assets Accounts Payable. Accruals
Q: ing situation applies to ABC Co. The company’s Financial Department asks Barclays bank a $80,000…
A: Cash Budget is the estimated cash inflows and outflows during a particular period of time. It is…
Q: Listed below are activities for Stellar Services Ltd. for the month of January, 2016: a. Stellar…
A: Journal Entry The purpose of providing the journal entry to enter the required transaction into…
Q: On the last day of the current month, a company paid $12,000 to its suppliers, of which $2,000 was…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Bearcat Construction begins operations in March and has the following transactions. March 1 Issue…
A: Journal entry: Journal is the book of original entry whereby all the financial transactions are…
Q: During the month, Warwick Co. recived $515,000 in cash and paid out $375,000 in cash. b. if the…
A: Closing balance of cash = Beginning balance of cash + Cash received - Cash paid
Q: On January 1. Choco Co. received and paid a P10,000 bill for advertising done in December of last…
A: Total expenses for the month of January = utilities used for January + Amount paid to employees for…
Q: business had a balance at the bank of $2,500 at the start of the month. During the following month,…
A: We have the following information: Business had a balance at the bank of $2,500 at the start of the…
Q: 1) A company purchased $1,800 of merchandise on November 5. On November 7, it returned $200 worth of…
A: 1) The discount shall be allowed if the payment is made within the discount period. The discount…
Q: At the beginning of March, Bluebird Company owed $8,000 to its employees. During March, Bluebird…
A: Amount paid to employees during March = Beginning amount payable + amount earned during march -…
Q: Dorman Company had the following items to report on its balance sheet: Employee advances $ 1,580…
A: What amount should appear in the "Other Receivables" category?
Q: Dusiness enterprise pays weekly salaries of $20,000 on Friday for a five-day week riod ending on…
A: Solution: Adjusting entries are those entries which are made to match the revenues and expenses to…
Q: Green Wave Company plans to own and operate a storage rental facility. For the first month of…
A:
Q: Diana Mark is the president of ServicePro, Incorporated, a company that provides temporary employees…
A: Journal Entries: Simple journal entries are a form of accounting entry used in double-entry…
Q: Prepare journal entries for the above transactions, which occurred during a recent month.
A: Given: Cash received = $ 10,000 Accounts Receivable = $ 1,450 Equipment cost = $ 40,000 Accounts…
Q: Metro Media Company pays its employees monthly. Payments made by the company on October 31 follow.…
A: It is given that, use an earnings ceiling of $132,900 for social security taxes. That means the…
Q: Quick Cleaners, Inc. (QCI), has been in business for several years. It specializes in cleaning…
A: To Compute the net income, the revenues and expenses has to be taken on accrual basis i.e.…
Q: Below is a summary of all transactions of Pixar Toy Manufacturing for the month of August 2021.Cash…
A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and…
Q: Proco had an account payable of $3,800 due to Shiroo Inc., on of its suppliers. The amount was due…
A: In horizontal statement model, the transactions are shown in balance sheet equation as well as…
Q: The following information relates to Fanning’s Electronics on December 31, 2011. The company, which…
A: Adjusting entries (often described as end-of-year adjustments) constitute journal entries produced…
Q: On May 1, Faux Furs, Inc., collected $33,000 from its customers. One quarter of the $33,000 was…
A: Methods of Accounting: There are two types of accounting Cash accounting and Accrual accounting.…
Q: Fishing Guides Co. has four employees. FICA Social Security taxes are 6.2% of the first $137,700…
A: Payroll: It implies to the list consisting the name of the employees and the amount that is required…
Q: Andy's Autobody Shop has the following balances at the beginning of September: Cash, $9,800;…
A: A balance sheet seems to be a financial statement that shows the resources, obligations, and owner's…
Q: Tim’s Donuts has 10 employees who are paid $20 per hour. The company purchases its inventory, on…
A: The cost of inventory is recorded and reported on the current assets section of the balance sheet of…
Q: On December 10, Yummy Catering purchased a new oven costing $10,000. They issued a check for $2.000…
A: solution journal entry is used to record the transaction of the company in the question on December…
Q: St Thomas Yacht Services, Inc. had the following transactions during its first month of operations:…
A: Journal Entries - Every transaction entered into by the business are recorded in the form of journal…
Q: Tim’s Donuts has 10 employees who are paid $20 per hour. The company purchases its inventory, on…
A: Inventory balance prior to adjustments = $110,375 Purchase of suppliers had not been recorded =…
Q: Below is a summary of all transactions of KEV Consulting for the month of October. Cash transactions…
A: Answer) KEV Consulting Cash Flow Statement Cash Flow from Operating Activities…
Q: a Inc. reported income of $440,000 for the year ended June 30, 20X8. However, the records show that…
A: The practice of recording commercial transactions for the first time in the books of accounts is…
Q: Discuss how each of the following transactions for Watson, International, will affect assets,…
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…
Q: A business had a balance at the bank of $2,500 at the start of the month. During the following…
A: A settlement discount is used in business where a business offers another business a rebate when a…
Q: Darby Consulting, Inc., was established on March 1, and during March, Darby entered in March 1…
A: Assumptions: 1. No Supplies consumed in March as no data given. 2. No Rental for March, as no…
Q: Capital, a business magazine, collected $480,000 in subscription revenue on May 31. Capital earns a…
A: Formula: Unearned revenue = Revenue collected x (Remaining months in a year / 12 months) Number of…
Q: On September 9, Mavtech paid $30,000 in advance to suppliers to buy 30 computers. On September 10,…
A: The company uses journal entries to record the transactions primarily in the books of account.
Q: During the month, Wemsly Co. received $520,000 in cash and paid out $320,000 in cash. If the…
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the…
Q: A sole trader has 100 in hand and bank balance of 2400 at the beginning of the accounting period.…
A: Drawings of the business means cash withdrawn for personal use in the business. Ending Cash Balance…
Q: Watson Corporation pays its employees on the 15th of each month. It is December 31, and the company…
A: Lets understand the basics. Adjustment entry is required to pass at the year end to record correct…
Q: Weimar World, a tax-preparation service, had a cash balance of $245,000 as of March 1. During the…
A: A cash account is based, on a cash basis system where cash is recorded in the books when it's…
Q: Emma Company sells services for $888 cash and $1,384 on account this month. Emma Company also pays…
A: Total sales related to this month = $888 + $1,384 = $2,272 Total expense related to this month =…
Q: During the month, Bavarian Auto Co. received $1,245,000 in cash and paid out $974,200 in cash. a.…
A: a. No, this information does not indicate that Bavarian Auto Co. had net income of $270,800 during…
Q: Andy's Autobody Shop has the following balances at the beginning of September: Cash, $9,800;…
A: Account means the systematic record of various transactions entered by businesses. Income statement…
Q: Nicole Martins is the controller at UMC Corp., a publicly traded manufacturing company. Last year,…
A: The following are the types of trial balance errors: Errors or omissions, Errors of commission,…
Q: The following information is available for Jan Bartok’s business for the year ended 31 December: $…
A: We have the following information: Bank overdraft: $1,200 Trade receivables: $5,000 Opening…
Q: Muntinlupa Co. reported the following events to its bookkeeper covering the month of April 2021: T1:…
A: The transactional event is recorded in the books of the company. We will check here whether the…
Q: Rune Co. pays its employees twice a month, on the 14th and the 30th. COn September 30, Rune Co. paid…
A: The question is multiple choice question. Required Choose the Correct Option.
Q: The company was established in 1 January 20X5, the owner's capital consisted of only cash…
A: Cash flow statement in the business shows all cash inflows and cash outflows related to business for…
3
Step by step
Solved in 2 steps
- If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?The following information is provided for the first month of operations for Legal Services Inc.: A. The business was started by selling $100,000 worth of common stock. B. Six months rent was paid in advance, $4,500. C. Provided services in the amount of $1,000. The customer will pay at a later date. D. An office worker was hired. The worker will be paid $275 per week. E. Received $500 in payment from the customer in C. F. Purchased $250 worth of supplies on credit. G. Received the electricity bill. We will pay the $110 in thirty days. H. Paid the worker hired in D for one weeks work. I. Received $100 from a customer for services we will provide next week. J. Dividends in the amount of $1,500 were distributed. Prepare the necessary journal entries to record these transactions. If an entry is not required for any of these transactions, state this and explain why.The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?
- The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?Between the end of one month and the 15th day of the next month, the balance in the employers business bank account has been getting smaller and smaller. An employee prepares the next payroll and correctly computes the necessary withholding taxes. The employer is supposed to pay accumulated employment taxes on the 15th of the next month. Payday is the last day of the month. However, the employer has used the funds withheld from employees to pay some of the businesss bills. He hopes that enough of the customers who owe him money will pay their outstanding debts. If his assumption is true, the checking account will have enough in it to pay the federal deposit on the 15th of the month. Is the employer acting ethically? After all, he says he intends to have enough money in the account for the deposit. Explain your answer.Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
- The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?The following transactions were completed by Yang Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Yang Restaurant Equipment does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to Tri-County Management Company for monthly rent, 850. 2L. Yang, the owner, invested an additional 4,500 in the business. 4Bought merchandise on account from Valentine and Company, invoice no. A694, 2,830; terms 2/10, n/30; dated January 2. 4Received check from Velez Appliance for 980 in payment of invoice for 1,000 less discount. 4Sold merchandise on account to L. Parrish, invoice no. 6483, 755. 6Received check from Peck, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Frost and Son, in payment of invoice no. C127 for 600 less discount. 7Bought supplies on account from Dudley Office Supply, invoice no. 190B, 93.54; terms net 30 days. 7Sold merchandise on account to Ewing and Charles, invoice no. 6484, 1,115. 9Issued credit memo no. 43 to L. Parrish, 47, for merchandise returned. 11Cash sales for January 1 through January 10, 4,454.87. 11Issued Ck. No. 6983, 2,773.40, to Valentine and Company, in payment of 2,830 invoice less discount. 14Sold merchandise on account to Velez Appliance, invoice no. 6485, 2,100. 14Received check from L. Parrish, 693.84, in payment of 755 invoice, less return of 47 and less discount. Jan. 19Bought merchandise on account from Crawford Products, invoice no. 7281, 3,700; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to invoice, 142 (total 3,842). 21Issued Ck. No. 6984, 245, to A. Bautista for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 3,689. 23Received credit memo no. 163, 87, from Crawford Products for merchandise returned. 29Sold merchandise on account to Bradford Supply, invoice no. 6486, 1,697.20. 29Issued Ck. No. 6985 to Western Freight, 64, for freight charges on merchandise purchased January 4. 31Cash sales for January 21 through January 31, 3,862. 31Issued Ck. No. 6986, 65, to M. Pineda for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 5,899.95; employees federal income tax withheld, 795; FICA Social Security tax withheld, 365.80, FICA Medicare tax withheld, 85.50. 31Recorded the payroll taxes: FICA Social Security tax, 365.80; FICA Medicare tax, 85.50; state unemployment tax, 318.60; federal unemployment tax, 35.40. 31Issued Ck. No. 6987, 4,653.65, for salaries for the month. 31L. Yang, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 91; a purchases journal, page 74; a cash receipts journal, page 56; a cash payments journal, page 63; and a general journal, page 119. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?Homeland Plus specializes in home goods and accessories. In order for the company to expand its business, the company takes out a long-term loan in the amount of $650,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 8.5%. Each year on December 31, the company pays down the principal balance by $80,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year.
- Sewn for You had the following transactions in its first week of business. A. Jessica Johansen started Sewn for You, a seamstress business, by contributing $20,000 and receiving stock in exchange. B. Paid $2,250 to cover the first three months rent. C. Purchased $500 of sewing supplies. She paid cash for the purchase. D. Purchased a sewing machine for $1,500 paying $200 cash and signing a note for the balance. E. Finished a job for a customer earning $180. The customer paid cash. F. Received a $500 down payment to make a wedding dress. G. Received an electric bill for $125 which is due to be paid in three weeks. H. Completed an altering job for $45. The customer asked to be billed. Prepare the necessary journal entries to record these transactions. If an entry is not required for any of these transactions, state this and explain why.McMasters Inc. specializes in BBQ accessories. In order for the company to expand its business, they take out a long-term loan in the amount of $800,000. Assume that any loans are created on January 1. The terms of the loan include a periodic payment plan, where interest payments are accumulated each year but are only computed against the outstanding principal balance during that current period. The annual interest rate is 9%. Each year on December 31, the company pays down the principal balance by $50,000. This payment is considered part of the outstanding principal balance when computing the interest accumulation that also occurs on December 31 of that year. A. Determine the outstanding principal balance on December 31 of the first year that is computed for interest. B. Compute the interest accrued on December 31 of the first year. C. Make a journal entry to record interest accumulated during the first year, but not paid as of December 31 of that first year.Discuss how each of the following transactions for Watson, International, will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. An investor invests an additional $25,000 into a company receiving stock in exchange. B. Services are performed for customers for a total of $4,500. Sixty percent was paid in cash, and the remaining customers asked to be billed. C. An electric bill was received for $35. Payment is due in thirty days. D. Part-time workers earned $750 and were paid. E. The electric bill in C is paid.