requirements :i just need POSTING ExampleCompany A was incorporated on January 1, 2010 with an initial capital of5,000 shares of common stock having $20 par value. During the first monthof its operations, the company engaged in following transactions:DateTransactionJan 2 An amount of $36,000 was paid as advance rent for three months.Jan 3 Paid $60,000 cash on the purchase of equipment costing $80,000.The remaining amount was recognized as a one year note payablewith interest rate of 9%.Jan 4Purchased office supplies costing $17,600 on account.Jan 13 Provided services to its customers and received $28,500 in cash.Jan 13 Paid the accounts payable on the office supplies purchased onJanuary 4.Jan 14 Paid wages to its employees for first two weeks of January,aggregating $19,100.Jan 18 Provided $54,100 worth of services to its customers. They paid$32,900 and promised to pay the remaining amount.Jan 23 Received $15,300 from customers for the services provided onJanuary 18.Jan 25 Received $4,000 as an advance payment from customers.Jan 26 Purchased office supplies costing $5,200 on account.Jan 28 Paid wages to its employees for the third and fourth week ofJanuary: $19,10o.Jan 31 Paid $5,000 as dividends.Jan 31 Received electricity bill of $2,470.Jan 31 Received telephone bill of $1,494.Jan 31 Miscellaneous expenses paid during the month totaled $3,470The following table shows the journal entries for the above events. DateAccountDebitCreditJan 1Cash100,000Common Stock100,000Prepaid RentCash36,000Jan 236,000EquipmentCashJan 380,00060,00020,000Notes PayableOffice SuppliesAccounts PayableJan 417,60017,600Jan 13Cash28,500Service Revenue28,500Accounts PayableCashJan 1317,60017,600Wages ExpenseCashJan 1419,10019,100Jan 18Cash32,90021,200Accounts ReceivableService Revenue54,100Jan 23CashAccounts Receivable15,30015,300CashUnearned RevenueJan 254,0004,000Office SuppliesAccounts PayableJan 265,2005,200Wages ExpenseCashJan 2819,10019,100Jan 31Dividends5,000Cash5,000Electricity ExpenseAccounts PayableJan 312,4702,470Telephone ExpenseAccounts PayableJan 311,4941,494Jan 31Miscellaeous Expense3,470Cash3,470

Ledger accounts are the second step of accounting cycle process, in which recorded journal entries…

Answered: requirements : i just need POSTING

Business

Accounting

requirements : i just need POSTING

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter14: Statement Of Cash Flows

Section: Chapter Questions

Problem 25BEB

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James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions: Journalize the transactions.
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Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2 par value common stock. In its fifth year, the corporation has the following transactions: Journalize the transactions.
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Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions: Journalize the transactions and calculate how many shares of stock are outstanding at August 3.
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