Record The Following Transactions North and several others invested $650,000 cash in the business in exchange for 10,000 shares of capital stock. On May 27, A $400 invoice was received for several radio advertisements aired in May. The entire amount is due on June 5. Received a $100 payment on the $300 account receivable Declared a $2,000 dividend payable on July 15. Provided surveying services to client for $2,830. The entire amount was collected on this date Identify the Accruals (Unpaid expenses, Prepaid Expenses, uncollected revenue, unearned revenue) On November 1, Able Corporation purchased a six-month insurance policy expense from The Baylor Agency for $3,000. Salaries earned but not received by Milford’s employees from January 1 through January 31, 2012, totaled $180,000. Consulting services valued at $2,850 were provided during December to clients who had made payment in advance.
Record The Following Transactions North and several others invested $650,000 cash in the business in exchange for 10,000 shares of capital stock. On May 27, A $400 invoice was received for several radio advertisements aired in May. The entire amount is due on June 5. Received a $100 payment on the $300 account receivable Declared a $2,000 dividend payable on July 15. Provided surveying services to client for $2,830. The entire amount was collected on this date Identify the Accruals (Unpaid expenses, Prepaid Expenses, uncollected revenue, unearned revenue) On November 1, Able Corporation purchased a six-month insurance policy expense from The Baylor Agency for $3,000. Salaries earned but not received by Milford’s employees from January 1 through January 31, 2012, totaled $180,000. Consulting services valued at $2,850 were provided during December to clients who had made payment in advance.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.15MCE: Journal Entries Following is a list of transactions entered into during the first month of...
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- Record The Following Transactions
- North and several others invested $650,000 cash in the business in exchange for 10,000 shares of capital stock.
- On May 27, A $400 invoice was received for several radio advertisements aired in May. The entire amount is due on June 5.
- Received a $100 payment on the $300 account receivable
- Declared a $2,000 dividend payable on July 15.
- Provided surveying services to client for $2,830. The entire amount was collected on this date
- Identify the Accruals (Unpaid expenses, Prepaid Expenses, uncollected revenue, unearned revenue)
- On November 1, Able Corporation purchased a six-month insurance policy expense from The Baylor Agency for $3,000.
- Salaries earned but not received by Milford’s employees from January 1 through January 31, 2012, totaled $180,000.
- Consulting services valued at $2,850 were provided during December to clients who had made payment in advance.
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