Peters Consulting completed these transactions during June 2020: Required For each transaction, (1) complete the analysis, (2)
Question:
Peters Consulting completed these transactions during June 2020:
Required
For each transaction, (1) complete the analysis, (2) determine the journal entry analysis, and (3) record the journal entry. Use the template below.
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Trevor Peters, the sole proprietor, invested $46,000 cash and office equipment with a $24,000 fair value in the business. June 2 Purchased land and a small office building. The land was worth $268,000 and the building was worth $66,000. The purchase price was paid with $30,000 cash and a long-term note payable for $304,000. 8 Transferred title of his personal automobile to the business. The automobile had a value of $7,000 and was to be used exclusively in the business. 10 4 Purchased $600 of office supplies on credit. Completed $2,400 of services for a client. This amount is to be paid within 30 days. 14 Paid $1,800 salary to an assistant. 18 Paid the account payable from the transaction on June 10. 22 24 Purchased $4,000 of new office equipment by paying $2,400 cash and trading in old equipment with a recorded cost of $1,600. Received $1,000 payment on the receivable created from the transaction on June 14th. 28 Withdrew $1,0O50 cash from the business for personal use. 30 June 2 Analysis Journal entry analysis Journal Entry Account Titles and Explanation Debit Credit Date June 4
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June 2 Analysis Assets increaseEquity increases Journal entry analysis Debit the Cash account for 46000Debit the Office Equipment account for 24000 Credit the Trevor Peeters Capital account for 70000 ...View the full answer
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Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
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