Below are several transactions for Harington Corporation. A junior accountant, recently employed by the company, proposes...
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Below are several transactions for Harington Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions. External Transaction 1. Owners Invest $12,500 in the company and receive common stock. 2. Receive cash of $3.500 for services provided in the current period. 3. Purchase office supplies on account. $250. 4. Pay $550 for next month's cent. 5. Purchase office equipment with each of $1,950. Required: 1. Assess whether the proposed entries are correct or incorrect. 2. Provide a correct entry for each of the transactions classified as incorrect Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assess whether the proposed entries are correct or incorrect. External Transaction 1. 2 3 4. 5 Accounts Common Stock Cash Cash Service Revenue Supplies Cash Rent Expense Cash Cash Equipment Debit Credit 12,500 3,500 250 550 1,956 12,500 1,500 250 550 1,950 8.57 points 201.00.01 eBook Print References Provide a correct entry for each of the transactions classified as incorrect. (If no entry is required to correct a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 2 Transaction 3 Note: Enter debits before credits. Record entry Owners invest $12,500 in the company and receive common stock. 4 5 General Journal Clear entry Debit Credit View general Journal Below are several transactions for Harington Corporation. A junior accountant, recently employed by the company, proposes to record the following transactions. External Transaction 1. Owners Invest $12,500 in the company and receive common stock. 2. Receive cash of $3.500 for services provided in the current period. 3. Purchase office supplies on account. $250. 4. Pay $550 for next month's cent. 5. Purchase office equipment with each of $1,950. Required: 1. Assess whether the proposed entries are correct or incorrect. 2. Provide a correct entry for each of the transactions classified as incorrect Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assess whether the proposed entries are correct or incorrect. External Transaction 1. 2 3 4. 5 Accounts Common Stock Cash Cash Service Revenue Supplies Cash Rent Expense Cash Cash Equipment Debit Credit 12,500 3,500 250 550 1,956 12,500 1,500 250 550 1,950 8.57 points 201.00.01 eBook Print References Provide a correct entry for each of the transactions classified as incorrect. (If no entry is required to correct a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list Journal entry worksheet 2 Transaction 3 Note: Enter debits before credits. Record entry Owners invest $12,500 in the company and receive common stock. 4 5 General Journal Clear entry Debit Credit View general Journal
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Related Book For
Financial Accounting
ISBN: 9780078110825
2nd Edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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