Julia Dumars is a licensed CPA. During the first month of operations of her business, Novak...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Julia Dumars is a licensed CPA. During the first month of operations of her business, Novak Corp., the following events and transactions occurred. May 1 Stockholders invested $21,400 cash in exchange for common stock. 2 Hired a secretary-receptionist at a salary of $2,500 per month. 3 Purchased $1,700 of supplies on account from Vincent Supply Company. 7 Paid office rent of $750 cash for the month. 11 Completed a tax assignment and billed client $2,900 for services performed. Received $2,800 advance on a management consulting engagement. 12 17 Received cash of $1,800 for services performed for Orville Co. 31 Paid secretary-receptionist $2,500 salary for the month. 31 Paid 50% of balance due Vincent Supply Company. Julia uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Expense. (a) Journalize transactions (b) Post to ledger accounts (c) Prepare Trial Balance Date Man May 2 + May 3 May 7 + Account Titles and Explanation No Entry No Entry No Entry Debit 21400 1700 750 Credit 2140 170 May 11: May 12 May 17 # May 31 May 31 # (Paid salaries) (Paid creditor on account) ▪▪▪▪▪▪▪▪▪ 2900 2800 1800 2500 290 280 180 250 Julia Dumars is a licensed CPA. During the first month of operations of her business, Novak Corp., the following events and transactions occurred. May 1 Stockholders invested $21,400 cash in exchange for common stock. 2 Hired a secretary-receptionist at a salary of $2,500 per month. 3 Purchased $1,700 of supplies on account from Vincent Supply Company. 7 Paid office rent of $750 cash for the month. 11 Completed a tax assignment and billed client $2,900 for services performed. Received $2,800 advance on a management consulting engagement. 12 17 Received cash of $1,800 for services performed for Orville Co. 31 Paid secretary-receptionist $2,500 salary for the month. 31 Paid 50% of balance due Vincent Supply Company. Julia uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 209 Unearned Service Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Expense. (a) Journalize transactions (b) Post to ledger accounts (c) Prepare Trial Balance Date Man May 2 + May 3 May 7 + Account Titles and Explanation No Entry No Entry No Entry Debit 21400 1700 750 Credit 2140 170 May 11: May 12 May 17 # May 31 May 31 # (Paid salaries) (Paid creditor on account) ▪▪▪▪▪▪▪▪▪ 2900 2800 1800 2500 290 280 180 250
Expert Answer:
Answer rating: 100% (QA)
Julia Dumars Inc Journal entries Date Account Debit Credit Calculation 1May Cash 21400 ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1118334324
9th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
During the first month of operations (June 2014), Schulich Graphics Service Inc. completed the following selected transactions: a. Began the business with an investment of $20,000 cash and a building...
-
During the first month of operations (November 2010), Stein Services Corporation completed the following selected transactions: a. The business received cash of $28,000 and a building valued at...
-
During the first month of operations (March 2010), Silver Entertainment Corporation completed the following selected transactions: a. The business received cash of $32,000 and a building valued at...
-
The net income for Rips Curling Corp. for the year ended December 31, 2021, was $700,000. Rip had 50,000 ordinary shares outstanding at the beginning of the year. Rip declared and distributed a...
-
At the end of 2013, the following accounting information is available for Bainbridge and Crist Companies: Required a. Set up the preceding spreadsheet. Complete the balance sheet and income...
-
Xylulose-5-phosphate is an intermediate in the pentose phosphate pathway (see Figure 12.36). As xylulose-5-phosphate levels rise in response to excess glucose shunting through the pentose phosphate...
-
We avoid debt finance because of the unacceptable constraint placed on managerial actions. Explain what this executive means and suggest forms of long-term borrowing which have few constraints.
-
The general ledger of Berskshire Mountain Manufacturing Inc. showed the following credit balances on January 15: FICA Tax Payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
Explain and interpret the results presented in Table 4. Variables Brewed coffee Instant coffee Controls (N = 1 013) 59 (5.8) Cases (N = 1 156) Crude OR (95% CI)bc Adjusted OR (95% CI)cd 26 (2.2)...
-
Hurzdan, Inc., has a 32-day average collection period and wants to maintain a minimum cash balance of $20 million, which is what the company currently has on hand. The company currently has a...
-
Rodent makes two types of mice - wired and wireless. Rodent has been able to develop the following reliable cost drivers: # of Units Produced # of Employees Square Foot # of Machine Batches Wired...
-
A viscous fluid flows slowly by gravity down a \(2 \mathrm{~cm}\) diameter galvanized iron pipe. The pressures at the higher and lower locations are \(120 \mathrm{kPa}\) and \(130 \mathrm{kPa}\),...
-
Let \(X_{1}, X_{2}\), and \(X_{3}\) be independent normal variables with \[\begin{array}{lll}E\left(X_{1} ight)=5 & \text { and } & \sigma_{1}^{2}=9 \\E\left(X_{2} ight)=-2 & \text { and } &...
-
Peer pressure is an important influence on the behavior of youngsters. For instance, many preteens begin smoking because their friends pressure them into being cool by smoking. Using utility theory,...
-
Based on pure aerodynamics of the type mentioned in problem 12.9, bumblebees are not supposed to be able to fly. Assume that the average bumblebee has a mass of about \(0.9 \mathrm{~g}\), a wingspan...
-
The NCAA is described as a cartel. In what way is it a cartel? What is the product being produced? How does the cartel stay together?
-
TOPIC 2: Project Formulation, Management, Monitoring and Evaluation Learning Assessment: Read and understand, then answer the following: For Submission of output: Pls keep always your output ready...
-
You are planning to purchase your first home five years from today. The required down payment will be $50,000. You currently have $20,000. but you plan to contribute $500 each quarter to a special...
-
On July 1, 2015, Flanagin Corporation issued $2,000,000, 10%, 10-year bonds at $2,271,813. This price resulted in an effective-interest rate of 8% on the bonds. Flanagin uses the effective-interest...
-
Bombeck Inc. has the following transactions during August of the current year. Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis illustrated on pages 6973 of the...
-
On December 31, 2015, Turnball Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. On December 31, 2015,...
-
Chauncer Manufacturing Corporation produces a dandruff shampoo in three consecutive processes. The costs of Department 1 for June 2019 were as follows: Department 1 handled the following units during...
-
Sweet Fragrances Company uses process costing to account for the manufacture of its perfume. The factory consists of three departments: Blending, Bottling, and Packaging. The production manager of...
-
(a) Consider the directed network below, whose edge capacities are indicated. For each of the vertex sets \(\{1,2\},\{1,2,3\}\), and \(\{1,4\}\), list the edges in the cut corresponding to the set...
Study smarter with the SolutionInn App