Prepare general journal entries to record these transactions. Khamis Corporation completed these transactions during December of the
Fantastic news! We've Found the answer you've been seeking!
Question:
- Prepare general journal entries to record these transactions.
Transcribed Image Text:
Khamis Corporation completed these transactions during December of the current year: Dec. 1 Began a financial services business by investing $90,000 cash and equipment valued at $10,000. 5 Khamis withdrew $4,000 cash for personal use. 10 Performed services for Hu Corporation for cash, $7,000. 12 Received fund from Hinder Corporation on account, $10,000, 19 Received $26,000 from Espinoza Corporation in advance for future services. 22 Paid for the annual insurance premium, $12,000. 24 Purchased $8,000 of office equipment for cash Colon Corporation. 26 Purchase $4,000 of office supplies on credit from Coffey Corporation. 27 Performed services for Cajigas Corporation credit, $7,300. 29 Paid $1,500 on office supplies bill for December 26 purchase. 30 Received utility bill from Alcani Corporation for $500. Khamis Corporation completed these transactions during December of the current year: Dec. 1 Began a financial services business by investing $90,000 cash and equipment valued at $10,000. 5 Khamis withdrew $4,000 cash for personal use. 10 Performed services for Hu Corporation for cash, $7,000. 12 Received fund from Hinder Corporation on account, $10,000, 19 Received $26,000 from Espinoza Corporation in advance for future services. 22 Paid for the annual insurance premium, $12,000. 24 Purchased $8,000 of office equipment for cash Colon Corporation. 26 Purchase $4,000 of office supplies on credit from Coffey Corporation. 27 Performed services for Cajigas Corporation credit, $7,300. 29 Paid $1,500 on office supplies bill for December 26 purchase. 30 Received utility bill from Alcani Corporation for $500.
Expert Answer:
Answer rating: 100% (QA)
Here are the journal entries for each transaction Date Account Titles and Explan... View the full answer
Related Book For
Interpreting and Analyzing Financial Statements
ISBN: 978-0132746243
6th edition
Authors: Karen P. Schoenebeck, Mark P. Holtzman
Posted Date:
Students also viewed these accounting questions
-
What are the expected readings of the following in the figure below? (R = 6.60 2, AV = 6.20 V) www R 10.02 AV + www ww + 5.00 R 4.50 V w (a) ideal ammeter (Give your answer in mA.) (b) ideal...
-
Business transactions completed by Alanna Emitt during the month of September are as follows. a. Emitt invested $82,000 cash along with office equipment valued at $22,000 in exchange for common stock...
-
Suppose you deposit $10,000 at the end of each of the next 20 years into a retirement account that earns 6% annual interest. How much will be in your account immediately after the final deposit?
-
Busy plc, an all equity-financed firm, has three strategic business units. The polythene division has capital of 8m and is expected to produce returns of 11 per cent for the next five years....
-
Explain the control problems that are faced by global firms.
-
We were supposed to write the complete code for the addition of polynomials using Linked Lists. This takes time if you do not have it by heart, so revise it well. //Sorts a given list by selection...
-
Evander plays on the basketball team at their university and \(73 \%\) of the athletes at their university receive some sort of scholarship for attending. If they know 219 of the student-athletes...
-
The distribution system for the Herman Company consists of three plants, two warehouses, and four customers. Plant capacities and shipping costs per unit (in $) from each plant to each warehouse are...
-
A mortgage loan in the amount of $100,000 is made at 6 percent interest for 20 years. Payments are to be monthly in each part of this problem. Assuming that 3 points are paid at closing and the...
-
P12-11A The comparative balance sheets for Spicer Company as of December 31 are presented below. SPICER COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 $ 68,000 50,000 151,450 15,280...
-
Please read the following summary of a news article regarding Unmanned Aerial Systems (UAVs) and provide a thoughtful response and whether you agree or disagree. "For this edition of current events...
-
A risk manager assumes that the joint distribution of returns is multivariate normal and calculates the following risk measures for a two-asset portfolio: Asset A B Portfolio Position Individual VaR...
-
A man deposits P 50,000 in a bank account at 6% compounded monthly for 5 years. If the inflation rate of 6.5% per year continues for this period, will this effectively protect the purchasing power of...
-
In the past year bellevue co had total tevenues of 2 , 5 0 0 , 0 0 0 , cost of goods of 9 9 1 , 6 0 0 ( before adjustment for over or underapplied overhead ) , administrative expenses of 5 4 0 , 0 0...
-
EXPLAIN WHY LEAN monoethylene glycol (MEG) ISNT 100%
-
Which of the following statements is true? a. Accounting profit is always positive. b. Economic profit is always positive. c. Economic profit is greater than or equal to accounting profit. d....
-
Your company is considering taking on a new project that will require spending $200,000 on a new machine at Year O. The project will increase revenues by $150,000 annually for Years 1-5. Operating...
-
What is master production scheduling and how is it done?
-
The following account information from Lelescu Corporation's adjusted trial balance at December 31 is arranged in alphabetical order by account: Accounts Receivable............ $18,000 Accounts...
-
Q1. The strongest ROS ratio is reported by (AEO / GPS / ______________ ). ROS expresses net income as a percentage of (______________ / expenses / assets) and measures the firms ability to control...
-
Q1. The allowance for bad debts is the portion of (__________________ / sales revenue) that is estimated as uncollectible and is reported on the balance sheet as a (_____________ / noncurrent asset /...
-
In this problem, you will directly compute the convolution of two Gaussian functions in two steps. a. Use completing the square to evaluate \[\int_{-\infty}^{\infty} e^{-\alpha t^{2}+\beta t} d t\]...
-
Show that the convolution operation is associative: \((f *(g * h))(t)=\) \(((f * g) * h)(t)\).
-
Prove the Second Shift Property in the form \[F\left[e^{i \beta x} f(x) ight]=\hat{f}(k+\beta)\]
Study smarter with the SolutionInn App