Journalize these accounting transactions. (a) Stockholders invested $12,000 in the business in exchange for common stock. (b)
Question:
(a) Stockholders invested $12,000 in the business in exchange for common stock.
(b) Insurance of $800 is paid for the year.
(c) Supplies of $1,800 are purchased on account.
(d) Cash of $7,500 is received for services rendered.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 65% (20 reviews)
a Cash 12000 Common Stock 12000 Issued stock for cash b P...View the full answer
Answered By
LAUREEN AUMA
Being a pharmacist in training, I assist my fellow students in grasping the key concepts of the profession as well as help those struggling to cope with the demanding nature of the field. I also engage with the community on a volunteer basis on the importance of modern medicine and the usefulness of seeking medical help.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting Tools For Business Decision Making
ISBN: 9780470377857
3rd Edition
Authors: Paul D. Kimmel
Question Posted:
Students also viewed these Accounting questions
-
1 Advanced resources are likely to sustain a company's competitive advantage over time. If True, explain. If False, explain. 2 Functional-level strategies are intended to create valuable resources to...
-
Goods costing $2,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18 a $200 credit memo is received from the supplier for damaged goods. Give the journal entry on July...
-
Goods costing $3,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18 a $200 credit was received from the supplier for damaged goods. Give the journal entry on July 24...
-
In Exercises 912, use the given conditions to write an equation for each line in point-slope form and general form Passing through (4, -7) and perpendicular to the line whose equation is x - 2y - 3 =...
-
The velocity of block A is 2 m/s to the right at the instant when r = 0.8 m and ( = 30o. Neglecting the mass of the pulley and the effect of friction in the pulley and between block A and the...
-
Use (a) The Trapezoidal Rule (b) The Midpoint Rule (c) Simpsons Rule to approximate the given integral with the specified value of n. dx, n= 3 10 Jo 1 + x*
-
P1-3 Journal entries and balance sheet for an acquisition On January 2, 2016, Pam Corporation issues its own $10 par common stock for all the outstanding stock of Sun Corporation in an acquisition....
-
When China reformed state-owned enterprises, it tried a new approach to choosing managers: it put managerial jobs up for auction. The bids for the jobs consisted of promises of future profit streams...
-
(a) Calculate the missing amounts. Riverbed Ltd. $1,429,000 661,627 Concord Ltd. $2,149,000 1.196,993 Sales Cost of goods sold Gross profit 767373 952007 584,000 I Operating expenses 313,000 Income...
-
Six months ago you purchased a bond with 14 years remaining until maturity, a coupon rate of 5.00% and a yeild of maturity of 4.00% at the time of purchase. This morning you received a coupon, and...
-
(a) Should accounting transaction debits and credits be recorded directly in the ledger accounts? (b) What are the advantages of first recording transactions in the journal and then posting to the...
-
(a) What is a ledger? (b) Why is a chart of accounts important?
-
The following comparative income statement (in thousands of dollars) for the fiscal years 2001 and 2002 was adapted from the annual report of Speedway Motorsports, Inc., owner and operator of several...
-
Maria A Solo (SSN 318-01-6921) lives at 190 Glenn drive, grand rapids, Michigan 49527-2005. Maria (age 45 and single) claims her aunt, Selda Ray (ssn 282-61-4011), as a dependent. Selda lives with...
-
A clinical trial was conducted to test the effectiveness of a drug used for treating insomnia in older subjects. After treatment with the drug, 11 subjects had a mean wake time of 95.1 min and a...
-
PROBLEM 13-3 Translation-Local Currency Is the Functional Currency LO7 (This problem is a continuation of the illustration presented in the chapter.) On January 2, 2019, P Company, a US-based...
-
The operations manager for a local bus company wants to decide whether he should purchase a small, medium, or large new bus for his company. He estimates that the annual profits (in $000) will vary...
-
Claim: Fewer than 8.2% of homes have only a landline telephone and no wireless phone. Sample data: A survey by the National Center for Health Statistics showed that among 13,215 homes 5.78% had...
-
Calculating Total Cash Flows Schwert Corp. shows the following information on its 2012 income statement: sales 5 $185,000; costs 5 $98,000; other expenses 5 $6,700; depreciation expense 5 $16,500;...
-
KD Insurance Company specializes in term life insurance contracts. Cash collection experience shows that 20 percent of billed premiums are collected in the month before they are due, 60 percent are...
-
Draw a dot diagram for NO + .
-
The following items were taken from the balance sheet of Nike, Inc. Instructions Perform each of the following. (a) Classify each of these items as an asset, liability, or stockholders' equity and...
-
The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Elder Corporation and Holden Enterprises, are presented below for 2010....
-
Presented below are five independent situations. (a) Three physics professors at MIT have formed a business to improve the speed of information transfer over the Internet for stock exchange...
-
A local bookstore is considering adding a coffee shop to their store. Building the coffee shop will cost $256,340.00 today. The bookstore is going to try this project for five years. The bookstore...
-
What is the depreciation deduction, using each of the following methods, for the second year for an asset that costs $40,000 and has an estimated MV of $5,000 at the its seven-year useful life?...
-
How do we use the simulation analysis for financial decision making
Study smarter with the SolutionInn App