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.
Transcribed Image Text:
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
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
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
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Question Posted:
Students also viewed these Business questions
-
Peeters Consulting completed these transactions during June 2014: a. Trevor Peeters, the sole proprietor, invested $46,000 cash and office equipment with a $24,000 fair value in the business. b....
-
Peeters Consulting completed these transactions during June 2017: June 2. Trevor Peeters, the sole proprietor, invested $46,000 cash and office equipment with a $24,000 fair value in the business. 4....
-
Using the information in Problem 2-1B, complete the following: Problem 2.1B Peeters Consulting completed these transactions during June 2017: June 2. Trevor Peeters, the sole proprietor, invested...
-
1. List five line coding schemes discussed in this book. 2. Define block coding and give its purpose. 3. Define scrambling and give its purpose. 4. Compare and contrast PCM and DM 5. What are the...
-
Two atoms have the electron configurations 1s22s22p6 and 1s22s22p63s1. The first ionization energy of one is 2080 kJ/mol, and that of the other is 496 kJ/mol. Match each ionization energy with one of...
-
Torey Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, \(\$ 50\) par value preferred stock and 200,000 shares of \(\$ 5\) par value common stock. During...
-
Presented below are selected financial statement items for Rowe Corporation for December 31, 2012. Inventory $ 55,000 Cash paid to purchase equipment $ 30,000 Cash paid to suppliers 154,000 Equipment...
-
Glencoe Medical Clinic operates a cardiology care unit and a maternity care unit. Colby Hepworth, the clinics administrator, is investigating the charges assigned to cardiology patients. Currently,...
-
Weekly HW Assignment 12 Due Friday Friday Apr. 7, 2023 Instructions: These are problems you can work on throughout the week. They are due on Friday April 7 at 11:59pm EST. The written problems should...
-
Ricky Corporation had the following alphabetical account balance listing at December 31, 2017 (in thousands of dollars). Required: Prepare a balance sheet for Ricky Corporation at December 31, 2017....
-
Carlos Young started an engineering firm called Young Engineering. He began operations in March 2020 and completed seven transactions, including his initial investment of $17,000 cash. After these...
-
An account is defined as a: a. Detailed record of increases or decreases in a specific asset, liability, or equity item b. Financial statement record that maintains customer information for a...
-
K. Boo-jin has a 41,000 capital balance in a partnership (amounts in thousands). She sells her interest to P. Beom-Su for 45,000 cash. What entry is made by the partnership for this transaction?
-
Your client's knowledge of financial theory and financial mathematics is now better than what it was because of your previous report. Similar to the prior report, your client has completed some...
-
Let ytan (4x+6). Find the differential dy when x = 4 and dx = 0.1 Find the differential dy when x = 4 and dx = 0.2
-
How is Sierra Club Foundation and Environmental Defense Fund different and similar from each other? Compare their programs, mission, staff, board and financial statements to arrive at a conclusion....
-
Ana is planning for her son's college education.He will go to college 8 years from today and will require $20,000, $23,000, $26,000, and $29,000 at the beginning of each year in school.If Ana...
-
After successfully completing your corporate finance class, you feel the next challenge ahead is to serve on the board of directors of Cornwall Enterprises. Unfortunately, you will be the only person...
-
Find the sample size needed to give, with 95% confidence, a margin of error within 3, if the estimated standard deviation is = 100. If the estimated standard deviation is = 50. If the estimated...
-
Write electron configurations for the following ions, and determine which have noble-gas configurations: (a) Cd2+ (b) p3- (c) Zr4+ (d) Ru3+ (e) As3- (f) Ag+
-
Designer Architects had the following additional information at its November 30, 2020, year-end: a. The Unearned Revenue account showed a balance of $62,000, which represented four months of services...
-
On September 3, 2020, Reynolds Retailers, operating out of Nunavut, sold $14,700 of goods for cash with a cost of $12,380. Record Reynoldss entries, including all appropriate sales taxes.
-
Africa Safari is a tour business that operates from about April to October each year. The company has an outstanding reputation for the quality of its tours and as a result pre-books customers a full...
-
TB MC Qu . 2 5 - 1 1 2 ( Algo ) Pinkin Incorporated needs to determine a price... Pinkin Incorporated needs to determine a price for a new phone model. Pinkin desires a 2 5 % markup on the total cost...
-
HELP i need help detailed steps pls i dont understand any parts of the question. Please explain every step. EXERCISE 9 - 1 0 Flexible Budget Performance Report [ LO 4 ] Vision and Audio is a small...
-
Cash Budget Pasadena Candle Inc. pays 4 0 % of its purchases on account in the month of the purchase and 6 0 % in the month following the purchase. If purchases are budgeted to be $ 4 0 , 0 0 0 for...
Study smarter with the SolutionInn App