Prepare journal entries to record the following August 2020 transactions of a new business called For the
Question:
Prepare journal entries to record the following August 2020 transactions of a new business called For the Love of Pixels.
Transcribed Image Text:
Joseph Eagle, the owner, invested $20,000 cash and photography equipment with a fair value of $42,000. Rented a studio, paying $12,000 for the next three months in advance. Purchased office supplies for $1,800 cash. Aug. Received $9,200 in photography revenue. 20 Paid $1,400 for August utilities. 31
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 88% (9 reviews)
General Journal Page G1 Date Account Titles and Explanation PR D...View the full answer
Answered By
Jehal Shah
I believe everyone should try to be strong at logic and have good reading habit. Because If you possess these two skills, no matter what difficult situation is, you will definitely find a perfect solution out of it. While logical ability gives you to understand complex problems and concepts quite easily, reading habit gives you an open mind and holistic approach to see much bigger picture.
So guys, I always try to explain any concept keeping these two points in my mind. So that you will never forget any more importantly get bored.
Last but not the least, I am finance enthusiast. Big fan of Warren buffet for long term focus investing approach. On the same side derivatives is the segment I possess expertise.
If you have any finacne related doubt, do reach me out.
5.00+
1+ 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:
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Business questions
-
Prepare journal entries to record the following transactions involving the short- term securities investments of Krum Co., all of which occurred during year 2013. a. On August 1, paid $450,000 cash...
-
Prepare journal entries to record the following merchandising transactions of Gore Company, which applies the perpetual inventory system. (It will help to identify each receivable and payable; for...
-
Prepare journal entries to record the following transactions involving the short-term securities investments of Bolton Co., all of which occurred during year 2011. a. On February 15, paid $170,000...
-
Consider Devine Fashion from S8-6. Assume that the fixed expenses assigned to each department include only direct fixed costs of the department (rather than unavoidable fixed costs as given in S8-6):...
-
Experiments show that it takes 1656 kJ/mol to break all the bonds in methane (CH4) and 4006 kJ/mol to break all the bonds in propane (C3H8). Based on these data, calculate the average bond enthalpy...
-
The inexperienced finance trainee at Mugs-R-Us plc says that he can save the company money on its forthcoming issue of ten-year bonds. The rate of return required for bonds of this risk class in the...
-
The stockholders equity section of the balance sheet of Pittman Corporation as of December 31, 20x7, was as follows: Pittman Corporation had the following transactions in 20x8: Feb. 28 The board of...
-
Refer to the Simon Company information in Exercise 17-7. The companys income statements for the years ended December 31, 2014 and 2013 follow. Assume that all sales are on credit and then compute:...
-
13. Find the torque produced by a cyclist exerting a force of F = [45, 90, 130]N on the shaft- pedal d = [12, 17, 14] cm long. a) (-950, 930, -315) b) 3890 c) 19874 d) 1866625 14. Given a = [3, -1,...
-
Obtain the relation between the polarizability and the distance between the two atoms for a two neutral atoms system. a () (b) - 2 ( c ) - a ( d ) 2
-
Identify the transposition error in the following trial balance, assuming this is the only error. Be Fabulous Flowers Trial Balance September 30, 2020 Acct. No. Account Debit Credit $ 9,800 101 Cash....
-
Using the account information shown below, prepare a trial balance at January 31, 2020. Vahn Landscaping General Ledger Unearned Brea Vahn, Capital Cash 101 Equipment 163 Revenue 233 301 5,000 6,000...
-
1. What kinds of investment decisions drove Barings Bank, UBS, Bear Stearns, and Lehman Brothers to financial disasters? 2. How can an ethical corporate culture with adequate internal controls,...
-
What are the 3 benefits for workers/employees listed in this article to move to a 4-days workweek schedule? The article: People who work fewer hours per week are not only happier, but also more...
-
Explain the main ideas and conflicts involved in the issue :If I had a 1 percent chance of coming out of a long-term coma, would I want physicians to keep treating me, or would you rather they let...
-
27. Max 2x1 + 4x2 s.t. 1x1 + 1/2x2 10 1x1 + 1x2 = 12 1x1 + 32x2 18 X1, X20 For each linear program, determine the solution situation that exists, and indicate how you identified each situation using...
-
mum revenue? 17. Business: Agricultural Yield An orchard presently has 30 trees per acre. Each tree yields 480 peaches. It is determined that for each additional tree that is planted per , the yield...
-
Cost Volume Profit Analysis looks at the behavior of total revenues collected, total costs, and the operating income based on differences in units sold, their sales price, variable cost per item, and...
-
Errors in medical prescriptions occur and a study examined whether electronic prescribing may help reduce errors. Two groups of doctors used written prescriptions and had similar error rates before...
-
4. Jobe dy -Y 2 et by
-
Canadas largest film exhibition operator with theatres in ten provinces. An excerpt from its comparative balance sheet at December 31, 2014, shows the following assets and liabilities, in...
-
Refer to the income statement for WestJet in Appendix III. Is WestJet a merchandiser?
-
Refer to the income statement for Danier in Appendix III. Is a detailed calculation of the cost of goods sold presented?
-
Journalizing And Posting Payroll Entries Cascade Company has four employees. All are paid on a monthly basis. The fiscal year of the business is June 1 to May 3 1 . The accounts kept by Cascade...
-
Carlton holds undeveloped land for investment. His adjusted basis in the land is $ 2 0 0 , 0 0 0 , and the FMV is $ 3 2 5 , 0 0 0 . On November 1 , 2 0 2 1 , he exchanges this land for land owned by...
-
Calculate Current Ratio: Requirements: Given the balance sheet data: Current Assets: $200,000 Current Liabilities: $80,000 Compute the current ratio. Provide the calculated current ratio.
Study smarter with the SolutionInn App