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1-Jul Five individuals each invested $50,000 to establish the corporation. Each individual received 10,000 shares with a $1 par. 1-Jul With the capital, managers purchased
1-Jul Five individuals each invested $50,000 to establish the corporation. Each individual received 10,000 shares with a $1 par. 1-Jul With the capital, managers purchased a new building to use as retail space for $100,000 and fixtures worth $20,000 1-Jul Management also purchased a 1-year property insurance policy, paying $2,500. 3-Jul After negotiating with suppliers, Montana bought 500 units of inventory for $10 each, on account. The original price before negotiations was $12. 7-Jul The storefront opened and Montana had $2,500 in sales on account. They sold 100 units in their grand opening. 9-Jul Customers came in and purchased another 20 units. 10-Jul Montana also provides services to customers. A customer pays $1000 for services to be provided by the end of the month. 15-Jul Montana pays half of the amount owed to its supplier. 20-Jul Montana receives $1000 of the amount owed from customers from opening day sales. 25-Jul Montana enters into a contract with a customer to provide services. The customer will pay $2,000 upon completion 31-Jul Montana pays a dividend of $1/share to its owners. Prepare journal entries and an unadjusted trial balance
| 1-Jul Five individuals each invested $50,000 to establish the corporation. Each individual received 10,000 shares with a $1 par. | ||||||
| 1-Jul With the capital, managers purchased a new building to use as retail space for $100,000 and fixtures worth $20,000 | ||||||
| 1-Jul Management also purchased a 1-year property insurance policy, paying $2,500. | ||||||
| 3-Jul After negotiating with suppliers, Montana bought 500 units of inventory for $10 each, on account. The original price before negotiations was $12. | ||||||
| 7-Jul The storefront opened and Montana had $2,500 in sales on account. They sold 100 units in their grand opening. | ||||||
| 9-Jul Customers came in and purchased another 20 units. | ||||||
| 10-Jul Montana also provides services to customers. A customer pays $1000 for services to be provided by the end of the month. | ||||||
| 15-Jul Montana pays half of the amount owed to its supplier. | ||||||
| 20-Jul Montana receives $1000 of the amount owed from customers from opening day sales. | ||||||
| 25-Jul Montana enters into a contract with a customer to provide services. The customer will pay $2,000 upon completion | ||||||
| 31-Jul Montana pays a dividend of $1/share to its owners. | ||||||
| Prepare journal entries and an unadjusted trial balance |
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Principles of Accounting
Authors: Needles, Powers, crosson
11th Edition
1439037744, 978-1133626985, 978-1439037744
