Answered step by step
Verified Expert Solution
Question
1 Approved Answer
3rd Request..... Please can you help me journalize these journal entries ...... i need ASAP There are no drop downs answer for this question oumalize
3rd Request..... Please can you help me journalize these journal entries ...... i need ASAP
There are no drop downs answer for this question
oumalize the following transactions for Caroline Company, Inc using the Chart of Accounts above. Dmit journal entry memos. DO NOT PUT DOLLAR SIGNS. The first one has been done for you as en example. une 1 Transferred cash from a personal bank account in exchange for stock, $50,000 June 1 Sold 1,000 shares of preferred stock. $50 par, for $55,000. June 1 Purchased $20,000 of merchandise inventory by issuing a 180 day, 12% interest paying note. June 5 Received the Insurance bill of $2,000. Payment is not due until June 30. June 7 Sold Merchandise for cash, $5,000. The costs of the goods sold was $3,000. June 15 Recorded servicing provided to the client on account, $7,500. June 20 Received payment from clients on account, $1,800. June 25 Paid employees $6,000 At the end of June, the following adjustment data were assembled: Accrued 1 month's interest on the note issued on June 1 The unadjusted trial balance indicates supplies of $5,000. The actual amount of supplies on hand is $1,000. Depreciation of the Office Equipment is $500 for the month. GENERAL JOURNAL Page Date Description Debit Credit June 1 Cash 50,000 Common Stock 50.000 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started