Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

all part of the same question O'Brien Construction had the following business activities: 1. Stockholders invest $30,000 cash in the corporation - 2. O'Brien purchased

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
all part of the same question
O'Brien Construction had the following business activities: 1. Stockholders invest $30,000 cash in the corporation - 2. O'Brien purchased $500 of office supplies on credit 3. O'Brien purchased office equipment for $8,000, paying $1,500 in cash and signing a 30-day note payable for the remainder. 4. O'Brien paid $250 cash on account for office supplies purchased in transaction 2 5. O'Brien purchased two acres of land for $6,000, signing a 2 year note payable. 6. O'Brien sold one acre of land at one-half of the total cost of the two acres, receiving the full amount or $3,000 in cash. 7. O'Brien made a payment of $3,000 on its 2-year note. Required: Prepare journal entries for the above transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet A B E F G Record the entry for investment of $30,000 cash in the corporation by stockholders. Note: Enter debits before credits Transaction General Journal Debit Credit 1 Record entry Clear entry View general Journal Journal entry worksheet F G Record the entry for the payment of $250 cash on account for office supplies purchased in transaction 2. Note: Enter debits before credits. Transaction General Journal Debit Credit 4 Record entry Clear entry View general Journal Journal entry worksheet E G A B C D Record the entry for the sale of one acre of land at one-half of the total cost of the two acres, receiving the full amount or $3,000 in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit 6 Record entry Clear entry View general journal Journal entry worksheet

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Software Quality Assurance A Guide For Developers And Auditors

Authors: Howard T. Garst Smith

1st Edition

1574910493, 978-1574910490

More Books

Students also viewed these Accounting questions

Question

6. Conclude with the same strength as in the introduction

Answered: 1 week ago