Question
Analyze each transaction for its effects on the account. Transfer the journal information to the appropriate accounts in the ledger account. 1- October 1, office
Analyze each transaction for its effects on the account. Transfer the journal information to the appropriate accounts in the ledger account.
-
1- October 1, office rent for October is paid in cash $900.00.
-
2- October 1, office equipment costing $5,000 is purchased by signing a 3-month, 12%,
$5,000 note payable.
-
3- October 1, Bryad Company invest $10,000 cash in advertising venture to be known as the
Pioneer Advertising Agency.
-
4- Bird Company purchases a delivery truck costing $14,000 by paying $8,000 and the
balance on account (to be paid later).
-
5- Opened a bank account in the name of Hair Company and deposited $20,000 of her own
money in this account as her initial investment.
-
6- Invest $20,000 cash in the business.
-
7- Withdrew $700 cash for personal use.
-
8- Paid $1,200 for one year accident insurance policy.
-
9- Purchased washers and dryers for $25,000 paying $10,000 in cash and signing a $15,000,
6-month, 12% note payable.
-
10- Received $700 Cash from customers billed on January 11.
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