Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bright Horizons Education started operations on January 1, 20X1. Record the following transactions in the general journal. Transactions: Issued 9,000 shares of common stock at

"Bright Horizons Education" started operations on January 1, 20X1. Record the following transactions in the general journal.
Transactions:

  1. Issued 9,000 shares of common stock at $100 per share, receiving cash.
  2. Purchased educational supplies worth $90,000 on credit from "Learning Supplies Co."
  3. Sold educational services for $170,000 in cash.
  4. Paid $75,000 to "Learning Supplies Co." for the supplies purchased.
  5. Acquired computers and projectors worth $125,000 in cash.
  6. Paid salaries totaling $70,000.
  7. Provided services worth $140,000 on credit to "Knowledge Retailers."
  8. Received $120,000 from "Knowledge Retailers" for the services provided on credit.
  9. Paid rent amounting to $45,000.
  10. Received a utility bill for $22,000.

Requirement:
Journalize all these transactions into a general journal entry.

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

Managerial Accounting

Authors: John J. Wild, Ken W. Shaw

2010 Edition

9789813155497, 73379581, 9813155493, 978-0073379586

More Books

Students also viewed these Accounting questions

Question

Using Gauss-Jordan elimination, invert this matrix ONLY 0 0 0 0 1

Answered: 1 week ago