Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

c. Sold 5,000 additional shares of common stock for $1 cash per share. Debit Credit Accounts Cash Common Stock 5,000 5,000 d. Provided day care

image text in transcribed

c. Sold 5,000 additional shares of common stock for $1 cash per share. Debit Credit Accounts Cash Common Stock 5,000 5,000 d. Provided day care to puppies during the year. Total amount for these services is $65.000 $9,000 of this was paid with credit, the rest was received in cash. Credit Accounts Cash Accounts Receivable Service Revenue Debit 56,000 9,000 56 000 65,000 e. Paid salaries of $22,000 cash for employees that worked throughout the year. Credit Accounts Salaries Expense Cash Debit 22,000 22,000 f. Incurred $8,000 in rent. All was paid in cash. Accounts Debit Credit 8,000 Rent Expense Cash 8,000 g. Collected accounts receivable $8,000. Debit Credit Accounts Cash Accounts Receivable 8,000 8,000 h. Purchased on account supplies for future use, $10,000. T Debit 10,000 T Accounts Supplies Accounts payable Credit | 10,000 c. Sold 5,000 additional shares of common stock for $1 cash per share. Debit Credit Accounts Cash Common Stock 5,000 5,000 d. Provided day care to puppies during the year. Total amount for these services is $65.000 $9,000 of this was paid with credit, the rest was received in cash. Credit Accounts Cash Accounts Receivable Service Revenue Debit 56,000 9,000 56 000 65,000 e. Paid salaries of $22,000 cash for employees that worked throughout the year. Credit Accounts Salaries Expense Cash Debit 22,000 22,000 f. Incurred $8,000 in rent. All was paid in cash. Accounts Debit Credit 8,000 Rent Expense Cash 8,000 g. Collected accounts receivable $8,000. Debit Credit Accounts Cash Accounts Receivable 8,000 8,000 h. Purchased on account supplies for future use, $10,000. T Debit 10,000 T Accounts Supplies Accounts payable Credit | 10,000

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

Financial And Managerial Accounting

Authors: Carl S. Warren, Jefferson P. Jones, William B. Tayler

15th Edition

1337902667, 9781337902663

More Books

Students also viewed these Accounting questions

Question

=+f) What is the average size of the error standard deviation?

Answered: 1 week ago