Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chapter 3 HW Check Your Work onnect r3 HW Instructions I help Question 21 (of 26) Save & Et Submit 0.42 points PA3-3 Analyzing the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Chapter 3 HW Check Your Work onnect r3 HW Instructions I help Question 21 (of 26) Save & Et Submit 0.42 points PA3-3 Analyzing the Effects of Transactions Using T-Accounts, Preparing an Unadjusted Trial Balance, and Determining Net Income and Net Profit Margin [LO 3-1, LO 3-2, LO 3-3, LO 3-4, LO 3-5 Spicewood Stables, Inc. was established in Dripping Springs, Texas, on Apni 1. The company proides stables, care for animais, and grounds for riding and showing horses. You have been hired as the new Assistant Controller. The following transactions for April are provided for your review 1. Received contributions trom investors and issued $220,000 of common stock on April . 2. Buit a bam and other buildings for $153,000. On Apri 2, the company paid half the amount in cash on Apri 1 and signed a three-year note payable for the baance. 3. Provided $16,600 in animal care services for customers on Api 3, at on credt 4. Rented stables to customers who cared for their own animais receved cash of $21,500 on Apni 4 5. On Aprg 5, received S2350 cash tom a customer toboad her horse n May, June, and July (record as Uneamed Revenue). 6. Purchased hay and feed supplies on account on Apni6 for $3,600 7. Paid $2,900 on accounts payable on Apri 7 for previous purchases 8. Received $1,140 from oustomers on Agnil 8 on accounts receivable. 9. On Apri 9 prepaid a two-year insurance policy for $3.500. for coverage starting in May. 10.On April 28, paid $1,270 in cash for waner utines inoured in the monh 11.Paid $14,700 in wages on Ape 29 for work done this month 12 Received an electriec utlity bil on April 30 for $1,960 for usage in Apnt the bill will be paid e mh Required: 1. Prepare the joumal entry for each of the above transactions. f no entry is required for a transactionievent, select "No Journal Entry Required" in the first account faid ) Journal entry worksheet 12 Received contributions from investors and issued on Aprt 1. Record the transaction. $220,000 of common stock sactio General Journal DebitCredit

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_2

Step: 3

blur-text-image_3

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

Management Accounting

Authors: Greg Shields

1st Edition

1647484286, 978-1647484286

More Books

Students also viewed these Accounting questions