Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

choose from the options given below ABC Company is a new company. This is the first month of operations. The following are the transactions for

image text in transcribed

image text in transcribed

image text in transcribed

choose from the options given below

ABC Company is a new company. This is the first month of operations. The following are the transactions for June 2020. a) The owner invested $30,000 in cash and a vehicle that had a fair value of $20,000. The vehicle was originalify purchased by the owner for $30,000. b) Completed a $3,000 project for a client who will pay within 30 days. c) Received a partial payment of $1,000 for the work completed in part b. d) Signed a contract to complete work for a client starting next month. e) Paid a $500 deposit for an advertisement to be published next week in the local paper. Required: Drag and drop the correct account name or amount in the journal entries below. Journal Entries Part/DateAccount Title and Description PR Debit \$ Credit $ a) 30,000 Vehicle Capital b) 3,000 c) Cash 1,000 3,000 AR 1,000 d) e) 500 Cash 500 AR 1,000 d) e) 500 Cash 500 Please put an answer in each box

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

Accounting Information Systems

Authors: Marshall B. Romney

8th Edition

0201357216, 9780201357219

More Books

Students also viewed these Accounting questions

Question

What are the big five personality traits? (p. 60)

Answered: 1 week ago

Question

State the uses of job description.

Answered: 1 week ago

Question

Explain in detail the different methods of performance appraisal .

Answered: 1 week ago

Question

Demonstrate through language that you are grateful to be informed.

Answered: 1 week ago

Question

Always mention the specifi c problem the customer faced.

Answered: 1 week ago