Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Create journal entries for all other (non-inventory) owner contributions View the Video: Owner Contributions / Investments To enter all owner contributions, you may create


 

Create journal entries for all other (non-inventory) owner contributions View the Video: Owner Contributions / Investments To enter all owner contributions, you may create one or multiple JEs. Determine the correct account to debit from the list below and credit: Owner's Investments. Reminder: all of the items below were paid by Casey from his personal bank account. Also remember to put the description of each item in the JES. Table 5: Owner's Contributions/Investments Date 3/1 3/1 3/1 3/5 3/10 3/15 3/25 o Journal Entries in QuickBooks Online The transcript is in Content/Course Resources/Projects & Rubrics/Project 2 3/31 Description *Rental Deposit (Refundable) *1st month rent - March (prior to opening) *Electricity Deposit (Refundable) *Chesapeake Communications Network Deposit (nonrefundable) *Gallery set up supplies - paint for walls, cleaning supplies, lumber for building shelves/racks "Miscellaneous art supplies for classes 4 large Art displays (Fair market value at time of contribution = $450 each) Owner's deposit to open a business bank account Account Refundable deposits Rent expense Refundable deposits Utilities: Phone & Internet Office Supplies Art Supplies expense Art Displays Casey's Crafts Bank Amount $2,500 3,000 900 300 435 750 1,800 22,500 Total: $32,185

Step by Step Solution

3.40 Rating (163 Votes )

There are 3 Steps involved in it

Step: 1

1 2 JOURNAL ENTRIES 3 Date 31 4 5 6 7 8 9 LO 11 L2 L3 14 15 L6 17 18 19 20 21 22 23 24 25 26 27 28 2... 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

Cost Accounting A Managerial Emphasis

Authors: Srikant M. Datar, Madhav V. Rajan, Charles T. Horngren, Louis Beaubien, Chris Graham

7th Canadian Edition

133138445, 978-0133926330, 133926338, 978-0133138443

More Books

Students also viewed these Accounting questions