Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Date Account and Explanation DR CR Apr 01 Cash 750,000 Common Stock 750,000 (cash received for issued common stock) 3-Apr Land Cash (land purchased

image text in transcribedimage text in transcribed

Date Account and Explanation DR CR Apr 01 Cash 750,000 Common Stock 750,000 (cash received for issued common stock) 3-Apr Land Cash (land purchased with cash) 200,000 200,000 5-Apr Office Supplies Accounts Payable 1,450 1,450 (office supplies purchased an account) G-Apr Cash 13,000 Service Revenue 13,000 (cash received for service) 7-Apr Accounts Receivable 15,000 Service Revenue 15,000 (service provided an account) 10-Apr Salaries Expense Rent Expense Cash 8,500 6,000 14,500 (expenses paid) 12-Apr Accounts Payable Cash 800 8:00 (cash paid to accounts payable) 14-Apr Cash 3,500 Accounts Receivable 3,500 (cash received from receivable) 16-Apr Dividends 2,750 Cash 2,750 (dividend paid) 18-Apr Prepaid Rent 18,000 Cash 18,000 (rent paid in advance) 20-Apr Salaries Expense Cash 8,500 8,500 (salaries paid) 25-Apr Building Notes Payable 525,000 525,000 (building purchased and loan issued) 26-Apr Furniture 27,000 Common Stock 27,000 (furniture purchaced in exchange of stock) 28-Apr Utilities Expense 1,200 Utilities Payable 1,200 (received phone bill) 30-Apr Salaries Expense Cash 8,500 8,500 (services paid) 30-Apr Cash 24,000 Service Revenue 24,000 (cash received for service to be performed at later date) 30-Apr Cash 18,000 Service Revenue 18,000 (cash received for service performed) 1,631,200

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

Management Accounting Information for Decision-Making and Strategy Execution

Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young

6th Edition

137024975, 978-0137024971

More Books

Students also viewed these Accounting questions

Question

6.65 Find the probability that z lies between z=-1.48 and z=1.48.

Answered: 1 week ago

Question

What are the three kinds of research types? Explain each type.

Answered: 1 week ago

Question

What is the 50th percentile of a quantitative data set called?

Answered: 1 week ago