Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During July 2017, Krogue, Inc., completed the following transactions. Prepare the journal entry for each transaction. 2 Received $320,000 for 80,000 shares of capital


During July 2017, Krogue, Inc., completed the following transactions. Prepare the journal entry for each transaction. 2 Received $320,000 for 80,000 shares of capital stock. 4 Purchased S100,000 of equipment, with 75% down and 25% on a note payable. 5 Paid utilities of $2,300 in cash. 9 Sold equipment for $15,000 cash (no gain or loss). 13 Purchased $250,000 of supplies, paying 30% down and 70%% on credit. 14 Paid $6,000 cash insurance premium for July. 18 Provided services for $81,000 to customers on account to be paid at a later date. 20 Collected $8,500 from accounts receivable. 24 Provided services for $43,000 to customers for cash. 27 Paid property taxes of $1,200. 30 Paid S175,000 of accounts payable for supplies purchased on July 13. July

Step by Step Solution

3.35 Rating (161 Votes )

There are 3 Steps involved in it

Step: 1

Dafe Paonticulane Debit Credit July 02 Bonk 320 00... 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

College Accounting

Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille

11th edition

978-1111528300, 1111528128, 1111528306, 978-1111528126

More Books

Students also viewed these Accounting questions

Question

Explain how religious attitudes affect firm behavior.

Answered: 1 week ago

Question

Write a paper about medication error system 2016.

Answered: 1 week ago