Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During the first month of operations, the following transactions occurred for Blossom Inc.: Apr. 1 Invested cash of $9,600 and equipment of $6,000 in the

During the first month of operations, the following transactions occurred for Blossom Inc.:
Apr. 1 Invested cash of $9,600 and equipment of $6,000 in the company in exchange for common shares.
1 Hired a secretary-receptionist at a monthly salary of $2,000.
2 Paid office rent for the month, $1,000.
3 Purchased architectural supplies on account from Halo Ltd., $2,000.
10 Completed blueprints on a carport and billed client $1,300.
13 Received $800 cash advance from a client for the design of a new home.
20 Received $2,500 for services performed for a client.
21 Received $650 from client in partial payment for work completed and billed on April 10.
23 Received Aprils telephone bill for $160; due May 15. (Hint: Use the Utilities Expense account for telephone services.)
25 Declared and paid $160 of dividends to shareholders.
27 Paid 50% ($1,000) of the amount owed to Halo Ltd. on account. (see April 3 transaction)
30 Paid secretary-receptionist for the month, $2,000.
30 Paid monthly income tax instalment, $110.

(a)

Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

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 For Non Accounting Students

Authors: John R. Dyson

7th Edition

0273709224, 9780273709220

More Books

Students also viewed these Accounting questions