Exercise 3.12 (Static) Journalizing, Posting, and Preparing a Trial Balance (LO3-3, LO3-5, LO3-8, LO3-9) Elaine Consulting incorporated on February 1, current year. The company engaged in the following transactions during its first month of operations. Feb. 1 Issued capital stock in exchange for $800,000 cash. Feb. 5 Borrowed $100,000 from the bank by issuing a note payable. Feb. 8 Purchased land, building, and office equipment for $750,000. The value of the land was $150,000, the value of the building was $540,000, and the value of the office equipment was $60,000. The company paid $200,000 cash and issued a note payable for the balance. Feb. 11 Purchased office supplies for $800 on account. The supplies will last for several months. Feb. 14 Paid the local newspaper $500 for a full-page advertisement. The ad will appear in print on February 18. Feb. 20 Several of the inkjet printer cartridges that Elaine purchased on February 11 were defective. The cartridges were returned and the office supply store reduced Elaine's outstanding balance by $200. Feb. 22 Performed consulting services for $14,000 cash. Feb. 24 Billed clients $16,000.. Feb. 25 Paid salaries of $12,000. Feb. 28 Paid the entire outstanding balance owed for office supplies purchased on February 11. A partial list of the account titles used by the company includes the following. Cash Accounts Receivable Office Supplies Land Building Office Equipment Notes Payable Accounts Payable Capital Stock Client Service Revenue Advertising Expense Salaries Expense a. Prepare journal entries for the above transactions. b. Post each entry to the appropriate ledger accounts. c. Prepare a trial balance dated February 28, current year. Assume accounts with zero balances are not included in the trial balance. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Record the issuance of capital stock for $800,000. Note: Enter debits before credits. Date Feb. 1 General Journal Debit Credit Record entry Clear entry View general journal Required A Required B > Exercise 3.12 (Static) Journalizing, Posting, and Preparing a Trial Balance (LO3-3, LO3-5, LO3-8, LO3-9) Elaine Consulting incorporated on February 1, current year. The company engaged in the following transactions during its first month of operations. Feb. 1 Issued capital stock in exchange for $800,000 cash. Feb. 5 Borrowed $100,000 from the bank by issuing a note payable. Feb. 8 Purchased land, building, and office equipment for $750,000. The value of the land was $150,000, the value of the building was $540,000, and the value of the office equipment was $60,000. The company paid $200,000 cash and issued a note payable for the balance. Feb. 11 Purchased office supplies for $800 on account. The supplies will last for several months. Feb. 14 Paid the local newspaper $500 for a full-page advertisement. The ad will appear in print on February 18. Feb. 20 Several of the inkjet printer cartridges that Elaine purchased on February 11 were defective. The cartridges were returned and the office supply store reduced Elaine's outstanding balance by $200. Feb. 22 Performed consulting services for $14,000 cash. Feb. 24 Billed clients $16,000. Feb. 25 Paid salaries of $12,000. Feb. 28 Paid the entire outstanding balance owed for office supplies purchased on February 11. A partial list of the account titles used by the company includes the following. Cash Accounts Receivable Office Supplies Land Building Office Equipment Notes Payable Accounts Payable Capital Stock Client Service Revenue Advertising Expense Salaries Expense a. Prepare journal entries for the above transactions. b. Post each entry to the appropriate ledger accounts. c. Prepare a trial balance dated February 28, current year. Assume accounts with zero balances are not included in the trial balance. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Record the entry for amount borrowed from bank by issuing a note payable. Note: Enter debits before credits. Date Feb. 5 General Journal Debit Credit Record entry Clear entry View general journal Exercise 3.12 (Static) Journalizing, Posting, and Preparing a Trial Balance (LO3-3, LO3-5, LO3-8, LO3-9) Elaine Consulting incorporated on February 1. current year. The company engaged in the following transactions during its first month of operations. Feb. 1 Issued capital stock in exchange for $800,000 cash. Feb. 5 Borrowed $100,000 from the bank by issuing a note payable. Feb. 8 Purchased land, building, and office equipment for $750,000. The value of the land was $150,000, the value of the building was $540,000, and the value of the office equipment was $60,000. The company paid $200,000 cash and issued a note payable for the balance. Feb. 11 Purchased office supplies for $800 on account. The supplies will last for several months. Feb. 14 Paid the local newspaper $500 for a full-page advertisement. The ad will appear in print on February 18. Feb. 20 Several of the inkjet printer cartridges that Elaine purchased on February 11 were defective. The cartridges were returned and the office supply store reduced Elaine's outstanding balance by $200. Feb. 22 Performed consulting services for $14,000 cash. Feb. 24 Billed clients $16,000. Feb. 25 Paid salaries of $12,000. Feb. 28 Paid the entire outstanding balance owed for office supplies purchased on February 11. A partial list of the account titles used by the company includes the following. Cash Accounts Receivable Office Supplies Land Building Office Equipment Notes Payable Accounts Payable Capital Stock Client Service Revenue Advertising Expense Salaries Expense a. Prepare journal entries for the above transactions. b. Post each entry to the appropriate ledger accounts. c. Prepare a trial balance dated February 28, current year. Assume accounts with zero balances are not included in the trial balance. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 10 Record the purchase of land, building, and office equipment. Note: Enter debits before credits. Date Feb. 8 General Journal Debit Credit Record entry Clear entry View general journal Exercise 3.12 (Static) Journalizing, Posting, and Preparing a Trial Balance (LO3-3, LO3-5, LO3-8, LO3-9) Elaine Consulting incorporated on February 1, current year. The company engaged in the following transactions during its first month of operations. Feb. 1 Issued capital stock in exchange for $800,000 cash. Feb. 5 Borrowed $100,000 from the bank by issuing a note payable. Feb. 8 Purchased land, building, and office equipment for $750,000. The value of the land was $150,000, the value of the building was $540,000, and the value of the office equipment was $60,000. The company paid $200,000 cash and issued a note payable for the balance. Feb. 11 Purchased office supplies for $800 on account. The supplies will last for several months. Feb. 14 Paid the local newspaper $500 for a full-page advertisement. The ad will appear in print on February 18. Feb. 20 Several of the inkjet printer cartridges that Elaine purchased on February 11 were defective. The cartridges were returned and the office supply store reduced Elaine's outstanding balance by $200. Feb. 22 Performed consulting services for $14,000 cash. Feb. 24 Billed clients $16,000. Feb. 25 Paid salaries of $12,000. Feb. 28 Paid the entire outstanding balance owed for office supplies purchased on February 11. A partial list of the account titles used by the company includes the following. Cash Accounts Receivable Office Supplies Land Building Office Equipment Notes Payable Accounts Payable Capital Stock client Service Revenue Advertising Expense Salaries Expense a. Prepare journal entries for the above transactions. b. Post each entry to the appropriate ledger accounts. c. Prepare a trial balance dated February 28, current year. Assume accounts with zero balances are not included in the trial balance. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5678 9 10 Record the purchase of offices supplies on account. Note: Enter debits before credits. Date Feb. 11 General Journal Debit Credit Record entry Clear entry View general journal Required A Required B > Exercise 3.12 (Static) Journalizing, Posting, and Preparing a Trial Balance (LO3-3, LO3-5, LO3-8, LO3-9) Elaine Consulting incorporated on February 1, current year. The company engaged in the following transactions during its first month of operations. Feb. 1 Issued capital stock in exchange for $800,000 cash. Feb. 5 Borrowed $100,000 from the bank by issuing a note payable. Feb. 8 Purchased land, building, and office equipment for $750,000. The value of the land was $150,000, the value of the building was $540,000, and the value of the office equipment was $60,000. The company paid $200,000 cash and issued a note payable for the balance. Feb. 11 Purchased office supplies for $800 on account. The supplies will last for several months. Feb. 14 Paid the local newspaper $500 for a full-page advertisement. The ad will appear in print on February 18. Feb. 20 Several of the inkjet printer cartridges that Elaine purchased on February 11 were defective. The cartridges were returned and the office supply store reduced Elaine's outstanding balance by $200. Feb. 22 Performed consulting services for $14,000 cash. Feb. 24 Billed clients $16,000. Feb. 25 Paid salaries of $12,000. Feb. 28 Paid the entire outstanding balance owed for office supplies purchased on February 11. A partial list of the account titles used by the company includes the following. Cash Accounts Receivable. Office Supplies Land Building Office Equipment Notes Payable Accounts Payable Capital Stock Client Service Revenue Advertising Expense Salaries Expense a. Prepare journal entries for the above transactions. b. Post each entry to the appropriate ledger accounts. c. Prepare a trial balance dated February 28, current year. Assume accounts with zero balances are not included in the trial balance. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Record the payment to the local newspaper $500 for a full-page advertisement to be printed on February 18. Note: Enter debits before credits. Date General Journal Debit Credit Feb. 14 Record entry Clear entry View general journal Exercise 3.12 (Static) Journalizing, Posting, and Preparing a Trial Balance (LO3-3, LO3-5, LO3-8, LO3-9) Elaine Consulting incorporated on February 1, current year. The company engaged in the following transactions during its first month of operations. Feb. 1 Issued capital stock in exchange for $800,000 cash. Feb. 5 Borrowed $100,000 from the bank by issuing a note payable. Feb. 8 Purchased land, building, and office equipment for $750,000. The value of the land was $150,000, the value of the building was $540,000, and the value of the office equipment was $60,000. The company paid $200,000 cash and issued a note payable for the balance. Feb. 11 Purchased office supplies for $800 on account. The supplies will last for several months. Feb. 14 Paid the local newspaper $500 for a full-page advertisement. The ad will appear in print on February 18. Feb. 20 Several of the inkjet printer cartridges that Elaine purchased on February 11 were defective. The cartridges were returned and the office supply store reduced Elaine's outstanding balance by $200. Feb. 22 Performed consulting services for $14,000 cash. Feb. 24 Billed clients $16,000. Feb. 25 Paid salaries of $12,000. Feb. 28 Paid the entire outstanding balance owed for office supplies purchased on February 11. A partial list of the account titles used by the company includes the following. Cash Accounts Receivable Office Supplies Land Building Office Equipment Notes Payable Accounts Payable Capital Stock Client Service Revenue Advertising Expense Salaries Expense a. Prepare journal entries for the above transactions. b. Post each entry to the appropriate ledger accounts. c. Prepare a trial balance dated February 28, current year. Assume accounts with zero balances are not included in the trial balance. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Record the entry for return of defective office supplies purchased on February 11. Note: Enter debits before credits. Date Feb. 20 General Journal Debit Credit Record entry Clear entry View general journal Exercise 3.12 (Static) Journalizing, Posting, and Preparing a Trial Balance (LO3-3, LO3-5, LO3-8, LO3-9) Elaine Consulting incorporated on February 1, current year. The company engaged in the following transactions during its first month of operations. Feb. 1 Issued capital stock in exchange for $800,000 cash. Feb. 5 Borrowed $100,000 from the bank by issuing a note payable. Feb. 8 Purchased land, building, and office equipment for $750,000. The value of the land was $150,000, the value of the building was $540,000, and the value of the office equipment was $60,000. The company paid $200,000 cash and issued a note payable for the balance. Feb. 11 Purchased office supplies for $800 on account. The supplies will last for several months. Feb. 14 Paid the local newspaper $500 for a full-page advertisement. The ad will appear in print on February 18. Feb. 20 Several of the inkjet printer cartridges that Elaine purchased on February 11 were defective. The cartridges were returned and the office supply store reduced Elaine's outstanding balance by $200. Feb. 22 Performed consulting services for $14,000 cash.. Feb. 24 Billed clients $16,000. Feb. 25 Paid salaries of $12,000. Feb. 28 Paid the entire outstanding balance owed for office supplies purchased on February 11. A partial list of the account titles used by the company includes the following. Cash Accounts Receivable Office Supplies Land Building Office Equipment Notes Payable Accounts Payable Capital Stock Client Service Revenue Advertising Expense Salaries Expense a. Prepare journal entries for the above transactions. b. Post each entry to the appropriate ledger accounts. c. Prepare a trial balance dated February 28, current year. Assume accounts with zero balances are not included in the trial balance. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Record the cash collected from clients for services rendered. Note: Enter debits before credits. Date Feb. 22 General Journal Debit Credit Record entry Clear entry View general journal Required A Required B > Exercise 3.12 (Static) Journalizing, Posting, and Preparing a Trial Balance (LO3-3, LO3-5, LO3-8, LO3-9) Elaine Consulting incorporated on February 1, current year. The company engaged in the following transactions during its first month of operations. Feb. 1 Issued capital stock in exchange for $800,000 cash. Feb. 5 Borrowed $100,000 from the bank by issuing a note payable. Feb. 8 Purchased land, building, and office equipment for $750,000. The value of the land was $150,000, the value of the building was $540,000, and the value of the office equipment was $60,000. The company paid $200,000 cash and issued a note payable for the balance. Feb. 11 Purchased office supplies for $800 on account. The supplies will last for several months. Feb. 14 Paid the local newspaper $500 for a full-page advertisement. The ad will appear in print on February 18. Feb. 20 Several of the inkjet printer cartridges that Elaine purchased on February 11 were defective. The cartridges were returned and the office supply store reduced Elaine's outstanding balance by $200. Feb. 22 Performed consulting services for $14,000 cash. Feb. 24 Billed clients $16,000. Feb. 25 Paid salaries of $12,000. Feb. 28 Paid the entire outstanding balance owed for office supplies purchased on February 11. A partial list of the account titles used by the company includes the following Cash Accounts Receivable Office Supplies Land Building Office Equipment Notes Payable Accounts Payable Capital Stock Client Service Revenue Advertising Expense Salaries Expense a. Prepare journal entries for the above transactions. b. Post each entry to the appropriate ledger accounts. c. Prepare a trial balance dated February 28, current year. Assume accounts with zero balances are not included in the trial balance. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 > Record the clients billed for services on account. Note: Enter debits before credits. Date Feb. 24 General Journal Debit Credit Record entry Clear entry View general journal Exercise 3.12 (Static) Journalizing, Posting, and Preparing a Trial Balance (LO3-3, LO3-5, LO3-8, LO3-9) Elaine Consulting incorporated on February 1. current year. The company engaged in the following transactions during its first month of operations. Feb. 1 Issued capital stock in exchange for $800,000 cash. Feb. 5 Borrowed $100,000 from the bank by issuing a note payable. Feb. 8 Purchased land, building, and office equipment for $750,000. The value of the land was $150,000, the value of the building was $540,000, and the value of the office equipment was $60,000. The company paid $200,000 cash and issued a note payable for the balance. Feb. 11 Purchased office supplies for $800 on account. The supplies will last for several months. Feb. 14 Paid the local newspaper $500 for a full-page advertisement. The ad will appear in print on February 18. Feb. 20 Several of the inkjet printer cartridges that Elaine purchased on February 11 were defective. The cartridges were returned and the office supply store reduced Elaine's outstanding balance by $200. Feb. 22 Performed consulting services for $14,000 cash. Feb. 24 Billed clients $16,000. Feb. 25 Paid salaries of $12,000. Feb. 28 Paid the entire outstanding balance owed for office supplies purchased on February 11. A partial list of the account titles used by the company includes the following. Cash Accounts Receivable Office Supplies Land Building Office Equipment Notes Payable Accounts Payable Capital Stock Client Service Revenue, Advertising Expense. Salaries Expense a. Prepare journal entries for the above transactions. b. Post each entry to the appropriate ledger accounts. c. Prepare a trial balance dated February 28, current year. Assume accounts with zero balances are not included in the trial balance. Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the payment of salary expense incurred in February. Note: Enter debits before credits. Date Feb. 25 9 10 > General Journal Debit Credit Record entry Clear entry View general journal Exercise 3.12 (Static) Journalizing, Posting, and Preparing a Trial Balance (LO3-3, LO3-5, LO3-8, LO3-9) Elaine Consulting incorporated on February 1, current year. The company engaged in the following transactions during its first month of operations. Feb. 1 Issued capital stock in exchange for $800,000 cash. Feb. 5 Borrowed $100,000 from the bank by issuing a note payable. Feb. 8 Purchased land, building, and office equipment for $750,000. The value of the land was $150,000, the value of the building was $540,000, and the value of the office equipment was $60,000. The company paid $200,000 cash and issued a note payable for the balance. Feb. 11 Purchased office supplies for $800 on account. The supplies will last for several months. Feb. 14 Paid the local newspaper $500 for a full-page advertisement. The ad will appear in print on February 18. Feb. 20 Several of the inkjet printer cartridges that Elaine purchased on February 11 were defective. The cartridges were returned and the office supply store reduced Elaine's outstanding balance by $200. Feb. 22 Performed consulting services for $14,000 cash. Feb. 24 Billed clients $16,000. Feb. 25 Paid salaries of $12,000. Feb. 28 Paid the entire outstanding balance owed for office supplies purchased on February 11. A partial list of the account titles used by the company includes the following. Cash Accounts Receivable Office Supplies Land Building Office Equipment Notes Payable Accounts Payable Capital Stock Client Service Revenue Advertising Expense Salaries Expense a. Prepare journal entries for the above transactions. b. Post each entry to the appropriate ledger accounts. c. Prepare a trial balance dated February 28, current year. Assume accounts with zero balances are not included in the trial balance. Complete this question by entering your answers in the tabs below. Required A Required 8 Required C Prepare journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Record the payment for office supplies purchased on February 11. Note: Enter debits before credits. Date Feb. 28 General Journal Debit Credit Record entry Clear entry View general journal Exercise 3.12 (Static) Journalizing, Posting, and Preparing a Trial Balance (LO3-3, LO3-5, LO3-8, LO3-9) Elaine Consulting incorporated on February 1, current year. The company engaged in the following transactions during its first month of operations. Feb. 1 Issued capital stock in exchange for $800,000 cash. Feb. 5 Borrowed $100,000 from the bank by issuing a note payable. Feb. 8 Purchased land, building, and office equipment for $750,000. The value of the land was $150,000, the value of the building was $540,000, and the value of the office equipment was $60,000. The company paid $200,000 cash and issued a note payable for the balance. Feb. 11 Purchased office supplies for $800 on account. The supplies will last for several months. Feb. 14 Paid the local newspaper $500 for a full-page advertisement. The ad will appear in print on February 18. Feb. 20 Several of the inkjet printer cartridges that Elaine purchased on February 11 were defective. The cartridges were returned and the office supply store reduced Elaine's outstanding balance by $200. Feb. 22 Performed consulting services for $14,000 cash. Feb. 24 Billed clients $16,000. Feb. 25 Paid salaries of $12,000. Feb. 28 Paid the entire outstanding balance owed for office supplies purchased on February 11. A partial list of the account titles used by the company includes the following. Cash Accounts Receivable Office Supplies Land Building Office Equipment Notes Payable Accounts Payable Capital Stock client Service Revenue Advertising Expense Salaries Expense a. Prepare journal entries for the above transactions. b. Post each entry to the appropriate ledger accounts. c. Prepare a trial balance dated February 28, current year. Assume accounts with zero balances are not included in the trial balance. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required A Required B Required C Post each entry to the appropriate ledger accounts. Feb. 28 Bal Cash Office Supplies Feb. 28 Bal. Accounts Receivable Land Feb. 28 Bal Feb. 28 Bal Buildings Office Equipment Feb. 28 Bal Feb. 28 Bal Feb 28 Bal Feb. 28 Bal Notes Payable Feb. 28 Bal Feb. 28 Bal Capital Stock Accounts Payable Client Service Revenue Feb. 28 Bal Advertising Expense Salaries Expense Feb. 28 Bal. < Prev 4 of 9 Next > Exercise 3.12 (Static) Journalizing, Posting, and Preparing a Trial Balance (LO3-3, LO3-5, LO3-8, LO3-9) Elaine Consulting incorporated on February 1, current year. The company engaged in the following transactions during its first month of operations. Feb. 1 Issued capital stock in exchange for $800,000 cash. Feb. 5 Borrowed $100,000 from the bank by issuing a note payable. Feb. 8 Purchased land, building, and office equipment for $750,000. The value of the land was $150,000, the value of the building was $540,000, and the value of the office equipment was $60,000. The company paid $200,000 cash and issued a note payable for the balance. Feb. 11 Purchased office supplies for $800 on account. The supplies will last for several months.. Feb. 14 Paid the local newspaper $500 for a full-page advertisement. The ad will appear in print on February 18. Feb. 20 Several of the inkjet printer cartridges that Elaine purchased on February 11 were defective. The cartridges were returned and the office supply store reduced Elaine's outstanding balance by $200. Feb. 22 Performed consulting services for $14,000 cash. Feb. 24 Billed clients $16,000. Feb. 25 Paid salaries of $12,000. Feb. 28 Paid the entire outstanding balance owed for office supplies purchased on February 11. A partial list of the account titles used by the company includes the following. Cash Accounts Receivable Office Supplies Land Building Office Equipment Notes Payable Accounts Payable Capital Stock Client Service Revenue Advertising Expense Salaries Expense a. Prepare journal entries for the above transactions. b. Post each entry to the appropriate ledger accounts. c. Prepare a trial balance dated February 28, current year. Assume accounts with zero balances are not included in the trial balance. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required A Required B Required C Prepare a trial balance dated February 28, current year. Assume accounts with zero balances are not included in the trial balance. ELAINE CONSULTING Trial Balance February 28, Current year Cash Accounts receivable Office supplies Land Building Office equipment Notes payable Capital stock Client service revenue Advertising expense Salaries expense Total Debit Credit $ 0 S < Required B Required C >