Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello I have Accounting homework in need of help with. Thank you very much! Doggie Dining, Inc. In August, 2019, Doggie Dining. Inc. was established

Hello I have Accounting homework in need of help with. Thank you very much! image text in transcribed

image text in transcribed

image text in transcribed

Doggie Dining, Inc. In August, 2019, Doggie Dining. Inc. was established in Lafayette, Louisiana, to sell gourmet dog cuisine via the internet to individual and commercial customers across the United States. Luke Ward and Pachi Lee are the major stockholders in this corporation. Part I The company completed the following transactions during August 2019. August 1 3 Purchased a computer system for use in the business for $12,000: paid $5,000 Stockholders (Luke and Pachi) invested $60,000 cash in the business. down and signed a 1 year 12% note for the balance. 5 Hired Ima Nurd to design, set up, and operate the company's website. 8 Purchased $21,000 of gourmet dog cuisine from a local manufacturing company paid 1/3 in cash and the balance on account. Paid $6,000 for a one-year insurance policy effective August 1, 2019. Received $9,000 cash for services to be provided from August 1 through October 31, 2019. Purchased supplies for $6,200 on account Paid $2,800 to advertise the opening of their business. Sold gourmet dog cuisine to customers on account for $26,000: the cuisine cost $11,000. 10 11 12 15 18 23 25 27 Paid $4,700 to creditors on account. Collected $12,600 from customers billed on August 18. Sold gourmet dog cuisine to customers for $4,400 cash: the cuisine cost $1.300 29 30 Paid $800 for utilities used during August Declared and paid a $900 dividend. REQUIRED: Journalize the August transactions in the general journal. General Journal JI Date Account Titles Ref Debit Credit 2. Pos to each account t t the August transactions to the General Ledger. (Be sure to assign account numbers hat you open. The cash account has been done for you.) Doggie Dining, Inc., General Ledger Cash #101

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

Using Financial Accounting Information The Alternative To Debits And Credits

Authors: Porter And Norton

1st Edition

1285128257, 978-1285128252

More Books

Students also viewed these Accounting questions

Question

3. Is there opportunity to improve current circumstances? How so?

Answered: 1 week ago

Question

2. How will you handle the situation?

Answered: 1 week ago