Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help needed. prepare journal entries for the transactions below (a through k) summarize the transcations data from the journal to a general ledger (the t-

help needed.
prepare journal entries for the transactions below (a through k)
summarize the transcations data from the journal to a general ledger (the t- accounts) for cash, accounts receivable, equipment, accounts payable, note payable (long term(, common stock,retained earnings, servuce revenue, rent expense
image text in transcribed
MIX Inc. is a service business incorporated on January 1,2023 to provide personal training for athletes aspiring to play college sports. The following is a simplified list of accounts and amounts reported in its accounting records at the beginning of its second quarter of operations on April 1, 2023. The accounts have normal dehit or credit balances. After the first quarter, MIX had the following transactions: a) Issued additional shares of common stock for $50,000 on April 15 . b) Purchased equipment for $250,000 cash on May 1 c) Received $400,000 cash for future services on May 25. d) Borrowed $220,000 cash on July 1,2023, signing a six-month note payable. e) Paid two-year insurance premium on equipment in the amount of $600,000 on July 1,2023 , and debited in full to Prepaid Insurance on that date. Coverage began on July 1. f) Purchased software on July 4,$30,000 cash. g) Purchased supplies on July 5 on account for future use, $7,000. h) Recorded revenues on December 6 of $550,000, including $80,000 on credit and $470,000 received in cash. i) Recognized salaries and wages expense on December 7 of $30,000; paid in cash. j) Collected accounts receivable on December 8,$90,000. k) Paid accounts payable on December 9,$100,000. Data for adjusting journal entries on December 31: 1) Amortization for 2023,$5,000. m) A physical count of supplies on December 31 showed Supplies costing $300,000 were still on hand. n) Depreciation for 2023,$40,000. o) Accrued interest of $5,000 on notes payable. p) Salaries and wages incurred but not yet paid or recorded, $30,000. q) Service provided but to be collected in January 2023, $45,000 r) Income tax expense for 2023 was $4,000 and will be paid in 2023 . s) Six months of insurance on equipment has been used

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

Modeling And Designing Accounting Systems Using Access To Build A Database

Authors: Laura R. Ingraham, C. Janie Chang

1st Edition

0471450871, 978-0471450870

More Books

Students also viewed these Accounting questions

Question

Draw a labelled diagram of the Dicot stem.

Answered: 1 week ago

Question

Identify some of the global differences when negotiating.

Answered: 1 week ago

Question

Describe the team performance model.

Answered: 1 week ago