Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need the entire journal entry worksheet from 1st decemebr thru 16 december as described in the first photo. This problem is based on the

i need the entire journal entry worksheet from 1st decemebr thru 16 december as described in the first photo.
image text in transcribed
image text in transcribed
This problem is based on the transactions for the Smart Deals Company in your text. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. December 1 On December 1 , Deb Kelley forns a consulting basiness, named smart Dealn. Snart Deals receives \$50, ooo cash from Deb Kelley in exchange for conmon stoek. December 2 smart Deals pays $3,500 cash for bupplies. The conpany'n policy in to record all prepaid expenses in asset accounttt. December 3 smart Dealn pays $34,000 cash for equipnent, December 4 smart Deals parchasen $8,650 of supplies on eredit fron a supplier, CalTech supply. Deceaber 5 smart Dealn providen consulting serviees and innediately collects $5,200 cash. Decenber 6 smart Deals pays $2,000 cash for Deeenber rent. Decenber 7 smart Dealin pay $1,700 cash for employee lialary. Decenber 8 smart Deals provides consulting nervices of $2,600 and rents its test faellities for $1,300. The custoner in billed $3,900 for these serviees. Decenber 9 smart Deals recelves 53,900 eash from the ellent billed on Decenber if. December 10 Snart Deals paya CalTeeh supply $1,900 canh as partial payment for ita December 4 s8, 650 parehase of aupplies. December 11 tmart Deals paya $400 cash for dividendo. Decenber 12 Snart Deals receives 53,200 cash in advance of providing consulting gervices to a custorer, The conpany' policy is to record fees collected in advance in a balance aheet-aceount, Decenber 13 finart Deals payif $3,400 canb (Annurance premium) for a 24 -month inaurance policy, Coverage begins on December 1. The corpany's policy is to record all prepaid expenses in a balance sheet aecount. December 14 smart Deals pays $1,120 canh for aupplies. Decenber 15 Smart Deals pays $1,305 cash for December utilities expense. December 16 smart Deals pays $1,200 canh in employee salary for work perforned in the latter part of Decenber. Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of the Smart Deals Company, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger and the Trial Balance as soon as you click "Record Entry". Journal entry worksheet 267816 On December 1 , Deb Kelley forms a consulting business, named Smart Deals. Smart Deals receives $50,000 cash from Deb Kelley in exchange for common stock. Note: Enter debits before credits

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

Auditing Essentials

Authors: Frank C Giove

1st Edition

0738671509, 9780738671505

More Books

Students also viewed these Accounting questions