Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I've done some of it, please correct and fill in the ones I haven't done. 1 1 Question 2: Journal Entries Based on your help

image text in transcribed

I've done some of it, please correct and fill in the ones I haven't done.

1 1 Question 2: Journal Entries Based on your help and advice, Nick Smiley decided to start his business as a Private Corporation called Perfect Smiles. On January 1, 2018 "Perfect Smiles" was incorporated! As part of the 2 articles of incorporation, Perfect Smiles is authorized to issue an unlimited number of common shares and 50,000 preferred shares. 3 Perfect Smiles began operations in January 2018 and had the following transactions during the month. 4 Required: Record the journal entries for the month. ONLY RECORD ITEMS IN BLUE BOXES Amount Date Account Titles Debit Credit 496,000 01-Jan Cash 496.000 1 Issued 100,000 common shares for cash. Common Shares 496.000 5 Janua Description 6 7 8 9 10,000 02-Jan 10,000 Accounts Payable 2 Received a deposit from a dentist for dental equipment repairs for January to December. 10,000 10 Equipment 17,000 02-Jan Cash 17,000 11 2 Prepaid cash for a rental facility for January to December. Prepaid Rent 17,000 12 460,146 03-Jan 13 460,146 Inventory 3 Purchased of inventory on account 14 Accounts Payable 460,146 15 15,000 09-Jan 15,000 9 Provided repair services for dental equipment and invoiced the de 16 Equipment 15,000 368.117 17 12-Jan 12 Made a partial payment to suppliers for the inventory previously purchased on account 18 42.000 13-Jan Cash 19 42,000 13 Bought a delivery truck for cash. 20 42,000 Delivery Truck 21 24,000 21-Jan Wages Expense 18,000 21 Incurred wages expenses, of which $18,000 was paid the remainder will be paid in February. 22 18,000 Wages Payable 23 383,455 31-Jan 24 The months summary of inventory sold to customers on account. 25 31 189,416 26 The original cost of the inventory that was sold. 27 28 31-Jan 191,728 31 Collected a partial payment from customers who had previously purchased on account 29 31-Jan 30 31 Declared and paid dividends. 6,000 31

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

Bookkeeping And Accounting For Beginners

Authors: D.K. Livingston

1st Edition

1686248598, 978-1686248597

More Books

Students also viewed these Accounting questions