Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Obama Airlines completed the following transactions during June. b. C. d. Barack Obama, the owner, invested $80,000 cash along with office equipment valued at

image text in transcribed

Obama Airlines completed the following transactions during June. b. C. d. Barack Obama, the owner, invested $80,000 cash along with office equipment valued at $30,000 in a new startup The company purchased land valued at $30,000 and a building valued at $170,000. The purchase is paid with $40,000 cash and a long term note payable for $160,000 The company purchased $2,400 of office supplies on credit B. Obama invested his personal automobile in the company. The automobile has a value of $18,000 and is to be used exclusively in the business e. The company purchased $6,000 of additonal office equipment on credit f. The company paid $1,500 cash salary to an assistant 2. The company provided services to a client and collected $6,000 cash h. The company paid $800 cash for this month's utilities i. The company paid $2,400 cash to settle the payable created in transaction c j. The company purchased $20,000 of new office equipment by paying $20,000 cash k. The completed $5,200 of services for a client, who must pay within 30 days 1. The company paid $1,500 cash salary to an assistant m. TASK The company received $3,800 cash in partial payment on the receiveable created in transaction k B. Obama withdrew, $6,400 cash from the company for personal use 1. Identify the accounts the accounts involved in each transaction 2. Determine if the accounts used are assets, liabilities, or equity accounts 3. Prepare General Journal entries for each transaction 4. Post the transactions to the General Ledger, and record the account balances

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_2

Step: 3

blur-text-image_3

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

Accounting

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

23rd Edition

978-0324662962

More Books

Students also viewed these Accounting questions

Question

Solve the relation Exz:Solve therelation ne %3D

Answered: 1 week ago

Question

3-1. Give an example of hierarchical planning in an organization.

Answered: 1 week ago