Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On October 1, 2016, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

On October 1, 2016, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business Jay transferred cash from a personal bank account to an account to be used for the business, $27,500. Oct. 1. 4. Paid rent for period of October 4 to end of month, $2,670. 10. Purchased a used truck for $23,000, paying $2,000 cash and giving a note payable for the remainder 13. Purchased equipment on account, $10,730. 14. Purchased supplies for cash, $1,840. 15. Paid annual premiums on property and casualty insurance, $4,130. 15. Received cash for job completed, $11,550. Enter the following transactions on Page 2 of the two-column journal: 21. Paid creditor a portion of the amount owed for equipment purchased on October 13, $3,820. Recorded jobs completed on account and sent invoices to customers, $13,150. 24. 26. Received an invoice for truck expenses, to be paid in November, $1,210. 27. Paid utilities expense, $1,380. 27. Paid miscellaneous expenses, $490. 29. Received cash from customers on account, $5,500. 30. Paid wages of employees, $3,660. 31. Withdrew cash for personal use, $3,050.

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

International Accounting

Authors: Frederick D. Choi, Gary K. Meek

6th edition

131588141, 978-0131588141

More Books

Students also viewed these Accounting questions

Question

What do you think?

Answered: 1 week ago