Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me with this. Journal entries T-accounts: Brief explain would be appreciated. Thank you !!!! Recording Transactions Using Journal Entries and T-Accounts Use the

Please help me with this.

image text in transcribed

Journal entries

image text in transcribed

T-accounts:

image text in transcribed

Brief explain would be appreciated. Thank you !!!!

Recording Transactions Using Journal Entries and T-Accounts Use the information below to complete the following. (1) Receive 75,000 in exchange for common stock. (2) Borrow 15,000 from bank. (3) Purchase 3,000 of supplies inventory on credit. (4) Receive 22,500 cash from customers for services provided. (5) Pay 3,000 cash to supplier in transaction 3. (6) Receive order for future services with 5,250 advance payment. (7) Pay 7,500 cash dividend to shareholders. (8) Pay employees 9,000 cash for compensation earned. (9) Pay 750 cash for interest on loan in transaction 2. a. Prepare journal entries for each of the transaction (1) through (9). b. Set up T-accounts for each of the accounts used in part a. and post the journal entries to those T-accounts. (The T-accounts will not have opening balances.) General Journal Description Debit Credit (1) Receive 75,000 in exchange for common stock. (2) Borrow 15,000 from bank. (3) Purchase 3,000 supplies inventory on account. (4) Recognize 22,500 revenue for services provided. Unearned Revenue Interest Expense Cash Accounts Payable Common Stock Retained Earnings Notes Payable Revenue Wages Expense Inventory (5) Pay supplier 3,000 cash. (6) . 1 Receive 5,250 advance from customer. Pay 7,500 cash dividend to shareholders. (8) > Pay employees 9,000. (9) Pay 750 interest on note. Cash (A) Common Stock (SE) Inventory (A) (1) (2) (3) (1) (2) (3) (1) (2) (3) (4) (5) (6) (5) (6) (5) (6) (7) (8) (9) (8) (9) Bal (8) (9) Bal Bal Retained Earnings (SE) Accounts Payable (L) Revenue (R) (1) (2) (3) (1) (2) (3) (4) (5) (6) (1) (2) (3) (4) (5) (6) (5) (6) (8) (9) (8) (9) (8) (9) Bal Bal Bal Unearned Revenue (L) Wages Expense (E) Notes Payable (L) (1) (2) (3) (1) (2) (3) (1) (2) (3) (4) (5) (6) (5) (6) (5) (6) (8) (9) Bal (8) (9) (8) (9) Bal Bal

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

Payroll Accounting 2019

Authors: Bernard J. Bieg, Judith A. Toland

29th Edition

1337619779

More Books

Students also viewed these Accounting questions

Question

How did the authors avoid the post hoc fallacy?

Answered: 1 week ago