Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please I want a correct and clear solution for both paragraphs Exercise A) 1. March 3, 2018, issues $50,000 shares of common stock for cash.

Please I want a correct and clear solution for both paragraphs image text in transcribed
Exercise A) 1. March 3, 2018, issues $50,000 shares of common stock for cash. 2. March 5, 2018, purchases equipment on account for $4,500. 3. March 7, Provided service for a client for 7000$ on account 4. March 12, 2018, pays a $500 utility bill with cash. 5. March 14, 2018, distributed $150 cash in dividends to stockholders. 6. March 18, 2018, paid with cash, for the equipment purchase on March 5. 7. March 20, 2018, paid $4,600 cash in salaries expense to employees. 1. Journalize transaction 2- Post to ledger 3- Prepare trial balance B) Adjusting Entries 1. January 1, an amount of $30000 was paid as advance rent for three months Entry on January 1 Entry on January 31 2- March 1, purchased office supplies costing $15,400 on account. End of the month 10,000 of the equipment still on hand Entry on March 1, Entry on March 31, 3- August 1, received $3,000 as an advance payment from customers for service will be completed after 3 months. By end of the month earned 2000 of the service. Entry on August 1 Entry on August 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_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

Detecting Accounting Fraud Before Its Too Late

Authors: Oriol Amat

1st Edition

1119566843, 9781119566847

More Books

Students also viewed these Accounting questions