Question
Prepare the journal entries for all transactions in August Stacy's Company, owned by F. Stacy, started operations in August and completed the following transactions during
Prepare the journal entries for all transactions in August
Stacy's Company, owned by F. Stacy, started operations in August and completed the following transactions during the first month of operations.
August 1 F. Stacy invested $75,000 cash in the company
August 2The company purchased $45,000 in office equipment. It paid $15,000 in cash and signed a note payable promising to pay the $10,000 over the next three years
August 2 The company rented office space and paid $8,000 for the August rent
August 6 The company installed a new roof for a customer and immediately collected $9,000
August 7 The company paid a supplier $7,000 for roofing materials used on the August 6th job
August 8 The company purchased a $9,500 copy machine for office use on credit August 9 The company completed work for additional customers on credit in the amount of $26,000
August15 The company paid it's employees' salaries $2,700 for the first half of the month
August17 The company installed a new roof for a customer and immediately collected $3,900
August 20 The company received $10,000 in payments from the customers billed on August 9th
August 28 The company paid $1,500 on the copy machine purchased on August 8th. It will pay the remaining balance in September
August 31 The company paid it's employees' salaries $2,700 for the second half of the month
August 31 The company paid a supplier $5,300 for roofing materials used on the remaining jobs completed during August
August 31 The company paid $850 for this month's utility bill
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started