Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem info: Use the following Chart of Accounts to make your account selection when preparing journals entries: Chart of Accounts: Cash, Equipment, Inventory, Land, Accounts

image text in transcribed
Problem info: Use the following Chart of Accounts to make your account selection when preparing journals entries: Chart of Accounts: Cash, Equipment, Inventory, Land, Accounts Receivable, Uneared Revenue, Note Payable, Accounts Payable Common Stock Dividends, Revenue, Salaries expense On December 31, 2020 Greg, Alice, April and Peter for G.A.A.P.Enterprises, a consulting form assisting confused accountants in Generally Accepted Accounting Principles. Prepare journal entries in proper form for the following situations: a) On December 31, 2020 the owners of GAA.P.Enterprises each contribute $20,000 and are issued common stock b) On December 31, 2020 GAA.P.Enterprises purchases $30,000 of computer equipment. The company pays 20% down and finances the rest with a note payable. c) On December 31, 2020 GAA.P.Enterprises receives a $10,000 cash deposit from a customer for consulting services to be performed in the next accounting period. Use the format below for all 3 separate journal entries. Date Account Debit Credit

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

Students also viewed these Accounting questions

Question

The Functions of Language Problems with Language

Answered: 1 week ago

Question

The Nature of Language

Answered: 1 week ago