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Record each of the following transactions in the journal. Explanations are not required. record transactions &prepare an unadjusted trial balance Record each of the following
Record each of the following transactions in the journal. Explanations are not required. |
record transactions &prepare an unadjusted trial balance
Record each of the following transactions in the journal. Explanations are not required. Miller Delivery Service Inc began operations by receiving $35,000 cash and a truck with a fair market value of $25,000, Dec. 01, 2019 salvage value of 1,000, and a 5 year Useful life from Robert Miller. The business issued miller 40,000 shares of the $1 Par common stock in exchange for this contribution. Dec. 02 Paid $1,000 cash for a four-month insurance policy. This policy begins December 1st. Dec. 03 Paid $600 cash for office supplies. Dec. 05 Performed delivery services for a customer and received $2,000 cash. Completed a delivery job, billed the customer for $2,500 and received a promise to collect the $2,500 within one week. Dec. 07 Dec. 08 Start writing a Bond contract to raise $100,000 for more trucks and a garage type building to hold them in. Dec. 09 Dec. 12 Purchased $300 of fuel for the truck, on account. Received $45,000 cash for performing delivery services. Collected $800 in advance for delivery services to be performed later. Dec. 13 Dec. 15 Collected $1,500 cash from a customer on account. Paid employee salary, $2,000. Dec. 18 Dec. 21 Issued $100,000, 5%, 10 year Bonds @ 105. Interest to be paid Jun 30 & Dec 30 each year starting in June of next year. Dec. 22 Performed delivery services on account for $700. Dec. 23 Dec. 25 Paid office rent of 1,600 for the month of December. Purchased a lot of land with a Fair market value of 40,000, and a building with a Fair Market Value of 120,000 paying a total of $150,000 in cash for both. Submitted an order to purchase two more trucks with an estimated purchase price of $35,000 each. Dec. 27 Dec. 28 Paid $300 on account. Cash dividend of $3,000 was paid to stockholders. Since there is only one stockholder, there is no Declaration or Record Date for this transaction. Dec. 30Step by Step Solution
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