Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Record the following transactions as journal entries. tian the date. and t iS used in the Chart of All ending balances should be o If

image text in transcribed

image text in transcribed

Record the following transactions as journal entries.

tian the date. and t iS used in the Chart of All ending balances should be o If there is a number that i n ending d th ending bala nce in the start on Tra n After journal Next, create a TLACCount fo' each tha i nsand end with a even the has a zero b ance, round to the n cash account for the bank reconciliation, instructions 'or Description ense 1. 'Otion 2. 3. 4. s. Date 9/02/18 9/02/18 9/03/18 9/03/18 9/03/18 Deposit No. Check No. Deposit Ck #1001 Ck #1002 Bailey Boone met with her lawyer and CPA for advice on starting the business. They decided that MS _ Boone would organize the business as a corporation- The lawyer told Ms. Boone to register the company name, Bailey's Balloon Bouquet, with the County of Paso. In addition, Ms. Boone will get an employer identification number (EIN) from the Internal Revenue Service and get a sales tax permit from the state Of Texas. The lawyer agreed to prepare the Articles of Incorporation to be filed with the Secretary Of State of Texas. The CPA has agreed to help Ms. Boone set up her accounting system. Ms. Boone opened a business checking account at Wells Fargo Bank by depositing the personal check she gave her company for $20,000. The corporation issued her a stock certificate for 1,000 shares of common stock with Sl par value. Ms. Boone signed a one-year rental agreement with Reynolds Realtors for shop space. She was required to pay $2,400 for rent for the months of September 1, 2018 December 31, 2018. Arranged for a general business liability insurance policy and paid $2,800 to State Penn Insurance. This premium is for six months coverage. purchased a new register/computer system that cost $3,600 from Office Mart for use in the business. Ms. Boone signed a six-month, 12% installment note payable for the cost of the system. The

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

Step: 3

blur-text-image

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

Cost Accounting Foundations And Evolutions

Authors: Michael R. Kinney, Cecily A. Raiborn

7th Edition

0324560559, 978-0324560558

More Books

Students also viewed these Accounting questions