Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Record the following transactions. (If no entry is required for a transaction/event, select No journal entry required in the first account field.) (a) Started business

Record the following transactions.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

(a) Started business by issuing 10,000 shares of common stock for $22,000.

(b) Hired Rebecca as an administrative assistant, promising to pay her $2,900 every two weeks.

(c) Rented a building for three years at $590 per month and paid six months' rent in advance.

(d) Purchased equipment for $5,800 cash.

(e) Purchased $2,200 of supplies on account.

(f) Provided services to customers for $7,800 cash.

(g) Paid employees' salaries, $5,800.

(h) Paid for supplies purchased in item (e).

(i)Paid $860 for current advertising in a local newspaper.

(j) Paid utility bill of $1,500 for the current month.

2.A company pays $830 of dividends to stockholders. Indicate the amount of increases and decreases in the accounting equation

3.A company pays $1,600 for supplies previously purchased on account. Indicate the amount of increases and decreases in the accounting equation

A=s+L

4.A company receives $7,700 cash in advance from customers for services to be provided next year. Record the transaction.

5.A company purchases office supplies on account for $7,300. Record the transaction.

6.A company pays $16,000 to purchase a one-year insurance policy. Record the transaction.

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

Management Research Methods

Authors: Phyllis Tharenou, Ross Donohue, Brian Cooper

1st Edition

0521694280, 9780521694285

More Books

Students also viewed these Accounting questions

Question

List major areas of genetic algorithm application.

Answered: 1 week ago