Question
Recording Journal Entries Prepare journal entries for each of the following transactions of Alma Inc. a. Issues stock to shareholders in exchange for $12,500 cash.
Recording Journal Entries
Prepare journal entries for each of the following transactions of Alma Inc.
a. Issues stock to shareholders in exchange for $12,500 cash.
b. Purchases $3,750 of equipment by signing a note payable.
c. Performs $3,125 of services for customers on account.
d. Pays $1,250 cash for legal services.
| General Journal | |||
|---|---|---|---|
| Ref. | Account Name | Dr. | Cr. |
| a. | CashAccounts ReceivableSuppliesEquipmentInvestment in Common StockAccounts PayableAccrued Legal Fee ExpenseDeferred RevenueDividends PayableNote PayableCommon StockService RevenueLegal ExpenseSalaries Expense
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| CashAccounts ReceivableSuppliesEquipmentInvestment in Common StockAccounts PayableAccrued Legal Fee ExpenseDeferred RevenueDividends PayableNote PayableCommon StockService RevenueLegal ExpenseSalaries Expense
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| |
| b. | CashAccounts ReceivableSuppliesEquipmentInvestment in Common StockAccounts PayableAccrued Legal Fee ExpenseDeferred RevenueDividends PayableNote PayableCommon StockService RevenueLegal ExpenseSalaries Expense
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| CashAccounts ReceivableSuppliesEquipmentInvestment in Common StockAccounts PayableAccrued Legal Fee ExpenseDeferred RevenueDividends PayableNote PayableCommon StockService RevenueLegal ExpenseSalaries Expense
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| |
| c. | CashAccounts ReceivableSuppliesEquipmentInvestment in Common StockAccounts PayableAccrued Legal Fee ExpenseDeferred RevenueDividends PayableNote PayableCommon StockService RevenueLegal ExpenseSalaries Expense
|
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| CashAccounts ReceivableSuppliesEquipmentInvestment in Common StockAccounts PayableAccrued Legal Fee ExpenseDeferred RevenueDividends PayableNote PayableCommon StockService RevenueLegal ExpenseSalaries Expense
|
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| |
| d. | CashAccounts ReceivableSuppliesEquipmentInvestment in Common StockAccounts PayableAccrued Legal Fee ExpenseDeferred RevenueDividends PayableNote PayableCommon StockService RevenueLegal ExpenseSalaries Expense
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| CashAccounts ReceivableSuppliesEquipmentInvestment in Common StockAccounts PayableAccrued Legal Fee ExpenseDeferred RevenueDividends PayableNote PayableCommon StockService RevenueLegal ExpenseSalaries Expense
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| ||
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Sound Investing, Chapter 22 - Management Discussion And Analysis
Authors: Kate Mooney
1st Edition
007171944X, 9780071719445
