Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Spicewood Stables, Inc. was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing

image text in transcribed
image text in transcribed
Spicewood Stables, Inc. was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses, You have been hired as the new assistant controller. The following transactions for April are provided for your review. 8. Received contributions from investors and issued $260,000 of common stock on April 1: b. Acquired a barn for $147.000. On April 2, the company paid half the amount in cash and signed a three-year note payable for the balance. e Provided $20,600 in animal care services for customers on April 3. oll on credit. a. Rented stables to customers who cared for their own animals, received cash of $23,000 on April 4 for rent earned this month e on April 5, received $2.550 cash from a customer to board her horse in May, June, and July (record as Deferred Revenue). f Purchased and received hay and feed supplies on account on April 6 for $3,350 9. Paid $3,380 on accounts payable on April 7 for previous purchases. n. Received $1,420 from customers on April 8 on accounts receivable. 1. On April 9, prepaid a two-year insurance policy for $4,300 for coverage starting in May. On April 28, paid $1.210 in cash for water and utilities used this month. k. Pald $15,100 in wages on April 29 for work done this month. 1. Received an electric utility bill on April 30 for $2,350 for usage in April; the bill will be paid next month. General Journal Trial Balance Requirement General Analysis Ledger Prepare the journal entries to record the transactions (@) through (0). (if no entry is required for a transaction/event, sliect "No Journal entry required in the first account field.) View transaction list Journal entry worksheet Received contributions from investors and issued $260.000 of common stock Prepare the journal entries to record the transactions (a) through (1). (If no entry is required for a transaction/event, entry required" in the first account field.) View transaction list Journal entry worksheet

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

More Books

Students also viewed these Accounting questions

Question

6. Identify seven types of hidden histories.

Answered: 1 week ago

Question

What is human nature?

Answered: 1 week ago