Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

structure.com/courses/22408/quizzes/69474/take x Problem #1 = 32 points Yadi Molina started a corporation on July 1, 2020. During July the following transactions were completed. July 1

image text in transcribed
image text in transcribed
structure.com/courses/22408/quizzes/69474/take x Problem #1 = 32 points Yadi Molina started a corporation on July 1, 2020. During July the following transactions were completed. July 1 - Issued 12,000 shares of stock for $12,000 in cash. July 2 - Purchased a truck for $8,000 by paying $2,000 in cash and the balance on account. July 3 - Purchased cleaning supplies for $900 on account. July 5 - Paid $1,800 cash on a one year insurance policy dated July 1. July 12 - Billed customers $3,700 for services rendered. July 18 - Paid $1,000 in cash on amount owed on truck and $500 on amount owed on supplies. July 20 - Paid $2,000 cash for employees' salaries. July 21 - Collected $1,600 cash from customers billed on the 12th July 25 - Billed customers $2,500 for services rendered. July 31 - Paid $290 for maintenance on the truck. July 31 - Declared a dividend of $600 to be paid in August July 31 - Declared a dividend of $600 to be paid in August Journalize the above transactions. Adjustments: Services provided but not billed at July 31 were $1,700. Depreciation on the equipment for the month was $180. 1/12 of the insurance expired. Only $320 of cleaning supplies was on hand at July 31. Salaries earned but not paid were $400 at July 31. Journalize the adjusting entries

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

Knowledge Audit A Complete Guide

Authors: The Art Of Service - Knowledge Audit Publishing

2021 Edition

1867424010, 978-1867424017

More Books

Students also viewed these Accounting questions

Question

Compute a 99% CI for 1 2 using the data in Exercise 11.

Answered: 1 week ago

Question

Milan, Silicon Valley, and Detroit are examples of

Answered: 1 week ago