Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following transactions occurred at the Daisy King Ice Cream Company. 1. Started business by issuing 10,000 shares of common stock for $31,000. 2. Leased
The following transactions occurred at the Daisy King Ice Cream Company. 1. Started business by issuing 10,000 shares of common stock for $31,000. 2. Leased a building for three years at $610 per month and paid six months' rent in advance. 3. Purchased equipment for $6,500, signing a two-year, 12% note. 4. Purchased $2,900 of supplies on account. 5. Recorded cash sales of $1,900 for the first week. 6. Paid weekly salaries, $870. 7. Paid for supplies purchased in item (4). 8. Recorded depreciation on equipment, $90. Started business by issuing 10,000 shares of common stock for $31,000. Note: Enter debits before credits. Event 1 General Journal + Debit Credit Leased a building for three years at $610 per month and paid six months' rent in advance. Note: Enter debits before credits. Event 2 General Journal Debit Credit Purchased equipment for $6,500, signing a two-year, 12% note. Note: Enter debits before credits. Event 3 General Journal Debit Credit Purchased $2,900 of supplies on account. Note: Enter debits before credits. Event 4 General Journal Debit Credit Recorded cash sales of $1,900 for the first week. Note: Enter debits before credits. Event 5 General Journal Debit Credit Paid weekly salaries, $870. Note: Enter debits before credits. Event 6 General Journal Debit Credit Paid for supplies purchased in item (4). Note: Enter debits before credits. Event 7 General Journal Debit Credit Recorded depreciation on equipment, $90. Note: Enter debits before credits. Event 8 General Journal Debit Credit
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started