Answered step by step
Verified Expert Solution
Question
1 Approved Answer
There is a Word document further down this page, just above the Chapter 1 Test that will make this problem easier to do. Submit this
There is a Word document further down this page, just above the Chapter 1 Test that will make this problem easier to do. Submit this work either as a completed Word document or, if you prefer, you can print out the Word document, fill it in with a dark pen or pencil, take a picture of the work with your cellphone, and submit the picture file below. If you do this using an iPhone, make sure the picture is not in a HEIC format. (To change the settings: Scroll down to "Camera," tap "Formats" and pick "most compatible" for JPEG) Bonjour Company began operations in September, 2021. The company decided to make use of the following accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Capital Stock, and Retained Earnings. The following transactions took place during September, 2021: 1. Sold Capital Stock for $19,600 cash. 2. Purchased supplies on account at a cost of $425 3. Bought Equipment necessary for the business for $9,000 by paying 20% down and placing the remainder on account. 4. Provided services to customers on account, billing them for $2,990. 5. Paid wages of $2,100 6. Paid $425 on account 7. Received a utility bill for September electricity usage of $285, due by no later than October 10th 8. Services provided to cash customers for $3,140 9. Collected $990 on account. 10. Took an inventory of supplies and found the $310 worth had been used and $115 worth remains in the supply closet. 11. Paid cash dividends of $850 Cash Acct Rec+ Supplies + Acct Pay+ C.Stock +Ret Ergs R/E/D? Ded I Acct Rec = Accounts Receivable, an asset. " "Is a blank for you to fill in with the asset a problem might have such as "truck" or "equipment". Acct Pay Accounts English (United States) Acct Rec Accounts Receivable, an asset. " " is a blank for you to fill in with the asset a problem might have such as "truck" or "equipment". Acct Pay Accounts Payable, the only liability account R/E/D? means Revenue, Expense, or Dividend? Anything going Into Retained Earnings must be one of these. If you put an addition in Retained Earnings, you must write "Revenue" in the R/E/D box next to it. If you put a deduction (subtract) from Retained Earnings, you must call your entry an expense or a dividend. Be specific on expenses, e.g.: "Salary Expense" or "Utility Expense" Every transaction must balance mathematically, no exceptions. A transaction involving accounts on opposite sides of the equal sign must either both be added or both sub- tracted. Transactions on the same side of the equal sign (like giving up cash to buy supplies) must have opposite signs (+, or,+) Focus 144%
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