Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

this is one question Following are the transactions of JonesSpa Corporation, for the month of January a. Borrowed $25,000 from a local bank. b. Lent

this is one question image text in transcribed
image text in transcribed
image text in transcribed
Following are the transactions of JonesSpa Corporation, for the month of January a. Borrowed $25,000 from a local bank. b. Lent $9,000 to an affiliate, accepted a note due in one year, c. Sold to investors 60 additional shares of stock with a par value of $0.10 per share and a market price of $10 per share; received d. Purchased $19,000 of equipment, paying $4,100 cash and signing a note for the rest due in one year. e. Declared $1,400 in cash dividends to stockholders, to be paid in February es For each of the preceding transactions, post the effects of the transaction in the appropriate T-accounts. Beginning balances are provided. Beg Bal Cash 1.100 25,000 Beg Bal [(b) Notes Receivable 2.800 9,000 (a) 4,100 fid) 9,000 (6) End. Bal 11.800 End Bal 13,000 Notes Payable Beg. Bal Equipment 18,000 19,000 Beg Bal d) 2,800 25.000 a) 14.900 () End, Bal 37,000 End. Bal. 42.700 Common Stock Beg. Bal Dividends Payable 0 1.400(e) 5 Beg Bal 2,500 6c) End, Bal 1,400 End. Bal 2.506 Additional Paid in Capital 900 Beg Bal Beg Bal Retained Earnings 15.700 1.400 594) End. Bal 1,494 End Bal 14,300

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

Audits Of 401k Plans

Authors: Deloitte And Touche

2nd Edition

ISBN: 1119722039, 978-1119722038

More Books

Students also viewed these Accounting questions

Question

Define induction and what are its objectives ?

Answered: 1 week ago

Question

Discuss the techniques of job analysis.

Answered: 1 week ago

Question

How do we do subnetting in IPv6?Explain with a suitable example.

Answered: 1 week ago

Question

Explain the guideline for job description.

Answered: 1 week ago

Question

What is job description ? State the uses of job description.

Answered: 1 week ago