Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This problem is based on the transactions for the Dairy Plus Company in your text. Prepare journal entries for each transaction and identify the financial

This problem is based on the transactions for the Dairy Plus Company in your text. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded.
December 1 On December 1, Rhonda Richards forms a consulting business, named Dairy Plus. Dairy Plus receives $66,000 cash from Rhonda Richards as an owner contribution.
December 2 Dairy Plus pays $4,300 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts.
December 3 Dairy Plus pays $50,000 cash for equipment.
December 4 Dairy Plus purchases $9,850 of supplies on credit from a supplier, CalTech Supply.
December 5 Dairy Plus provides consulting services and immediately collects $6,000 cash.
December 6 Dairy Plus pays $2,800 cash for December rent.
December 7 Dairy Plus pays $1,300 cash for employee salary.
December 8 Dairy Plus provides consulting services of $4,100 and rents its test facilities for $2,800. The customer is billed $6,900 for these services.
December 9 Dairy Plus receives $6,900 cash from the client billed on December 8.
December 10 Dairy Plus pays CalTech Supply $2,700 cash as partial payment for its December 4 $9,850 purchase of supplies.
December 11 Rhonda Richards withdraws $1,200 cash from Dairy Plus for personal use.
December 12 Dairy Plus receives $4,000 cash in advance of providing consulting services to a customer. The company's policy is to record fees collected in advance in a balance sheet account.
December 13 Dairy Plus pays $4,200 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. The company's policy is to record all prepaid expenses in a balance sheet account.
December 14 Dairy Plus pays $1,920 cash for supplies.
December 15 Dairy Plus pays $2,105 cash for December utilities expense.
December 16 Dairy Plus pays $1,600 cash in employee salary for work performed in the latter part of December.
Need help with the completion of this form specifically. Not sure how to. Please do not use the previous answers given as they are all wrong!
image text in transcribed

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

Ministers Tax And Financial Guide

Authors: Dan Busby, Michael Martin

2020 Edition

0310588790, 978-0310588795

More Books

Students also viewed these Accounting questions

Question

2. Discuss the main incentives for individual employees.

Answered: 1 week ago

Question

perform the following unsigned binary addition

Answered: 1 week ago