Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What would be the journal entry for the following transactions (include account, amount, debit or credit): Jan 7 Issued common stock for $50,000 Feb 14

What would be the journal entry for the following transactions (include account, amount, debit or credit):

Jan 7 Issued common stock for $50,000

Feb 14 Purchased supplies on account for $3,750

Feb 20 Paid the invoice for Supplies that were purchased on Feb 14th

Apr 3 Issued additional common stock for $30,000.

Apr 8 Purchased merchandise of 6,000 yo-yos at $2.00 per yo-yo on account, terms 1/10, n/30.

May 8 Paid the invoice of April 8

May 11 Sold 2,000 of the yo-yos on account to Target, terms 2/10, n30, FOB for $3.00 per yo-yo.

May 20 Received cash from the sale on May 11.

Jun 2 Issued a 60-day, 12% note to $5,000 from Bob Smith, one of our managers, who stumbled upon some legal trouble.

July 1 Sold 4,000 yo-yos on account to Walmart, terms 2/10, n30, for $3.00 per yo-yo.

July 1 Paid sales salaries of $1,500 and office salaries of $1,000, utilities of $250, insurance expense of $400 and travel expenses of $200

July 7 Purchased store equipment by paying $4,000 in cash and signing a 90-day, 6% note for $9,000.

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

Accounting What The Numbers Mean

Authors: David Marshall

13th Edition

1264126743, 9781264126743

More Books

Students also viewed these Accounting questions

Question

What is collectivism, and how is it different from individualism?

Answered: 1 week ago

Question

2. Value-oriented information and

Answered: 1 week ago

Question

1. Empirical or factual information,

Answered: 1 week ago

Question

1. To take in the necessary information,

Answered: 1 week ago