Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What would the jounal entries look like for the following events? The following events apply to Jackson Tutoring Services Inc. for the month of January

What would the jounal entries look like for the following events?

The following events apply to Jackson Tutoring Services Inc. for the month of January 2018, the company's first period of operations:
1 Issued common stock in exchange for $4,000 cash.
2 Borrowed $5,000 by issuing a 2-year, 10% note payable to SunTrust Bank.
3 Paid $900 for January rent.
4 Purchased supplies on account for $450 from Traveler's Supply Company.
5 Purchased equipment for $7,200 cash from DSI Computer Company. The equipment has a 3 year life and a $1,200 salvage value.
6 Purchased additional equipment from Bebo's Office Supply Co., paying cash of $1,350 and putting $1,500 on account. The equipment has a 5 year life and $450 salvage value.
7 Paid $125 for advertisements to run in the current month and $375 for ads to run in February-April.
8 Paid the January insurance premium of $225.
9 Performed services for $2,625 cash.
10 Received cash advance of $5,125 for services to be performed on a 5- month contract beginning in January.
11 Performed services and billed customers $1,500.
12 Made a $600 payment on account to Traveler's Office Supply Company .
13 Collected $1,300 from customers on account.
14 Declared and paid dividends of $1,000 cash.

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

Japanese Management Accounting A World Class Approach To Profit Management

Authors: Michiharu Sakurai, Yasuhiro Monden

1st Edition

091529950X, 978-0915299508

More Books

Students also viewed these Accounting questions