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In: Accounting

Given a random list of accounts with their normal balances, prepare a trial balance for Luxury...

Given a random list of accounts with their normal balances, prepare a trial balance for Luxury Gifts Corporation as of December 31, 2019

Common stock $5,500 Accounts Receivable $2,000

Note Payable 3,500 Service Revenue 12,000

Supplies 500 Insurance Expense 700

Prepaid Insurance 1,400 Equipment 9,500

Salary Expense 8,000 Accounts Payable 1,000

Dividends 2,000 Cash 1,000

Utilities Expense 1,000 Retained Earnings 4,100

Prepare Journal Entries in good form for the following transactions for the Goodland Company

The owner invested cash of $14,000 and office equipment valued at $6,500 into the business and received common stock in exchange

Supplies were purchase on account for $1,000

Payment of $750 was made for one month’s rent on the store

A client was billed 1,500 for services rendered

The company declared and paid a cash dividend of $300

Analyze the following transactions. Indicate which accounts are affected and whether they will increase or decrease.

Owner investment of cash into the business
Payment of a utility bill
Purchase of inventory for cash
Payment of an accounts payable
Performing a service on account
Collecting cash from a customer as payment on his account

Expert Solution

ekkarill92 answered 10 months ago

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