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Posting Journal Entries and preparing Trial Balance Dyna Corp., a legal firm, completed the following transactions...
Posting Journal Entries and preparing Trial Balance
Dyna Corp., a legal firm, completed the following transactions during the month of January, its first month of operations.
1. Jan. 1 Issued 4,000 shares of common stock for $20,000 cash.
2. Jan. 3 Purchased $24,000 of office equipment by paying $2,000 cash and by signing a one-year, 10% interest-bearing note payable for the remaining balance.
3. Jan. 3 Purchased $1,200 supplies on account. Hint: Debit supplies.
4. Jan. 4 Performed $1,600 of legal services on account.
5. Jan. 6 Received a $600 cash deposit from a new client for legal work to commence next month.
6. Jan. 10 Paid $2,000 cash for a 12-month insurance policy.
7. Jan. 13 Paid cash to settle the account for supplies purchased on January 3.
8. Jan. 20 Performed legal services for $2,000 cash.
9. Jan. 30 Collected $800 cash from customer on account for legal services performed on January 4.
10. Jan. 31 Paid $1,200 cash in salaries for the month of January.
11. Jan. 31 Paid $400 cash dividends to shareholders.
12. Jan. 31 Paid $2,000 cash for January rent.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Preparing and posting General Journal entries; preparing a trial balance LO3,4,5,6,7 WiCom Servicing completed these transactions...
Preparing and posting General Journal entries;
preparing a trial balance LO3,4,5,6,7 WiCom Servicing completed
these transactions during November 2014, its first month of
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value of $19,000 in the business. Prepaid $21,000 cash for three
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equipment for $9,000 and office supplies...
Preparing and posting General Journal entries; preparing a trial balance. WiCom Servicing completed these transactions during...
Preparing and posting General Journal entries;
preparing a trial balance. WiCom Servicing completed these
transactions during November 2014, its first month of operations:
Tait Unger, the owner, invested $62,000 cash and office equipment
that had a fair value of $19,000 in the business. Prepaid $21,000
cash for three months’ rent for an office. Made credit purchases of
used office equipment for $9,000 and office supplies for $1,650.
Completed work for a client and immediately received $5,200 cash.
Completed a $4,800...
Problem 2-2A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1,...
Problem 2-2A Preparing and posting journal entries; preparing a
trial balance LO C3, C4, A1, P1, P2
Aracel Engineering completed the following transactions in the
month of June.
Jenna Aracel, the owner, invested $200,000 cash, office
equipment with a value of $5,400, and $60,000 of drafting equipment
to launch the company.
The company purchased land worth $53,000 for an office by
paying $9,200 cash and signing a long-term note payable for
$43,800.
The company purchased a portable building with $58,000...
Problem 2-2A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1,...
Problem 2-2A Preparing and posting journal entries; preparing a
trial balance LO C3, C4, A1, P1, P2
Aracel Engineering completed the following transactions in the
month of June.
Jenna Aracel, the owner, invested $185,000 cash, office
equipment with a value of $9,200, and $73,000 of drafting equipment
to launch the company.
The company purchased land worth $51,000 for an office by
paying $6,900 cash and signing a long-term note payable for
$44,100.
The company purchased a portable building with $55,000...
Problem 2-1A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1,...
Problem 2-1A Preparing and posting journal entries; preparing a
trial balance LO C3, C4, A1, P1, P2
Karla Tanner opens a Web consulting business called Linkworks
and completed the following transactions in its first month of
operations.
April
1
Tanner invested $80,000 cash along with office equipment valued
at $26,000 in the company.
2
The company prepaid $9,000 cash for 12 months’ rent for office
space. Hint: Debit Prepaid Rent for $9,000.
3
The company made credit purchases for...
Problem 2-2A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1,...
Problem 2-2A Preparing and posting journal entries; preparing a
trial balance LO C3, C4, A1, P1, P2
Aracel Engineering completed the following transactions in the
month of June.
Jenna Aracel, the owner, invested $200,000 cash, office
equipment with a value of $5,400, and $60,000 of drafting equipment
to launch the company.
The company purchased land worth $53,000 for an office by
paying $9,200 cash and signing a long-term note payable for
$43,800.
The company purchased a portable building with $58,000...
Make the following journal entries for the following transactions to create trial balance: A computer was...
Make the following journal entries for the following
transactions to create trial balance:
A computer was purchased for $ 900.00.
$ 100.00 was paid in promotions.
A $100.00 depreciation expense was posted.
$ 300.00 was paid in the payment of "utilities" from the checking
account.
A service was performed for the client for $ 3,000.00, and the
customer paid in cash to our checking account.
Equipment was purchased with credit for $ 4,000.00.
The $ 300.00 telephone bill was paid...
Prepare journal entries , and trial balance for the following transactions On January 3rd 2019, Lynn...
Prepare journal entries , and trial balance for the
following transactions
On January 3rd 2019, Lynn Sanders’ printing service
company owner started his business $200,000 for cash.
2. On January 5, 2019, purchases equipment on account for $3,500,
payment due within the month.
3. On January 9, 2019, receives $4,000 cash in advance from a
customer for services not yet rendered/Delivered/performed.
4. On January 10, 2019, provides $5,500 in services to a customer
who asks to be billed for the...
Preparing a Trial Balance, Closing Journal Entry, and Post-Closing Trial Balance. The following information applies to...
Preparing a Trial Balance, Closing Journal Entry, and
Post-Closing Trial Balance. The following information applies to
the questions displayed below.] Starbooks Corporation provides an
online bookstore for electronic books. The following is a
simplified list of accounts and amounts reported in its accounting
records. The accounts have normal debit or credit balances. Assume
the year ended on September 30, 2018.
Accounts Payable $ 602
Accounts Receivable 302
Accumulated Depreciation 902
Cash 302
Common Stock 202
Deferred Revenue 202
Depreciation Expense...
E7.9B (L03) (Computing Bad Debts and Preparing Journal Entries) The trial balance before adjustment of Santillan...
E7.9B (L03) (Computing Bad Debts and Preparing Journal Entries) The
trial balance before adjustment of Santillan Inc. shows the
following balances:
DEBITS
CREDITS
Accounts Receivable
$180,000
Allowance for Doubtful Accounts
$3,500
Sales (all on account )
$1,000,000
Instructions
Give the entry for estimated bad debts assuming that the allowance
is to provide for doubtful accounts on the basis of (
a) 5% of accounts receivable and
(b) 5% of accounts receivable but Allowance for Doubtful Accounts
had a $2,500 DEBIT...
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