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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;
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Preparing and posting General Journal entries; preparing a trial balance. WiCom Servicing completed these transactions during...
Preparing and posting General Journal entries;
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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
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Jenna Aracel, the owner, invested $200,000 cash, office
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paying $9,200 cash and signing a long-term note payable for
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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
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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
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Karla Tanner opens a Web consulting business called Linkworks
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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
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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...
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3. On January 9, 2019, receives $4,000 cash in advance from a
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4. On January 10, 2019, provides $5,500 in services to a customer
who asks to be billed for the...
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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...
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following balances:
DEBITS
CREDITS
Accounts Receivable
$180,000
Allowance for Doubtful Accounts
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Sales (all on account )
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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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