Question

In: Accounting

how do you journalize these entries? Pat invested 16000cash and 10200 worth of snow equipment into...

how do you journalize these entries?

Pat invested 16000cash and 10200 worth of snow equipment into the plowing company

Paid rent 6 months in advance for garage space 2400

Purchased office equipment from Lang Corp for 12000 on account

Purchased snow supplies for 300 cash

Collected 8000 from plowing local shopping centers

Pat Munro withdrew 8000 from the business for personal use

Plowed Mayfield parking lots payment not to be recieved until March, 5000

Paid salaries to employees, 2200

Paid Lang Corp one half amount owed for office equipment

Advertinsing bill recieved from taft co, but will not be paid until March, 800

Paid telephone bill, 140

Solutions

Expert Solution

Date Title Debit Credit
Cash $ 16,000
Equipment $ 10,200
Capital $ 26,200
(To record receipt of cash and equipment as capital)
Prepaid rent $    2,400
Cash $    2,400
(To record prepayment of rent)
Office equipment $ 12,000
Accounts payable - Lang Corp $ 12,000
(To record purchase of office equipment on account)
Supplies $        300
Cash $        300
(To record purchase of supplies for cash)
Cash $    8,000
Service revenue $    8,000
(To record collection from plowing)
Withdrawals $    8,000
Cash $    8,000
(To record withdrawals by owner)
Accounts receivable $    5,000
Service revenue $    5,000
(To record service rendered in account)
Salaries expenses $    2,200
Cash $    2,200
(To record payment of salaries expense)
Accounts payable - Lang Corp ($12,000/2) $    6,000
Cash $    6,000
(To record paymentof half amount on account)
Advertising expenses $        800
Accounts payable $        800
(To record advertising expense on account)
Telephone expenses $        140
Cash $        140
(To record payment of telephone expenses

You can reach me over comment box if you have any doubts. Please rate this answer


Related Solutions

How do i journalize these adjustments? a. snow supplies on hand, 100 b. rent expired, 400...
How do i journalize these adjustments? a. snow supplies on hand, 100 b. rent expired, 400 c. depreciation on office equipment, 200 (12000/5 yr = 2400/12 mo. = 200) d. depreciation on snow equipment, 170 (10200/5 yr = 2040/12 mo. = 170) e. accrued salaries, 150
What are the types of adjusting entries? Know how to do adjusting entries. How do you...
What are the types of adjusting entries? Know how to do adjusting entries. How do you calculate cost of goods sold? How do you calculate cost of goods available for sale? What are the inventory methods and the tax effects of each one of them? (pg 255 – 261) What are the four basic financial statements and how they are related to each other? What are the characteristics of useful information (pg 49) and the constraints in accounting (pg 51)?
Entries for Stock Investments, Dividends, and Sale of Stock Yerbury Corp. manufactures construction equipment. Journalize the...
Entries for Stock Investments, Dividends, and Sale of Stock Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year: Feb. 2 Purchased for cash 700 shares of Wong Inc. stock for $59 per share plus a $350 brokerage commission. Mar. 16 Received dividends of $0.30 per share on Wong Inc. stock. June 7 Purchased 500 shares of Wong Inc. stock for $69 per share plus a $250...
Entries for Stock Investments, Dividends, and Sale of Stock Yerbury Corp. manufactures construction equipment. Journalize the...
Entries for Stock Investments, Dividends, and Sale of Stock Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during a recent year: Feb. 2 Purchased for cash 1,000 shares of Wong Inc. stock for $54 per share plus a $500 brokerage commission. Mar. 16 Received dividends of $0.20 per share on Wong Inc. stock. June 7 Purchased 650 shares of Wong Inc. stock for $64 per share plus a $325...
April 1 Nozomi invested $37,000 cash and computer equipment worth $25,000 in the company in exchange...
April 1 Nozomi invested $37,000 cash and computer equipment worth $25,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,000 cash for the first month’s (April) rent. 3 The company purchased $1,300 of office supplies for cash. 10 The company paid $2,500 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $1,800 cash for two weeks' salaries earned by employees. 24 The...
Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions...
Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following selected equity investment transactions completed by Yerbury during 2016. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. Feb. 2 Purchased for cash 5,100 shares of Wong Inc. stock for $18 per share plus a $110 brokerage commission. Mar. 6 Received dividends of $0.35 per share on Wong Inc. stock. June 7 Purchased 2,000 shares of...
Journalize the closing entries. Then post the journal to the general ledger you created in part...
Journalize the closing entries. Then post the journal to the general ledger you created in part 1. Indicate closed accounts by inserting a line in both the balance columns opposite the closing entry. Insert the new balance in the retained earnings account. Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2018, are as follows: Assume all accounts have normal balances. 110 Cash $ 83,600...
record the following journal entries. 1) Jerry invested cash of $28,000, computer equipment of $8,200 and...
record the following journal entries. 1) Jerry invested cash of $28,000, computer equipment of $8,200 and a vehicle valued at $28,000 in the business in exchange for common stock. 2) The company paid a security deposit of 1,000 to rent an office. The security deposit will be returned at the end of the lease if no damage occurs to the property. 3) The company paid a total of $3,600 rent for October, November and December. 4) The company purchased state...
1. How much will be the equivalent worth of ₱2M invested today for three years at...
1. How much will be the equivalent worth of ₱2M invested today for three years at a commercial rate of 10% compounded quarterly? 2. A father wishes to provide his daughter the amount of ₱1M twelve years from now. How much should he invest after two years, if it will earn interest at 8% compounded monthly for the first five years and 12% compounded quarterly in the next five years?
how to do closing entries
how to do closing entries
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT