Question

In: Accounting

The following transactions occur for the Wolfpack Shoe Company during the month of June: Provide services...

The following transactions occur for the Wolfpack Shoe Company during the month of June:

  1. Provide services to customers for $24,000 and receive cash.

  2. Purchase office supplies on account for $14,000.

  3. Pay $5,800 in salaries to employees for work performed during the month.

3. Post the transactions to T-accounts. Assume the opening balance in each of the accounts is zero.
  

Solutions

Expert Solution


Related Solutions

The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store.
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store.Issued 75,000 shares of common stock in exchange for $375,000 cash.Purchased office equipment at a cost of $68,750. $27,500 was paid in cash and a note payable was signed for the balance owed.Purchased inventory on account at a cost of $150,000. The company uses the perpetual inventory system.Credit sales for the month totaled $255,000. The cost of the...
The following transactions occurred during the month of June 2018 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June 2018 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1.Issued 140,000 shares of common stock in exchange for $700,000 cash. 2.Purchased furniture and fixtures at a cost of $113,750. $45,500 was paid in cash and a note payable was signed for the balance owed. 3.Purchased inventory on account at a cost of $280,000. The company uses the perpetual inventory system. 4.Credit sales for the month totaled...
The following transactions occurred during the month of June 2018 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June 2018 for the Stridewell Corporation. The company owns and operates a retail shoe store. Issued 125,000 shares of common stock in exchange for $625,000 cash. Purchased furniture and fixtures at a cost of $102,500. $41,000 was paid in cash and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $250,000. The company uses the perpetual inventory system. Credit sales for the month totaled...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June 2021 for the Stridewell Corporation. The company owns and operates a retail shoe store. Issued 95,000 shares of common stock in exchange for $475,000 cash. Purchased office equipment at a cost of $83,750. $33,500 was paid in cash and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $190,000. The company uses the perpetual inventory system. Credit sales for the month totaled $323,000....
The following transactions occurred during the month of June 2016 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June 2016 for the Stridewell Corporation. The company owns and operates a retail shoe store. 1. Issued 100,000 shares of common stock in exchange for $500,000 cash. 2. Purchased furniture and fixtures at a cost of $100,000. $40,000 was paid in cash and a note payable was signed for the balance owed. 3. Purchased inventory on account at a cost of $200,000. The company uses the perpetual inventory system. 4. Credit sales...
The following transactions occurred during the month of June 2018 for the Stridewell Corporation. The company...
The following transactions occurred during the month of June 2018 for the Stridewell Corporation. The company owns and operates a retail shoe store. Issued 145,000 shares of common stock in exchange for $725,000 cash. Purchased furniture and fixtures at a cost of $117,500. $47,000 was paid in cash and a note payable was signed for the balance owed. Purchased inventory on account at a cost of $290,000. The company uses the perpetual inventory system. Credit sales for the month totaled...
Transactions for the Concord Company, which provides welding services, for the month of June are presented...
Transactions for the Concord Company, which provides welding services, for the month of June are presented below. June 1 Concord invests $4,690 cash in exchange for shares of common stock in a small welding business. 2 Purchases equipment on account for $1,610. 3 $730 cash is paid to landlord for June rent. 12 Bills P. Leonard $500 after completing welding work done on account. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not...
2. Accounting for trade in goods and services Suppose the following transactions occur during the current...
2. Accounting for trade in goods and services Suppose the following transactions occur during the current year: 1. Dmitri orders 50 cases of beer from a Dutch distributor at a price of $40 per case. 2. A U.S. company sells 200 transistors to a Spanish company at $15.00 per transistor. 3. Jake, a U.S. citizen, pays $1,500 for a laptop he orders from Microell (a U.S. company). Complete the following table by indicating how the combined effects of these transactions...
The following transactions took place during the month of June 2018 for Syarikat Bam Buu. Date...
The following transactions took place during the month of June 2018 for Syarikat Bam Buu. Date Particular RM June 1 Started business with RM20,000 in bank. 7 Sold goods on credit to Syarikat Kam Yuu 3,000 10 Paid shop rental by cheque 1,100 12 Syarikat Kam Yuu returned goods 500 15 Withdrew cash from bank for personal use 1,200 18 Bought goods on credit from Syarikat Pelangi 2,000 20 Purchased an equipment on credit from Syarikat Awan 1,000 25 Returned...
Part 1 Journalize the following transactions for the month of June for Quixote Company using the...
Part 1 Journalize the following transactions for the month of June for Quixote Company using the following list of Accounts and Account numbers. Record all entries to the nearest cent. (26 points) Accounts Cash #110 Accounts Receivable #112 Merchandise Inventory #115 Estimated Returns Inventory #116 Store Supplies #117 Prepaid Insurance #119 Store Equipment #120 Accumulated Depreciation - Store Equipment #121 Accounts Payable #210 Salaries Payable #211 Customer Refunds Payable #212 Larkin, Capital #310 Larkin, Drawing #311 Sales #410 Cost of...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT