Question

In: Accounting

Create a general journal January 1st Common stock is issued in exchange for cash in the...

Create a general journal

January 1st Common stock is issued in exchange for cash in the amount of ………….………….……………………… 295,000
February 8th The company purchases and pays for 160 units of gourmet dog food at a price of $25 per unit ………….. 4,000
March 1st The company pays cash for a one-year insurance policy in the amount of ……………….………………………..….. 9,300
March 31st Rent on a retail space for 12 months is paid in the amount of …..……….……………………………………… 12,480
April 1st Grooming and boarding equipment with a useful life of 2 years is purchased for cash in the amount of …… 18,000
April 10th Grooming supplies purchased on account in the amount of …………..…………………………………………… 1,450
May 15th The company purchases and pays for another 370 units of gourmet dog food at a price of $29 per unit ….. 10,730
May 30th Grooming services are performed on account in the amount of …………………………………………………………..………… 13,625
June 1st The company pays for advertisements to be run for the next 12 months in the amount of ………………………. 864
June 30th The company issues a 5-year bond with a face value of $100,000 and a stated annual rate of 6%.
Interest is due on June 30th each year. The market rate is 8% on the date of issuance ……………………………. 100,000
July 25th Dog-walking services are performed on account in the amount of …...……………………………..………… 14,225
July 31st 95 units of gourmet dog food are sold for $70 per unit with terms 2/10, n/30. The sale is recorded using
the gross method in the amount of (see note c for cost flow assumptions) ……………………………………………………………………………………. 6,650
August 2nd Boarding services are provided on account in the amount of ………………………………………………………………. 6,280
August 6th The company receives full payment from the customer for the July 31st sale ……………………………………… 6,517
September 15th Pet sitting services are performed on account in the amount of ……………………..…………………………….………….. 6,245
September 29th Customer payments are received for services previously provided in the amount of ……………………………….. 1,250
October 13th 100 units of gourmet dog food are sold for $73 per unit with terms 2/10, n/30. The sale is recorded using
the gross method in the amount of ………………………………………………………………………………………. 7,300
October 29th The company receives payment for half of the October 13th sale ……………………………………………………… 3,650
November 1st Equipment originally purchased on April 1st for $2400 is sold for $2000 cash
November 15th A bookkeeper is hired to help the company with daily accounting taxes and annual tax preparation
December 15th The bookkeeper is paid $3,500 for the previous month's services 3,500

Solutions

Expert Solution

Date Particulars Debit Credit
Jan-01 Cash 2,95,000.00
Common Stock 2,95,000.00
Feb-08 Purchase        4,000.00
Cash        4,000.00
Mar-01 Prepaid Insurance        9,300.00
Cash        9,300.00
Mar-31 Rent      12,480.00
Cash      12,480.00
Apr-01 Equipment      18,000.00
Cash      18,000.00
Apr-10 Supplies        1,450.00
Accounts Payable        1,450.00
May-15 Purchase      10,730.00
Cash      10,730.00
May-30 Accounts Receivable      13,625.00
Grooming Services      13,625.00
Jun-01 Advertisement            864.00
Cash            864.00
Jun-30 Cash 1,00,000.00
6% Bond 1,00,000.00
Jul-25 Accounts Receivable      14,225.00
Dog-Walking Services      14,225.00
Jul-31 Accounts Receivable        6,650.00
Sales        6,650.00
Aug-02 Accounts Receivable        6,280.00
Boarding Services        6,280.00
Aug-06 Cash        6,517.00
Discount Allowed            133.00
Accounts Receivable        6,650.00
Sep-15 Accounts Receivable        6,245.00
Pet Sitting Services        6,245.00
Sep-29 Cash        1,250.00
Accounts Receivable        1,250.00
Oct-13 Accounts Receivable        7,300.00
Sales        7,300.00
Oct-29 Cash        3,650.00
Accounts Receivable        3,650.00
Nov-01 Cash        2,000.00
Loss on sale of equipment            400.00
Equipment        2,400.00
Nov-15 No Entry
Dec-15 Salary        3,500.00
Cash        3,500.00

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Create a General ledger January 1st Common stock is issued in exchange for cash in the...
Create a General ledger January 1st Common stock is issued in exchange for cash in the amount of ………….………….……………………… 295,000 February 8th The company purchases and pays for 160 units of gourmet dog food at a price of $25 per unit ………….. 4,000 March 1st The company pays cash for a one-year insurance policy in the amount of ……………….………………………..….. 9,300 March 31st Rent on a retail space for 12 months is paid in the amount of …..……….……………………………………… 12,480 April 1st...
On January 1, 2015, Pruitt Company issued 25,500 shares of its common stock in exchange for...
On January 1, 2015, Pruitt Company issued 25,500 shares of its common stock in exchange for 85% of the outstanding common stock of Shah Company. Pruitt’s common stock had a fair value of $28 per share at that time (par value of $2 per share). Pruitt Company uses the cost method to account for its investment in Shah Company and files a consolidated income tax return. A schedule of the Shah Company assets acquired and liabilities assumed at book values...
Infosys Company issued 200,000 shares of its common stock for cash. The journal entry to record...
Infosys Company issued 200,000 shares of its common stock for cash. The journal entry to record the stock issue would include Select one: a. A debit to Common Stock b. A debit to Retained Earnings c. A credit to Cash d. A credit to Common Stock
Giant acquired all of Small’s common stock on January 1, 2014, in exchange for cash of...
Giant acquired all of Small’s common stock on January 1, 2014, in exchange for cash of $770,000. On that day, Small reported common stock of $170,000 and retained earnings of $400,000. At the acquisition date, $46,500 of the fair-value price was attributed to undervalued land while $86,000 was assigned to undervalued equipment having a 10-year remaining life. The $67,500 unallocated portion of the acquisition-date excess fair value over book value was viewed as goodwill. Over the next few years, Giant...
Giant acquired all of Small’s common stock on January 1, 2014, in exchange for cash of...
Giant acquired all of Small’s common stock on January 1, 2014, in exchange for cash of $770,000. On that day, Small reported common stock of $170,000 and retained earnings of $400,000. At the acquisition date, $46,500 of the fair-value price was attributed to undervalued land while $86,000 was assigned to undervalued equipment having a 10-year remaining life. The $67,500 unallocated portion of the acquisition-date excess fair value over book value was viewed as goodwill. Over the next few years, Giant...
Giant acquired all of Small’s common stock on January 1, 2014, in exchange for cash of...
Giant acquired all of Small’s common stock on January 1, 2014, in exchange for cash of $770,000. On that day, Small reported common stock of $170,000 and retained earnings of $400,000. At the acquisition date, $37,500 of the fair-value price was attributed to undervalued land while $98,000 was assigned to undervalued equipment having a 10-year remaining life. The $64,500 unallocated portion of the acquisition-date excess fair value over book value was viewed as goodwill. Over the next few years, Giant...
Giant acquired all of Small’s common stock on January 1, 2014, in exchange for cash of...
Giant acquired all of Small’s common stock on January 1, 2014, in exchange for cash of $770,000. On that day, Small reported common stock of $170,000 and retained earnings of $400,000. At the acquisition date, $64,500 of the fair-value price was attributed to undervalued land while $72,000 was assigned to undervalued equipment having a 10-year remaining life. The $63,500 unallocated portion of the acquisition-date excess fair value over book value was viewed as goodwill. Over the next few years, Giant...
Giant acquired all of Small’s common stock on January 1, 2014, in exchange for cash of...
Giant acquired all of Small’s common stock on January 1, 2014, in exchange for cash of $770,000. On that day, Small reported common stock of $170,000 and retained earnings of $400,000. At the acquisition date, $64,500 of the fair-value price was attributed to undervalued land while $72,000 was assigned to undervalued equipment having a 10-year remaining life. The $63,500 unallocated portion of the acquisition-date excess fair value over book value was viewed as goodwill. Over the next few years, Giant...
On January 22, Shamrock Corporation issued for cash 15,000 shares of no-par common stock at $15....
On January 22, Shamrock Corporation issued for cash 15,000 shares of no-par common stock at $15. On February 14, Shamrock issued at par value 2,000 shares of preferred 6% stock, $60 par for cash. On August 30, Shamrock issued for cash 25,000 shares of preferred 6% stock, $60 par at $67. Journalize the entries to record the January 22, February 14, and August 30 transactions. If an amount box does not require an entry, leave it blank. Jan. 22 Feb....
General Journal Debit Credit a. Cash 280,000 Common Stock, $25 Par Value 235,000 Paid-In Capital in...
General Journal Debit Credit a. Cash 280,000 Common Stock, $25 Par Value 235,000 Paid-In Capital in Excess of Par Value, Common Stock 45,000 b. Organization Expenses 190,000 Common Stock, $25 Par Value 125,000 Paid-In Capital in Excess of Par Value, Common Stock 65,000 c. Cash 45,000 Accounts Receivable 17,000 Building 82,500 Notes Payable 59,900 Common Stock, $25 Par Value 54,600 Paid-In Capital in Excess of Par Value, Common Stock 30,000 d. Cash 149,000 Common Stock, $25 Par Value 77,000 Paid-In...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT