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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 1 year ago
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