Question
In: Accounting
B1 - Snow Company started operations on February 1, 2020 by depositing $3,000,000 cash in the...
B1 - Snow Company started operations on February 1, 2020 by depositing $3,000,000 cash in the bank as capital. The following transactions took place during the first month of operations:
February 3: Purchased supplies for $22,500 in cash.
February 9: Purchased equipment for $255,000, paid $105,000 in cash and the remaining amount will be paid after 10 days.
February 12: Received a bill from Dubai News for advertising amounted to $1,650.
February 14: Paid $24,000 salaries in cash.
February 16: Paid $6,000 utilities expense in cash.
February 17: Provided services to customers for $195,000 in cash.
February 19: Paid $150,000 for equipment purchased on February 9.
February 28: The owner withdrew $7,500 cash for personal use.
Required:
- Prepare journal entries to record the above transactions.
- 2- Post to the appropriate ledger accounts.
Solutions
Expert Solution
1. Journal entries
2. Ledger accounts
Let me know in case you have any questions. Also please provide rating.
ekkarill92 answered 1 year agoRelated Solutions
B1 - Snow Company started operations on February 1, 2020 by depositing $3,000,000 cash in the...
B1 - Snow Company started operations on February 1, 2020
by depositing $3,000,000 cash in the bank as capital. The following
transactions took place during the first month of
operations:
February 3: Purchased supplies for $22,500 in
cash.
February 9: Purchased equipment for $255,000, paid
$105,000 in cash and the remaining amount will be paid after 10
days.
February 12: Received a bill from Dubai News for
advertising amounted to $1,650.
February 14: Paid $24,000 salaries in cash.
February 16:...
B1 - Snow Company started operations on February 1, 2020 by depositing $3,000,000 cash in the...
B1 - Snow Company started operations on February 1, 2020
by depositing $3,000,000 cash in the bank as capital. The following
transactions took place during the first month of
operations:
February 3: Purchased supplies for $22,500 in
cash.
February 9: Purchased equipment for $255,000, paid
$105,000 in cash and the remaining amount will be paid after 10
days.
February 12: Received a bill from Dubai News for
advertising amounted to $1,650.
February 14: Paid $24,000 salaries in cash.
February 16:...
B1 - Snow Company started operations on February 1, 2020 by depositing $3,000,000 cash in the...
B1 - Snow Company started operations on February 1, 2020
by depositing $3,000,000 cash in the bank as capital. The following
transactions took place during the first month of
operations:
February 3: Purchased supplies for $22,500 in
cash.
February 9: Purchased equipment for $255,000, paid
$105,000 in cash and the remaining amount will be paid after 10
days.
February 12: Received a bill from Dubai News for
advertising amounted to $1,650.
February 14: Paid $24,000 salaries in cash.
February 16:...
B1 - Snow Company started operations on February 1, 2020 by depositing $3,000,000 cash in the...
B1 - Snow Company started operations on February 1, 2020
by depositing $3,000,000 cash in the bank as capital. The following
transactions took place during the first month of
operations:
February 3: Purchased supplies for $22,500 in
cash.
February 9: Purchased equipment for $255,000, paid
$105,000 in cash and the remaining amount will be paid after 10
days.
February 12: Received a bill from Dubai News for
advertising amounted to $1,650.
February 14: Paid $24,000 salaries in cash.
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