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 11 months 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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