Record each of these transactions in Journal entries and prepare the Ledger for Cash & Cash...

Record each of these transactions in Journal entries and prepare the Ledger for Cash & Cash Equivalents, Accounts Receivable and Accounts Payable:

Jan. 1^st Frank's Pizza started the business by depositing $50,000 received from the sale of capital stock in the company bank account.
Jan. 22^ndPurchased a building for $36,000, paying $6,000 in cash and issuing a note payable for the remaining $30,000.
Jan. 25^thPurchased tools and equipment on account, $13,800.
Jan. 27^thSold some of the tools at a price equal to their cost, $1,800, collectible within 45 days.
Feb. 2^ndReceived $600 in partial collection of the account receivable from the sale of tools.
Feb. 7^thPaid $6,800 in partial payment of an account payable.
Feb. 11^thReceived $2,200 of sales revenue in cash.
Feb. 2oth Purchased radio advertising from RAC105 to be aired in March. The cost was $470, payable within 30 days.
Jan. 22^ndPurchased office equipment for $15,000 cash.
Jan. 26^thPerformed repair services and billed clients $2,000. The entire amount will not be collected until February.

Solutions

Expert Solution

Date	Account titles and explanation	Debit	Credit
1-Jan	Cash	$ 50,000.00				Cash
	Common Stock		$ 50,000.00	1-Jan	$ 50,000.00	$ 6,000.00	22-Jan
				2-Feb	$ 600.00	$ 6,800.00	7-Feb
22-Jan	Building	$ 36,000.00		11-Feb	$ 2,200.00	$ 15,000.00	22-Jan
	Cash		$ 6,000.00
	Notes Payable		$ 30,000.00	bal	$ 25,000.00

25-Jan	Tools and Equipment	$ 13,800.00				Accounts Payable
	Accounts Payable		$ 13,800.00	7-Feb	$ 6,800.00	$ 13,800.00	25-Jan
						$ 470.00	20-Feb
27-Jan	Accounts Receivables	$ 1,800.00
	Sales Revenue		$ 1,800.00			$ 7,470.00	bal.

2-Feb	Cash	$ 600.00
	Accounts receivables		$ 600.00			Accounts Receivables
				27-Jan	$ 1,800.00	$ 600.00	2-Feb
7-Feb	Accounts Payable	$ 6,800.00		26-Jan	$ 2,000.00
	Cash		$ 6,800.00	bal.	$ 3,200.00

11-Feb	Cash	$ 2,200.00
	Sales Revenue		$ 2,200.00

20-Feb	Advertisement Exp.	$ 470.00
	Accounts payable		$ 470.00

22-Jan	Equipment	$ 15,000.00
	Cash		$ 15,000.00

26-Jan	Accounts Receivables	$ 2,000.00
	Service Revenue		$ 2,000.00

ekkarill92 answered 7 months ago

Next > < Previous

Related Solutions

Prepare journal entries to record each of these transactions for 2017.

Question: Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par value, 50,000 shares authorized, 30,000 shares issued and outstanding . . . . . . . . . . . . . . . . . . . . . . . . $ 750,000 Paid-in capital in excess of par value, common stock . . . . . . . . . . . . . . . 50,000 Retained earnings ....

Prepare entries in general journal form to record the following transactions in General Fund general ledger...

Prepare entries in general journal form to record the following transactions in General Fund general ledger accounts for fiscal year 2019. Use modified accrual accounting for the General fund only -The legal budget for the year provided for $900,000 of estimated revenues, $800,000 appropriations, and $50,000 transfer out to debt service fund. -Issued $ 250,000 of purchase orders outstanding for office supplies. -Property taxes were levied in the amount of $400,000. It is estimated that 2 percent of the taxes...

Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a...

Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a statement of retained earnings for the year ended December 31, 2017. 3. Prepare the stockholders’ equity section of the company’s balance sheet as of December 31, 2017. Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par value, 70,000 shares authorized, 49,000 shares issued and outstanding $ 1,225,000 Paid-in capital in excess of par value, common stock 98,000...

Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a...

Required: 1. Prepare journal entries to record each of these transactions for 2017. 2. Prepare a statement of retained earnings for the year ended December 31, 2017. 3. Prepare the stockholders' equity section of the company’s balance sheet as of December 31, 2017. Kohler Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par value, 100,000 shares authorized, 50,000 shares issued and outstanding $ 1,250,000 Paid-in capital in excess of par value, common stock 70,000...

Prepare the general journal entries to record the above transactions.

Read each of the following transactions A). The cash sales per a register tape were $593 The cash count is $559 B). The cash sales per a register tape were $9,400 The cash count is $8,910. Prepare the general journal entries to record the above transactions.

Prepare journal entries to record each of the following transactions. Determine the effect of each transaction...

Prepare journal entries to record each of the following transactions. Determine the effect of each transaction on net income and cash flows. Issued common stock for $250,000. Purchased land for $100,000 in cash. Purchased $11,000 of supplies on account. Rendered $10,000 services to clients and received immediate payment. Paid $900 on accounts payable. Rendered $25,000 of services to clients on account. Paid $2,000 in dividends. Received $3,000 cash in exchange for services to be rendered in 3 months. Received $500...

Prepare journal entries to record each of the following sales transactions of a merchandising company. The...

Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $7,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $4,200. Apr. 4 The customer in the April 1 sale returned $780 of merchandise for full credit. The merchandise, which had cost $468, is returned to inventory. Apr. 8 Sold merchandise for $3,000, with...

. Prepare journal entries to record the December transactions in the General Journal Tab in the...

. Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template.xlsx". Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Rent Expense, and Insurance Expense. 1-Dec Began business by depositing $9500 in a bank account in the name of the company in exchange for 950...

Record February transactions in the General Journal and post to the General Ledger. Record adjusting entries...

Record February transactions in the General Journal and post to the General Ledger. Record adjusting entries for February in the General Journal and post to the General Ledger. Prepare the adjusted trial balance as of February 28 Prepare the following February financial statements: a) Income Statement for month ended February 28 b) Statement of Stockholders Equity for month ended February 28 c) Balance Sheet as of February 28 d) Statement of Cash Flows for month ended February 28 Record February...

1. Prepare Journal Entries to record each of the following transactions for Echo Systems. Post the...

1. Prepare Journal Entries to record each of the following transactions for Echo Systems. Post the entries to the accounts in the ledger. Dec 3. Paid $2,100 to the lakeshore Mall for the company's share of mall adverstising Dec 3 Paid $1,200 to repair the company's computer Dec 4. Received $7,500 from Alamo Engineering Co. for the recivable from the prior month Dec 10. Paid Carly Smith for six days of work at rate $200 per day Dec 14. Notified...

Subjects