Selected transactions for Pharoah Company during its first month in business are as follows. Sept. 1 Stockholders invested $11,500 cash in the business in exchange for common stock. 5 Purchased equipment for $13,500 paying $2,600 in cash and the balance on account. 25 Paid $1,720 cash on balance owed for equipment. 30 Declared and paid a $510 cash dividend. Pharoah’s chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, and No. 332 Dividends. (a) Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Selected transactions for Pharoah Company during its first month in business are as follows. Sept. 1 Stockholders invested $11,500 cash in the business in exchange for common stock. 5 Purchased equipment for $13,500 paying $2,600 in cash and the balance on account. 25 Paid $1,720 cash on balance owed for equipment. 30 Declared and paid a $510 cash dividend. Pharoah’s chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, and No. 332 Dividends. (a) Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Principles of Accounting Volume 1

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ISBN:9781947172685

Author:OpenStax

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Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...

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(a)

Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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Prepare journal entries to record the following transactions that occurred in April: A. on first day of the month, issued common stock for cash, $15,000 B. on eighth day of month, purchased supplies, on account, $1,800 C. on twentieth day of month, billed customer for services provided, $950 D. on twenty-fifth day of month, paid salaries to employees, $2,000 E. on thirtieth day of month, paid for dividends to shareholders, $500
As of December 31 of Year 1. Post Company had total cash of $156, 000, notes payable of $ 85,600, and common stock of $52, 400. During Year 2, Post earned $36,000 of cash revenue, paid $20,000 for cash expenses, and paid a $3,000 cash dividend to the stockholders. Create an accounting equation and record the beginning account balance under the appropriate elements for Post Company. Record the revenue, expense, and dividend events under the appropriate elements of the accounting equation. The accounting equation must always remain in balance. What is the total of each side at the end of Year 2?
Selected transactions for Bramble Corp. during its first month in business are presented below: Sept. 1 Issued common stock in exchange for $ 44,000 cash received from investors. 5 Purchased equipment for $ 21,400, paying $ 2,100 in cash and the balance on account. 25 Paid $ 6,500 cash on balance owed for equipment. 30 Paid $ 1,900 cash dividend. Post the transactions to T-accounts.
Turner Company started its business by issuing $14,000 of common stock on January 1, Year 1. The company performed $42,000 of services for customers on account in Year 1. It collected $34,100 of this amount in Year 1, recorded expenses on account of $31,100, paid $25,000 of the payables owed, and paid a $900 dividend to the stockholders. What is the Cash on Hand at the end of Year 1?
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Selected transactions for Metlock, Inc. during its first month in business are as follows. Sept. 1 5 25 30 Stockholders invested $12,900 cash in the business in exchange for common stock Purchased equipment for $11,100 paying $4,500 in cash and the balance on account. Paid $2,660 cash on balance owed for equipment. Declared and paid a $650 cash dividend. Metlock's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, and No. 332 Dividends.
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Sept. 1		Stockholders invested $11,500 cash in the business in exchange for common stock.
5		Purchased equipment for $13,500 paying $2,600 in cash and the balance on account.
25		Paid $1,720 cash on balance owed for equipment.
30		Declared and paid a $510 cash dividend.