Journal entry worksheet12DateNov. 13Note: Enter debits before credits.Record entry45 6Nov. 1 The company issues 1,000 shares of $.01 par value common stock for$30,000 cash.General Journal7Clear entry89Debit10CreditView general journal> Business transactions for the Spade Company for the first two months of business are shown below. Prepare journal entries to recordthe following transactions. Explanations are not necessary.The transactions of Spade Company appear below.Nov. 1Nov. 1Nov. 5Nov. 11Nov. 21Nov. 30Nov. 30supplies used.Dec. 4The company pays for the office supplies purchased on Nov. 5.Dec. 10The company receives $5,000 cash from client billed on Nov. 21.Dec. 26 The company declares a $2.50 per share dividend to be paid in January.The company issues 1,000 shares of $.01 par value common stock for $30,000 cash.The company pays $6,000 for the premium on a 12-month insurance policy.The company purchased office supplies for $1,000 on credit.The company received $4,000 cash from client for consulting services completed.The company completed a $5,000 project for a client who must pay within 30 days.Prepare the adjusting entry for the insurance expired as of Nov. 30.The physical count of office supplies Nov. 30 shows $400 of supplies available. Prepare the adjusting entry to recordUse the following accounts:Cash, Accounts receivable, Office Supplies, Prepaid Insurance, Land, Accounts payable, Dividends Payable, Common Stock, Paid incapital in excess of par value, common (PIC-CS), Retained Earnings, Services earned, Salary expense, Office Supplies expense,Insurance expense, and Utility expense.< Prev‒‒‒‒‒‒‒‒‒‒2 of 2Next >EEE

The journal entries are prepared to record the transactions on regular basis. The shares issued at…

Answered: 1 entry worksheet 2 Date Nov. 1 3 Note:…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Business transactions for the Spade Company for the first two months of business are shown below. Prepare journal entries to record the following transactions. Explanations are not necessary. The transactions of Spade Company appear below. Nov. 1 Nov. 1 Nov. 5 The company received $4,000 cash from client for consulting services completed. Nov. 11 Nov. 21 Nov. 30 The company completed a $5,000 project for a client who must pay within 30 days. Prepare the adjusting entry for the insurance expired as of Nov. 30. Nov. 30 The physical count of office supplies Nov. 30 shows $400 of supplies available. Prepare the adjusting entry to record supplies used. Dec. 4 The company pays for the office supplies purchased on Nov. 5. The company receives $5,000 cash from client billed on Nov. 21. Dec. 10 Dec. 26 The company declares a $2.50 per share dividend to be paid in January. The company issues 1,000 shares of $.01 par value common stock for $30,000 cash. The company pays $6,000 for the premium on…
Question 7 The following information relates to the Snorlax Store, a retail business that buys and sells stylish sleepware. Dr March April 01 Bank 31 Bank 01 Balance b/d CPJ b/d TRADING STOCK 80 000 с ? D March 31 7.1. What would the folio reference for the Cost of Sales entry A be? 7.2. In the trading stock account above, what does the letter B represent? 7.3. In the trading stock account above, what does the letter C represent? 7.4. In the trading stock account above, what does the letter D represent? Cost of sales Balance B12 A c/d B07 CR
Account Title Ch. remainder Believer. remainder Furniture 15.000 Damped Furniture 1.200 Goods 4.000 Domestic Customers 21.000 Promissory notes in the portfolio 6.800 Shares Listed on the Stock Exchange 10.750 Current Deposits in Euro 2.000 Paid-in Share Capital 39.000 Regular reserve 6.000 Long-term bank loans 10.000 Domestic Suppliers 4.000 Promissory notes payable in euro 4.300 Bank A- short-term loan account 5.000 Dividends payable 900 Insurance Organizations (EFKA) 800 Staff Remuneration 26.000 Employer's contributions and personnel charges 9.000 Telecommunications 2.000 Rentals 1.500 Premiums 600 Third Party Facilities (lighting - water supply) 3.100 Travel expenses 900 Promotional and Advertising Expenses 2.500 Interest on Long-term Liabilities 1.800 Furniture depreciation…
Pass Journal entries of attached picture
Recording Journal Entries Prepare journal entries for each of the following transactions of Alma Inc. a. Issues stock to shareholders in exchange for $30,000 cash. b. Purchases $9,000 of equipment by signing a note payable. c. Performs $7,500 of services for customers on account. d. Pays $3,000 cash for legal services. Ref. a. b. C d. General Journal Account Name Save Answers + 00 수 0000 # + + ÷ 수 Dr. 0 OOOooooo 0 0 0 0 0 0 Cr. OOOOOOOO 0 0 0 10 0 0
Trading stock Bank Cash float Sales R16 384 R450 (2) (4) R20 340 2. R39 551 CRJ2: Bank Sales R12 771 R 8514 Cost of sales Sundry accounts R26 780 * *The toral of the sundry accounts consists of: R19 500 on 1 July 20.7 R 1 780 on 19 July 20.7 R 5 500 on 30 July 20.7 Capital Rent income Capital R11 925 R 3 448 R 2 480 R 376 R 5 621 * CPJ2: Bank Trading stock Wages Packing material Sundry accounts The total of the sundry accounts consists of: Equipment Stationery Stationery Telephone Water and electricity R 595 on 22 July Drawings R4 070 on 6 July 38 on 6 July R 124 on 13 July R 348 on 21 July R R 446 on 22 July he Trial Balance ve saw fom the
Principles of Accounting 1 Chapter 10 Homework Problem 1– Entries for notes payable On January 26, Nyree Co. purchased inventory from Conrad Co. by signing a 45- day note with a face amount of $150,000. A. Determine the proceeds of the note, assuming the note carries an interest rate of 10% B. What journal entries will Nyree Co. 1. At the signing of the note (when the note is issued) 2. After 45 days when the note is paid
Listed below are a few events and transactions of Kodax Company. Year 1 January 2 Purchased 40,000 shares of Grecco Company common stock for $431,000 cash. Grecco has 120,000 shares of common stock outstanding, and its activities will be significantly influenced by Kodax. September 1 Grecco declared and paid a cash dividend of $1.70 per share. December 31 Grecco announced that net income for the year is $489,900. Year 2 June 1 Grecco declared and paid a cash dividend of $1.70 per share. December 31 Grecco announced that net income for the year is $705,400. December 31 Kodax sold 9,000 shares of Grecco for $160,000 cash. Prepare journal entries to record the above transactions and events of Kodax Company. (Do not round intermediate calculations and round your final answers to the nearest dollar amount.) View transaction list
Make into T accounts Date Account A/c Debit Account A/c Credit Comments 1-Jul Cash $60,000 Common stock $60,000 Deposit for shares 3-Jul Rent expense $3,500 Cash $3,500 Rent paid 5-Jul Prepaid insurance $4,200 Cash $4,200 Insurance paid 7-Jul Supplies $1,000 Accounts payable $1,000 Supplies purchased 10-Jul Salaries expense $3,500 Cash $3,500 Salaries paid 14-Jul Equipment $10,000 Cash & A/c payable $10,000 Equipment purchased 15-Jul Cash $8,000 Tax preparation revenue $8,000 Tax preparation income received 19-Jul Accounts payable $500 Cash $500 A/c payable paid 31-Jul Cash $9,000 Tax preparation revenue $9,000 Tax preparation income received 31-Jul Dividends $600 Cash $600 Dividends paid

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1 entry worksheet 2 Date Nov. 1 3 Note: Enter debits before credits. 4 5 General Journal 6 Clear entry 7 Nov. 1 The company issues 1,000 shares of $.01 par value common stock for $30,000 cash. 8 9 Debit 10 Credit View general journal