FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Eagle Investments incurred the following transactions during the month of April 2021:
April 1
Issued common shares in exchange for cash totalling $18,00.
Purchased office equipment on account for $7,500.
April 3
April 8
Completed work for a client and received $1,000 cash in full payment.
April 15
Paid $2,500 for of the amount owed for the office equipment (from April 3).
Completed work for a client on credit, $3,500.
April 18
Paid salaries of $3,000.
April 20
April 22
April 25
April 27
April 30
Required:
1.
2.
Received $2,500 for the work completed on April 8.
Paid one year insurance policy that covers the next 12 months, $2,000.
Purchased supplies on account, $500
Received $2,500 from a customer for work to be performed in June.
Prepare journal entries for the April 2021 transactions.
Using T-accounts, calculate ending balances and prepare the April 30, 2021 trial balance.
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Transcribed Image Text:Eagle Investments incurred the following transactions during the month of April 2021: April 1 Issued common shares in exchange for cash totalling $18,00. Purchased office equipment on account for $7,500. April 3 April 8 Completed work for a client and received $1,000 cash in full payment. April 15 Paid $2,500 for of the amount owed for the office equipment (from April 3). Completed work for a client on credit, $3,500. April 18 Paid salaries of $3,000. April 20 April 22 April 25 April 27 April 30 Required: 1. 2. Received $2,500 for the work completed on April 8. Paid one year insurance policy that covers the next 12 months, $2,000. Purchased supplies on account, $500 Received $2,500 from a customer for work to be performed in June. Prepare journal entries for the April 2021 transactions. Using T-accounts, calculate ending balances and prepare the April 30, 2021 trial balance.
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