Prepare general journal entries to record the transactions. Use the attached Word File 20 marks

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question
D. Stone Surveying Co completed these transactions during April of the current year:
Began a surveying company by investing $10,000 in cash and
office equipment having a $4575 fair value.
Apr 1
Apr 2
Apr 3
Apr 8
Purchased on credit office supplies, $450, and office equipment, $300.
Completed surveying work for client and was paid immediately $500
Completed surveying work for Acme Loan Co $1500 on credit Paid for the items purchased on
credit on April 2.
Apr. 14
Paid $2400 premium for the annual insurance policy.
Apr. 15
Paid semi monthly wages of $1500
Apr. 18
Received payment in full from Acme Loan Co, for the work
completed on April 8.
Apr. 27
D. Stone withdrew $1100 cash from the business to pay
personal expenses.
Apr. 30
Paid the April telephone bill, $160.
Prepare general journal entries to record the transactions. Use the attached Word File 20 marks
Transcribed Image Text:D. Stone Surveying Co completed these transactions during April of the current year: Began a surveying company by investing $10,000 in cash and office equipment having a $4575 fair value. Apr 1 Apr 2 Apr 3 Apr 8 Purchased on credit office supplies, $450, and office equipment, $300. Completed surveying work for client and was paid immediately $500 Completed surveying work for Acme Loan Co $1500 on credit Paid for the items purchased on credit on April 2. Apr. 14 Paid $2400 premium for the annual insurance policy. Apr. 15 Paid semi monthly wages of $1500 Apr. 18 Received payment in full from Acme Loan Co, for the work completed on April 8. Apr. 27 D. Stone withdrew $1100 cash from the business to pay personal expenses. Apr. 30 Paid the April telephone bill, $160. Prepare general journal entries to record the transactions. Use the attached Word File 20 marks
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Accounting Equation
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education