After graduating, you have decided to open your own business as a corporation. The project is a company called Since you have taken a financial accounting class as part of your undergraduate degree, you have decided to save the money do the accounting work. This includes understanding that all transactions are recorded properly in appropriate journals, T-Accounts and trial balances and prepare the the financial statements. To accomplish these goals, you must have a full understanding of the accounting cycle.
Part 1
Transaction
June 1
Invested cash into the company for stock (2283x 500)
June 2
Borrowed (ID x 50) + $100,000 in the form of a note payable.
June 2
Purchased land with cash for (ID x 12).
June 2
Purchased building with cash for (ID x 150).
June 3
Purchased equipment on account for (ID x 50).
June 4
Purchased a 12-month insurance policy for $24,000.
June 5
Purchased $10,000 of Inventory on account.
June 5
Generated $20,000 in revenues. This was paid in cash.
June 6
Generated $10,000 in revenues on account.
June 10
Paid $1,500 in cash for advertising.
June 15
Paid a utility bill of $2,000 in cash.
June 18
Received a $500 cash deposit for a future services.
June 22
Paid $1,800 in cash to repair an elevator.
June 28
Paid $4,000 in wages in cash.
June 30
$500 in dividends were paid in cash.
xx
Required:
Make adjusting entries in good form based on the above information. Create separate adjusting journal entries from your part 1 journal entries.
Answers: 3
Business, 21.06.2019 21:00, hannahkharel2
On june 1 of the current year, chad wilson established a business to manage rental property. he completed the following transactions during june: opened a business bank account with a deposit of $28,000 from personal funds. purchased office supplies on account, $2,690. received cash from fees earned for managing rental property, $7,390. paid rent on office and equipment for the month, $3,310. paid creditors on account, $1,230. billed customers for fees earned for managing rental property, $6,130. paid automobile expenses (including rental charges) for the month, $740, and miscellaneous expenses, $370. paid office salaries, $2,330. determined that the cost of supplies on hand was $1,590; therefore, the cost of supplies used was $1,100. withdrew cash for personal use, $2,210. required: 1. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank. for those boxes in which you must enter subtractive or negative numbers use a minus sign. (example: -300) answer
Answers: 1
Business, 22.06.2019 01:20, tsadface21
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Answers: 2
Business, 22.06.2019 11:00, HUNIXX6561
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Answers: 1
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