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Q1. Complying with are the transactions that a brand-new company referred to as Pose-for-Pics.
You are watching: Following are the transactions of a new company called pose-for-pics.
Prepare basic journal entries because that the above transactions.
Q2. The transactions of Spade firm appear below.Kacy Spade, owner, invest $20,000 cash in the firm in exchange for typical stock.The company purchased office supplies for $580 cash.The company purchased $11,060 of office tools on credit.The firm received $2,360 cash together fees for services provided to a customer.The company paid $11,060 cash to resolve the payable for the office devices purchased in transaction c.The firm billed a customer $4,240 together fees for services provided.The firm paid $520 cash for the monthly rent.The company built up $1,781 cash together partial payment for the account receivable produced in transaction f.The agency paid $1,100 cash in dividend to the owner (sole shareholder).
Required:1. Prepare basic journal entries to document the transactions above for Spade company by utilizing the following accounts: Cash; account Receivable; Office Supplies; Office Equipment; account Payable; usual Stock; Dividends; Fees Earned; and also Rent Expense. Usage the letters alongside each transaction to determine entries.
2. post the over journal entries come T-accounts, which offer as the basic ledger because that this assignment.
Q3. The transactions that Spade company appear below.Kacy Spade, owner, invest $19,000 cash in the company in exchange for usual stock.The agency purchased office gives for $551 cash.The company purchased $10,507 that office tools on credit.The company received $2,242 cash together fees because that services listed to a customer.The company paid $10,507 cash to work out the payable because that the office tools purchased in transaction c.The firm billed a customer $4,028 together fees for solutions provided.The firm paid $535 cash for the monthly rent.The company accumulated $1,692 cash as partial payment for the account receivable created in transaction f.The agency paid $900 cash in dividend to the owner (sole shareholder).
Prepare the psychological Balance.
Q4. Complying with are the transactions of a brand-new company dubbed Pose-for-Pics.
|Aug.||1||Madison Harris, the owner, invest $10,750 cash and also $46,225 the photography equipment in the firm in exchange for usual stock.|
|2||The agency paid $3,600 cash because that an insurance policy covering the next 24 months.|
|5||The company purchased office gives for $2,043 cash.|
|20||The agency received $3,100 cash in photography fees earned.|
|31||The agency paid $883 cash for August utilities.|
Prepare basic journal entries for the over transactions.
Q5. Adhering to are the transactions of a new company referred to as Pose-for-Pics.
|Aug.||1||Madison Harris, the owner, invested $8,200 cash and also $35,200 the photography equipment in the agency in exchange for common stock.|
|2||The company paid $3,800 cash because that an insurance plan covering the following 24 months.|
|5||The firm purchased office provides for $1,050 cash.|
|20||The agency received $5,031 cash in photography fees earned.|
|31||The firm paid $845 cash because that August utilities.|
Required:1. Post the transactions come the T-accounts.
2. Use the quantities from the T-accounts in requirement (1) to prepare an august 31 psychological balance because that Pose-for-Pics.
Q6. The transactions the Spade firm appear below.Kacy Spade, owner, invested $18,750 cash in the firm in exchange for common stock.The agency purchased office supplies for $544 cash.The firm purchased $10,369 that office devices on credit.The firm received $2,213 cash together fees because that services provided to a customer.The firm paid $10,369 cash to settle the payable because that the office devices purchased in transaction c.The agency billed a client $3,975 as fees for solutions provided.The firm paid $530 cash for the monthly rent.The company accumulated $1,670 cash together partial payment for the account receivable developed in transaction f.The agency paid $1,000 cash in dividend to the owner (sole shareholder).
Prepare the psychological Balance.
Q7. Carmen Camry operates a consulting certain called assist Today, which began operations on respectable 1. On august 31, the that company records show the following accounts and quantities for the month of August.
|Cash||$25,450||Consulting fees earned||$27,110|
|Accounts receivable||22,490||Rent expense||9,680|
|Office supplies||5,370||Salaries expense||5,700|
|Office equipment||20,140||Miscellaneous expenses||610|
|Accounts payable||10,460||Common stock||103,100|
Use the over information come prepare one August revenue statement because that the business.
Q8. Usage the over information come prepare an august statement that retained revenue for aid Today. (Hint: Net earnings for respectable is $10,130.)
Q9. Usage the over information come prepare an august 31 balance paper for assist Today. (Hint: The finishing retained earnings account balance as of respectable 31 is $4,010.)
Q10. Karla Tanner opens up a internet consulting company called Linkworks and completes the adhering to transactions in its very first month the operations.
|April||1||Tanner invested $90,000 cash along with office devices valued at $21,600 n the firm in exchange for common stock.|
|2||The firm prepaid $7,200 cash because that 12 months’ rent for office space. (Hint: Debit Prepaid Rent because that $7,200.)|
|3||The company made credit transaction purchases for $10,800 in office equipment and $2,160 in office supplies. Payment is due within 10 days.|
|6||The agency completed solutions for a client and automatically received $2,000 cash.|
|9||The agency completed a $7,200 task for a client, who need to pay in ~ 30 days.|
|13||The agency paid $12,960 cash to clear up the account payable produced on April 3.|
|19||The agency paid $6,000 cash because that the premium ~ above a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $6,000.)|
|22||The agency received $5,760 cash together partial payment for the job-related completed on April 9.|
|25||The company completed work-related for another client for $2,640 ~ above credit.|
|28||The agency paid $6,200 cash in dividends.|
|29||The firm purchased $720 of extr office provides on credit.|
|30||The company paid $700 cash because that this month’s energy bill.|
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Required:1. Prepare basic journal entries to record these transactions using the adhering to titles: Cash (101); accounts Receivable (106); Office provides (124); Prepaid insurance allowance (128); Prepaid rent (131); Office equipment (163); accounts Payable (201); typical Stock (307); dividend (319); solutions Revenue (403); and also Utilities price (690).