(Answered) Question - prepare in good form the journal entry to record

Accounting

Question - Prepare in good form the journal entry to record each of the following transactions on the books of ABC.

Jan 10, 2009: ABC is incorporated by issuing $50,000 of common stock to each of the three owners.

Jan 12, 2009: ABC borrows $100,000 at the local bank.

Jan 15, 2009: ABC pays $200,000 cash to buy ten acres of land.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92561877
Price:- $25

Verified Expert

Priced at $50 Now at $25, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - the kaufman car company sells cars with a

Question - The Kaufman car company sells cars with a warranty that they will work properly. based on its historic experience, it expects the cost of honoring this warranty to be about 1% of sales. In 2014, it makes $500 ...

Question - use the following information for transactions

Question - Use the following information for transactions 18 and 19. You are the SELLER. You sell merchandise on account for $12,000. The merchandise cost you $7,200. The terms are FOB shipping, 2/10, n/30. You receive a ...

Question - the san bernardino county fair hires about 150

Question - The San Bernardino County Fair hires about 150 people during fair time. Their wages range from $6.75 to $8.00. California has a state income tax of 9%. Sandy Denny earns $8.00 per hour; George Barney earns $6. ...

Question - on the last day of the fiscal year a co-worker

Question - On the last day of the fiscal year, a co-worker asks for a check to be cut for $2,000 as a miscellaneous expense for supplies for a project for a VIP customer today. The invoice looks a little different from o ...

Question - hunter co purchased a delivery truck the total

Question - Hunter Co. purchased a delivery truck. The total cash payment was $30,020, including: Negotiated purchase price $24,000 Installation of special shelving 1,100 Painting and lettering 900 Motor vehicle license 1 ...

Question - kon corp has outstanding accounts receivable

Question - Kon Corp. has outstanding accounts receivable totaling $6.5 million as of December 31 and sales on credit during the year of $24 million. There is also a credit balance of $12,000 in the allowance for doubtful ...

Question - richard and pauline jackson have a small mowing

Question - Richard and Pauline Jackson have a small mowing and gardening business in which they have been working for the last eight years. As it is only the two of them in the business they operate as a partnership. The ...

Question - mr young operates a photography studio as a sole

Question - Mr. Young operates a photography studio as a sole proprietorship. His average annual income from the business is $100,000. Because Mr. Young does not need the entire cash flow for personal consumption, he is c ...

Question - 2018 pretax accounting income 400000all fixed

Question - 2018 Pretax Accounting Income: $400,000 All Fixed Assets Purchased Prior to January 1, 2018 were Fully Depreciated at 12/31/17 Fixed Assets purchased on January 1, 2018 for $100,000 and have Estimated Life of ...

Question my choice is starbucksaccess each of the social

Question: My choice is Starbucks Access each of the social media pages for the brand you have selected (Facebook, Twitter, Instagram, etc.). Provide an assessment of the effectiveness of the social media sites: number of ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert