Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

Required: Record the following transaction on the spreadsheet, total each column

a. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011.

b. On Feb. 5 purchased $5000 of Inventory on credit.

c. Sold Inventory which cost $4000 for $7000 on Feb. 18.

d. On March 1 paid rent for 1 year totaling $6000.

e. On March 20 paid for the Inventory purchased in transaction (b).

f. On April 7 received $7000 for services not yet performed.

g. Paid salaries in the amount of $800 on April 26.

h. On May 18 paid the utility bill of $500.

i. On June 30, paid note plus 2% interest, this was a 6 month note.

j. On July 8 received $5000 cash from customers who had purchased goods on credit.

k. On August 24 purchased 50 shares of treasury stock for $500.

l. Declared and paid a .20 per share dividend for common stock on September 30 at which time 21000 were issued and 250 shares were treasury.

m. On Oct. 31 wrote off $75 of Accounts Receivable.

The following information is needed for transactions that are made at year end, December 31, 2011:

n. The building which cost $35,000, had a salvage value of $5000 and a life of 15 years, the company uses straight line depreciation.

o. By year end all but $1000 in Unearned Revenue had been earned.

p. Prepaid Rent must be adjusted.

q. Management determined that the Allowance for Bad Debt account should have a $125 balance.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9528669

Have any Question?


Related Questions in Accounting Basics

Question - ivanhoe inc manufactures cycling equipment

Question - Ivanhoe Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company's bikes. After a c ...

Question - marvin services corporation had the following

Question - Marvin Services Corporation had the following accounts and balances: Accounts payable $12,000 Equipment $14,000Accounts receivable 2,000 Land14,000 Buildings? Unearned service revenue 4,000 Cash 6,000 Total st ...

Question - this is an accounting problem that appears on

Question - This is an accounting problem that appears on McGraw Hill. Please help with recording the advance collection and revenue earned on the general journal. Thank you. The University of Michigan football stadium, b ...

Question - ralph henwood was paid a salary of 64600 during

Question - Ralph Henwood was paid a salary of $64,600 during 2018 by Odesto Company. In addition, during the year Henwood started his own business as a public accountant and reported a net business income of $70,000 on h ...

Question - an employee of a board of education is paid an

Question - An employee of a Board of Education is paid an annual salary in 22 bi-weekly payments of $1237.96 each. The employee is under contract for 200 workdays of 8 hours each. (a) What is the hourly rate of pay? (b) ...

Question - hardcastle ltd had sales of 3 000 000 and net

Question - Hardcastle Ltd. had sales of $3 000 000 and net operating income of $900 000. Operating assets during the year averaged $1 500 000. The manager of Hardcastle is considering the purchase of a new machine which ...

Question management research project requirementstopic -

Question: Management Research Project Requirements TOPIC - Each student will submit a research project that selects a current management problem and applies one or more principles of management discussed in the class to ...

Question - at december 31 2014 the available for sale

Question - At December 31, 2014, the available for sale equity portfolio for xyz corp. is as follows. Security Cost Fair Value Stock A 33,600 31,000 Stock B 175,000 174,000 Stock C 59,400 68,500 Total 268,000 273,500 Dec ...

Question - tb nelson company prepares monthly financial

Question - TB Nelson Company prepares monthly financial statements and uses the gross profit method to estimate ending inventories. Historically, the company has had a 40% gross profit rate. During June, net sales amount ...

Question - cosos internal control - integrated framework

Question - COSO's Internal Control - Integrated Framework discusses technology general controls and application controls. What are technology general controls and application controls? How do technology general controls ...

  • 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

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As