1 answer

During March, the business completed the following transactions: 1- Issued common shares for $ 8000 cash...

Question:

During March, the business completed the following transactions:

1- Issued common shares for $ 8000 cash

2. Borrowed $42,000 from the bank, with Calderon signing a note payable in the name of the business.

3. Paid cash of $39,000 to a real estate company to acquire land.

4. Performed service for a customer and received cash of $20,000.

5. Purchased supplies on credit, $500.

6. Performed customer service and earned revenue on account, $3500.

7. Paid the following cash expenses: salaries, $2300; rent, $1,800; and interest, $600.

8. Received $1,500 on account.

9. Received a $700 utility bill that will be paid next month.

10. Declared and paid dividend of $1700.

Prepare for March: t- account, journal, ledger, trial balance


Answers

Journal Entries
Events Particulars Debit Credit
1) Cash $   8,000.00
To Common Stock $   8,000.00
2) Cash $ 42,000.00
To Notes Payable $ 42,000.00
3) Land $ 39,000.00
To Cash $ 39,000.00
4) Cash $ 20,000.00
To Service Revenue $ 20,000.00
5) Supplies $      500.00
To Accounts Payable $      500.00
6) Accounts Receivable $   3,500.00
To Service Revenue $   3,500.00
7) Salaries Expense $   2,300.00
Rent Expense $   1,800.00
Interest Expense $      600.00
To Cash $   4,700.00
8) Cash $   1,500.00
To Accounts Receivable $   1,500.00
9) Utilities Expense $      700.00
To Accounts Payable $      700.00
10) Dividend $   1,700.00
To Cash $   1,700.00

T- Accounts:

1) 2) $ 39,000.00 $ 4,700.00 $ 1,700.00 Common Stock 1) $ 8,000.00 End. Bal. $ 8,000.00 Notes Payable 2) $ 42,000.00 End. Bal

Trial Balance
Particulars Debit Credit
Cash $ 26,100.00
Accounts Receivable $   2,000.00
Supplies $      500.00
Land $ 39,000.00
Accounts Payable $   1,200.00
Notes Payable $ 42,000.00
Common Stock $   8,000.00
Dividend $   1,700.00
Service Revenue $ 23,500.00
Salaries Expense $   2,300.00
Rent Expense $   1,800.00
Interest Expense $      600.00
Utilities Expense $      700.00
Total $74,700.00 $74,700.00
.

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