Question 1160824: Transactions for Sand Company are presented below. Identify each transaction by number.
1. The company issued common stock in exchange for $500,000 cash.
2. Hired an employee to be paid $2,000 per week, starting tomorrow.
3. Purchased $8,000 of supplies on account.
4. Purchased equipment for $60,000, paying $40,000 in cash and signed a 30-day, $20,000, note payable.
5. Performed services for a customer on account for $60,000 and the customer promises to pay within this month.
6. Paid $4,000 in cash for the current month's rent.
7. Paid $5,000 cash on account for supplies purchased in transaction 3.
8. Received a bill for $5,500 for advertising for the current month.
9. Paid $24,000 cash for salaries.
10. The company paid dividends of $18,000.
11. Received $26,000 for services previously performed on account.
Instructions: Read each of the above transactions, then:
a) Journalize each transaction (you may omit journal explanations)
b) Open T account for Cash and post the journal entries to Cash account ONLY, and then compute its balance.
Answer by ikleyn(52778)   (Show Source):
|
|
|
