The following transactions occur in November.
November 1 Issue common stock in exchange for $11,800 cash.
November 2 Purchase equipment with a long-term note for $2,300 from Spartan Corporation.
November 4 Purchase supplies for $1,200 on account.
November 10 Provide services to customers on account for $7,800.
November 15 Pay creditors on account, $1,000.
November 20 Pay employees $1,800 for the first half of the month.
November 22 Provide services to customers for $9,800 cash.
November 24 Pay $920 on the note from Spartan Corporation.
November 26 Collect $5,800 on account from customers.
November 28 Pay $1,000 to the local utility company for November gas and electricity.
November 30 Pay $3,800 rent for November.
Required:
1. Record each transaction.
2. Post each transaction to appropriate t-account.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The following transactions occur in November. November 1 Issue common stock in exchange for $11,800 cash. November 2 Purchase equipment ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Rosewood Company made a loan of $9,800 to one of the company's employees on April 1, Year 1. The one-year note carried a 6% rate of interest.
Answers (1)
3.1. Explain which of the following approaches to strategy formulation is more likely to generate economic profits: (a) evaluating external opportunities and threats and then developing resources and capabilities to exploit these opportunities and
Answers (1)
On January 1, 2018, Gundy Enterprises purchases an office for $360,000, paying $60,000 down and borrowing the remaining $300,000, signing a 7%, 10-year mortgage. Installment payments of $3,483.
Answers (1)
Dirth company sells only one product at a regular price of $7.50 per unit. variable expenses are 60% of sales and fixed expenses are $30,000. management has decided to decrease the selling price to $6.00 in hopes of increasing its volume of sales.
Answers (1)
an article in the Economist magazine noted that: "the economy's potential to supply goods and services [is] determined by such things as labour force and capital stock, as well as inflation expectations.
Answers (1)
New Questions in Business
Historically, 74% of credit card users carry a balance from month-to-month. A certain credit card company would like to study the spending patterns of its cardholders in more detail and to start the analysis, takes a random sample of 140 cardholders.
Answers (1)
Mai and Chuck have been divorced since 2012. They have three boys, ages 6, 8, and 10. All of the boys live with Mai and she receives child support from Chuck. Mai and Chuck both work and the boys need child care before and after school.
Answers (1)
Yaro Company owns 30% of the common stock of Dew Co. and uses the equity method to account for the investment. During 2018, Dew reported income of $250,000 and paid dividends of $80,000. There is no amortization associated with the investment.
Answers (1)
Assume you work for an employer who will contribute $60 a week for the next 20 years into a retirement plan for your benefit. At a discount rate of 9 percent, what is this employee benefit worth to you today?
Answers (1)
A restaurant manager should consider his own tastes when developing his menu.
Answers (1)