Reference no: EM132669978

Question - Sewn for You had the following transactions in its first week of business. A. Jessica Johansen started Sewn for You, a seamstress business, by contributing $20,000 and receiving stock in exchange. B. Paid $2,250 to cover the first three months' rent. C. Purchased $500 of sewing supplies. She paid cash for the purchase. D. Purchased a sewing machine for $1,500 paying $200 cash and signing a note for the balance. E. Finished a job for a customer earning $180. The customer paid cash. F. Received a $500 down payment to make a wedding dress. G. Received an electric bill for $125 which is due to be paid in three weeks. H. Completed an altering job for $45. The customer asked to be billed. Prepare the necessary journal entries to record these transactions. If an entry is not required for any of these transactions, state this and explain why.

George Hoskin started his own business, Hoskin Hauling. The following transactions occurred in the first two weeks: A. George Hoskin contributed cash of $12,000 and a truck worth $10,000 to start the business. He received Common Stock in return. B. Paid two months' rent in advance, $800. C. Agreed for a hauling job for a price of $1,200. D. Performed the hauling job discussed in "C." We will get paid later. E. Received payment of $600 on the hauling job done in "D." F. Purchased gasoline on credit, $50. G. Performed another hauling job. Earned $750, was paid cash. Record the following transactions in T-accounts. Label each entry with the appropriate letter. Total the Taccounts when you are done.

Prepare journal entries to record the following transactions. Make T-account for Accounts Payable, post any entries that affect the account, and tally ending balance for the account. Assume an Accounts Payable beginning balance of $5,000. A. February 2, purchased an asset, merchandise inventory, on account, $30,000 B. March 10, paid creditor for part of February purchase, $12,000.