Prepare general journal entries to record august transaction

Assignment Help Financial Accounting
Reference no: EM13854566

Macintosh Inc. was opened for business on August 1, 2014. The following events and transactions took place during the month of August: 8/2 The owner invested $32,000 in cash and equipment valued at $14,000 into the business. 8/2 Hired a secretary-receptionist at a salary of $290 per week payable monthly. 8/3 Purchased supplies on account, $700. 8/7 Paid the office rent for the month of August, $600. 8/11 Completed a service contract and billed the customer $1,100 for services rendered. 8/12 Received $3,200 in advance on a management consulting contract. 8/17 Received cash for $2,300 for services rendered to a new customer. 8/21 Paid the insurance expense for the month, $110. 8/31 Paid the secretary $1,160 for the month. 8/31 A count of supplies indicated the $120 of supplies had been used. 8/31 Purchased a new computer for $6,100 , paying $2,100 in cash and signing a note payable for the balance.

REQUIRED: Prepare the general journal entries, in proper format, required to record all of the August transactions.

Reference no: EM13854566

Questions Cloud

Marketing plans were ambitious but were not working : Dogswell's marketing plans were ambitious, but were not working. What is their primary problem? Would money from the new investors solve the problem? What other options do they have? What do you recommend Giannini do to save the company?
Calculate the first-order condition : The problem is to choose x to maximize f(x;a) = ax- 3x^2, where á is exogenous, subject to the constraint. Calculate the first-order condition for this problem. For this problem, which values of x are on the boundary, and which are in the interior?
Using the characteristics of the monopoly structure : Using the characteristics of the monopoly structure to help you, discuss the arguments for and against monopolies. Explain the moral hazard problem and the adverse selection problem. Describe the difference between them, and discuss instances where t..
Greater welfare loss for the domestic economy : Which results in a greater welfare loss for the domestic economy.
Prepare general journal entries to record august transaction : Macintosh Inc. was opened for business on August 1, 2014. The following events and transactions. Prepare the general journal entries, in proper format, required to record all of the August transactions.
Subsidy may provide import-competing producers : Explain why a subsidy may provide import-competing producers the same degree of protection as tariffs or quotas but at a lower cost in terms of national welfare.
Suppose the market of chocolates is unregulated : Suppose the market of chocolates is unregulated. That is, chocolate prices go are free to adjust based on the forces of supply and demand. If an excess demand exists in the chocolate market, then the current price must be _____ (higher/lower) than th..
Historical issues surrounding your topic : Create a Bibliography page using correct Turabian bibliographic citations -  An article entry in a biblical or theological dictionary that would be useful for understanding the historical issues surrounding your topic
What happens to the investment in our small open economy : Suppose that some foreign countries begin to subsidize investment by instituting an investment tax credit. What happens to the investment in our small open economy? What happens to our trade balance? What happens to our real exchange rate?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Determine short-run average variable cost and marginal cost

For a plant size equal to 150,000 kilowatts, determine the output level that minimizes short-run average variable costs. e. Determine the short-run average variable cost and marginal cost at the out- put level obtained in Part (d).

  Cost allocation theory through cost driversthe city of

cost allocation theory through cost drivers.the city of seattle reading lists a series of costs and associated cost

  Usa dog coats bought 5000 zippers on 2nd december from

usa dog coats bought 5000 zippers on 2nd december from zipit inc. a firm based in mexico at an invoice price of 2500

  Total expected cash receipts during september

40% of the sales are for cash. 60% are on credit. For the credit sales, 50% are collected in the month of sale, and 50% for the next month.   The total expected cash receipts during September are

  Explain is this the policy companies using us gaap

the assets are treated as if they had been purchased outright.” Explain i s this the policy companies using U.S. GAAP follow in accounting for capital leases?

  Record the treasury stock transactions in t accounts

What is the reasoning behind treating the purchase of treasury stock as a reduction in stockholders' equity as opposed to treating it as an investment asset?

  How are liabilities classified

On a statement of financial affairs, how are liabilities classified?

  Show the treatment of the lot in the income statement

Show the treatment of the lot in the income statement (result accounting) and balance sheet for the period 20x1 - 20X6 and how is the solution if the expenditure extends the lifetime of the building for three years?

  Elucidate what is the optimal total cost

Formulate an LP model for this problem and use Risk Solver to find the optimal solution. Elucidate what is the optimal total cost?

  Provide the pro forma consolidation journal entries

Provide the pro forma consolidation journal entries that should be processed by WorldCup (Pty) Ltd for the year ended 31 December 2009 to correctly account for Protea

  Determine the weighted- average contribution margin

determine the (1) weighted- average contribution margin, (2) break-even point in units, and (3) number of units of each product that will be sold at the break-even point.

  What is the total contribution margin

Jeremy Wellington sells widgets at $450 each which cost Jeremy $225 each. The only fixed costs are $35,000 for the rent of the store. If Jeremy sold 650 widgets, what is the total contribution margin? If sales increased by $74,250 and Jeremy’s costs ..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd