assignment, Financial Accounting

Assignment Help:
1- Journalize May transactions.

Entry:
1. May 1 Owner H.Hadi invested $40,000 in the business.
2. May 4 Equipment was purchased at a cost of $7,000; a three-month, 10% note payable was signed for this amount.
3. May 5 Paid a supplier $1,500 cash on account.
4. May 8 Paid $1,800 in cash to Palmero Company for may rent.
5. May 10 Purchased suppliers for $2,500 cash. The supplies are expected to last through july.
6. May 14 Paid $300 cash to the daily News for advertisements run this past week.
7. May 16 Billed customers $8,000 for services rendered.
8. May 19 Received $5,000 from customers for services rendered during this week.
9. May 25 Additional supplies were purchased on account at a cost of $800 from Superior Supplies Company. These supplies will be used during June.
10. May 26 Received $11,000 from customers for services to be rendered early in June.
11. May 27 Paid the weekly News $300 for an advertisement that will run the first week in June.
12. May 28 Received $4,000 on account.
13. May 30 Owner H.Hadi withdrew $500 for personal use.
14. May 30 K. Minor,H. Hadi''s administrative assistant, was paid $1,800 cash for here salary.

Related Discussions:- assignment

Ademption-failure legacies and gift residue-executorship, Ademption If ...

Ademption If property which has been specifically bequeathed does not belong to the testator at the time of his death, or has been converted into property of a different kind,

Conclusion on overtrading, Q. Conclusion on Overtrading? The majority o...

Q. Conclusion on Overtrading? The majority of the evidence suggests that our company is moving into an overtrading situation, although the evidence is not conclusive. Current p

Concepts in accounting, Mr. Inherits 30000. Decides to open a salon jj salo...

Mr. Inherits 30000. Decides to open a salon jj salon. On 1/4/2016 commits 10000 to the business Opens an a/c in the bank What will be the money under capital in his books on 1/4/10

Determine annual effective cost, Q. Determine Annual effective cost? (...

Q. Determine Annual effective cost? (i) Payables policy One month cost of taking extended trade credit = 1.5/98.5 = 1.52% Annual effective cost = 1.015212-1 = 19.8%

State the economic benefit of having accounting information, State the Econ...

State the Economic benefit of having accounting information Economic benefit of having accounting information is even harder to assess.  It's possible to implement some 'scienc

#1, #1. Quarter Corporation had the following transactions during the quart...

#1. Quarter Corporation had the following transactions during the quarter ended June 30, 2010: Loss from tsunami damage (extraordinary) $985,000 Payment of fire insurance premium f

Show the audit documentation, Q. Show the Audit Documentation? Audit Do...

Q. Show the Audit Documentation? Audit Documentation -Written record of the basis for AUDITOR's conclusions which provides the support for auditor's representations, whether th

Value added tax, 1. discuss how VAT system works by using relevant examples...

1. discuss how VAT system works by using relevant examples. 2. list and explain the VAT supply categories; provide relevant examples of each category. 3. provide a recommendation r

What you did and thinking process, During 2012, Kimmel Co. incurred average...

During 2012, Kimmel Co. incurred average accumulated expenditures of $600,000 during construction of assets that qualified for capitalization of interest. The only debt outstanding

Write Your Message!

Captcha
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