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

Describe the concept of full cost recovery with examples, Describe the conc...

Describe the concept of full cost recovery with illustrative examples.

Return on equity, profit margin 2.5%, equity multiplier 2.0,sales $50000, c...

profit margin 2.5%, equity multiplier 2.0,sales $50000, common equity $25000.compute return on common equity.

Revenue Recognition, What are some critics by individuals and professional ...

What are some critics by individuals and professional bodies in this joint project?

Rescission-statement of affairs-receiving order , Rescission of receiving o...

Rescission of receiving order The order may be rescinded by the court if: The court has sanctioned a composition or scheme of arrangement; The debts have been paid in

Which depreciation method would produce the higher npv, Wendy is evaluating...

Wendy is evaluating a capital budgeting project that should last for 4 years. The project requires $ 800,000 of equipment. She is unsure what depreciation method to use in her anal

Fast - slow and non moving analysis, FSN Analysis: In this method inven...

FSN Analysis: In this method inventory items are classified as per the usage/consumption pattern. They are categorizing as: Fast Moving (F) items are stored in huge quant

Defence of trustee-breach of trust-trusts laws, Defence of trustee   1) He...

Defence of trustee   1) He may be relieved from liability if, in the opinion of the court, he acted honestly and reasonably and ought to be excused; 2) He may also be released

Combined income statement-branches, Combined income statement The figur...

Combined income statement The figures to appear in the combined income statement are based on the following diagram: 1) An arrow pointing into a box refers to purchase

Dividends-group accounts, DIVIDENDS The dividends that appear in the cons...

DIVIDENDS The dividends that appear in the consolidated statement of change in equity are for the holding company only. This is because the dividends of the subsidiary belong to

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