Ask Experts Questions for FREE Help !
Ask
    shebat31's Avatar
    shebat31 Posts: 6, Reputation: 1
    New Member
     
    #1

    Aug 11, 2012, 09:17 PM
    Accounting
    During August 2011, DB Inc. completed the following transactions:
    a. 8/1/11 - Purchased a new piece of equipment for $50,000 signing a six month, 8% note payable.
    b. 8/10/11 – Issued 15,000 shares of $2.00 par stock at $8.00 per share.
    c. 8/15/11 - Received an invoice for their telephones for $450.00 that will be paid next month.
    d. 8/16/11 - Sold $320,000 in product sales and accrued 5% for warranty liability.
    e. 8/30/11 – Received a summons that the company was being sued for terminating the office manager last month. The attorneys have advised the company that they will be liable to the employee for back pay of $3,800.
    f. 8/31/11 - Purchased 200 shares of Treasury stock at $6.00 per share
    g. 8/31/11 – Accrued interest on the note signed 8/1/11.

    Required:
    1. Prepare the journal entries for the above transactions.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #2

    Aug 12, 2012, 05:37 AM
    Well we will comment
    shebat31's Avatar
    shebat31 Posts: 6, Reputation: 1
    New Member
     
    #3

    Aug 12, 2012, 06:13 PM
    Quote Originally Posted by paraclete View Post
    well go ahead and we will comment
    Are you being sorcastic or what's wrong I post the questions for a little help.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #4

    Aug 12, 2012, 06:19 PM
    We don't provide model answers, We will comment on your attempts and if you have a specific question we will help you. It is not enough that you regurgitate a question and expect us to do the work for you.

    What is it you want to know? The format of journal entries? Which is the debit and which is the credit?
    Here is the first
    Debit Equipment $50,000
    Credit Notes Payable $50,000

Not your question? Ask your question View similar questions

 

Add your answer here.


Check out some similar questions!

Questions on financial accounting,cost and management accounting [ 3 Answers ]

I want different sets of questions on financial accounting,cost and management accounting for free. I am a teacher in this area

AP Journal Entires - accrual accounting and cash accounting [ 6 Answers ]

What are the journal entries for accrual accounting and cash accounting for an invoice and a payment?

List five differences between management accounting and cost accounting [ 1 Answers ]

Describe five differences between management accounting and cost accounting


View more questions Search