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Exercise 2-4 Prepare general journal entries for the following transactions of a new business called Pose for Pics. Aug. 1 Hashim Paris, the owner, invested $7,500 cash and $32,500 of photography equipment in the business. 1 Paid $3,000 cash for an insurance policy covering the next 24...
I know how to do simple general journal entries. Although I am having trouble how to set it up for this problem. I haven't done any general journal entreis like this one can someone help me with it how it suppost took I am confused. Shelton Engineering completed the following transactions in the...
I need to prepare all journal entries to correct the above closing entries Fees Earned Dr 15000 Accumulated, Amort Dr 5000 Interest Rev Dr 1000 Income Summary Cr 21000 Income summary Dr 19000 Salaries Exp Cr 12000 Prepaid Advertising Cr 5000
Prepare the journal entries on December 31, 2002, May 11, 2003, and June 12, 2003. Presented below are two independent situations. (a) On March 3, Lisa Ceja Appliances sells $700,000 of its receivables to Horatio Factors Inc. Horatio Factors assesses a finance charge of 3% of the amount of...
I have a homework problem that I cannot seem to figure out because my teacher doesn't really teach us. Jones company is a furniture retailer and uses the perpetual inventory system. On January 14 2007 jones purchased merchandise inventory at a cost of 25000. Credit terms were 2/10, n/30. The...
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