Question

Mark’s Consulting experienced the following transactions for 2016, its first year of operations, and 2017. Assume...

Mark’s Consulting experienced the following transactions for 2016, its first year of operations, and 2017. Assume that all transactions involve the receipt or payment of cash. Transactions for 2016 1. Acquired $20,000 by issuing common stock. 2. Received $35,000 for providing services to customers. 3. Borrowed $25,000 cash from creditors. 4. Paid expenses amounting to $22,000. 5. Purchased land for $30,000 cash.

Homework Answers

Answer #1

Journal entry :

No account & Explanation debit credit
1 Cash 20000
    Common Stock 20000
(To record common stock)
2 Cash 35000
   Service revenue 35000
(To record revenue)
3 Cash 25000
     Account payable 25000
(To record borrow)
4 Expense 22000
    Cash 22000
(To record amount paid)
5 Land 30000
    Cash 30000
(To record purchase land)
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Mark’s Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume...
Mark’s Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 Acquired $85,000 by issuing common stock. Received $135,000 cash for providing services to customers. Borrowed $22,000 cash from creditors. Paid expenses amounting to $53,000. Purchased land for $35,000 cash. Transactions for 2019 Beginning account balances for 2019 are: Cash $ 154,000 Land 35,000 Notes payable 22,000 Common stock 85,000 Retained earnings...
Mark’s Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume...
Mark’s Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 Acquired $70,000 by issuing common stock. Received $115,000 cash for providing services to customers. Borrowed $19,000 cash from creditors. Paid expenses amounting to $56,000. Purchased land for $40,000 cash. Transactions for 2019 Beginning account balances for 2019 are: Cash $ 108,000 Land 40,000 Notes payable 19,000 Common stock 70,000 Retained earnings...
Required information [The following information applies to the questions displayed below.] Mark’s Consulting experienced the following...
Required information [The following information applies to the questions displayed below.] Mark’s Consulting experienced the following transactions for 2018, its first year of operations, and 2019. Assume that all transactions involve the receipt or payment of cash. Transactions for 2018 Acquired $50,000 by issuing common stock. Received $100,000 cash for providing services to customers. Borrowed $15,000 cash from creditors. Paid expenses amounting to $60,000. Purchased land for $40,000 cash. Transactions for 2019 Beginning account balances for 2019 are: Cash $...
Exercise 3-3 During 2017, its first year of operations as a delivery service, Indigo Corporation entered...
Exercise 3-3 During 2017, its first year of operations as a delivery service, Indigo Corporation entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $150,000 in cash. 2. Borrowed $40,000 by issuing bonds. 3. Purchased delivery trucks for $55,000 cash. 4. Received $17,000 from customers for services performed. 5. Purchased supplies for $6,700 on account. 6. Paid rent of $4,200. 7. Performed services on account for $11,700. 8. Paid salaries of $26,800. 9....
Rawlings Corporation engaged in the following transactions during Year 1, its first year of operations. (Assume...
Rawlings Corporation engaged in the following transactions during Year 1, its first year of operations. (Assume all transactions are cash transactions.) 1) Acquired $1,900 cash from the issue of common stock. 2) Borrowed $1,370 from a bank. 3) Earned $1,550 of revenues cash. 4) Paid expenses of $440. 5) Paid a $240 dividend. During Year 2, Rawlings engaged in the following transactions. (Assume all transactions are cash transactions.) 1) Issued an additional $1,275 of common stock. 2) Repaid $885 of...
Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume...
Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions.) Acquired $4,900 cash from issuing common stock. Borrowed $3,150 from a bank. Earned $4,050 of revenues. Incurred $2,590 in expenses. Paid dividends of $590. Lexington Company engaged in the following transactions during Year 2: (Assume all transactions are cash transactions.) Acquired an additional $1,450 cash from the issue of common stock. Repaid $1,965 of its debt to the bank....
Bill Sanders started a part-time consulting practice, Sanders Consulting Associates (SCA), on January 1, Year 1....
Bill Sanders started a part-time consulting practice, Sanders Consulting Associates (SCA), on January 1, Year 1. SCA experienced the following transactions during Year 1. It is now year-end and assume that these transactions are the only transactions the company has. Adjusting entries must be made at year-end. January 1                   Acquired $3,000 cash from issuing common stock. January 15                 Purchased $1,100 of supplies on account. February 20               Recognized $12,800 of consulting revenue for services provided on account. March...
Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume...
Lexington Company engaged in the following transactions during Year 1, its first year in operation: (Assume all transactions are cash transactions) Acquired $4,000 cash from issuing common stock. Borrowed $2,700 from a bank. Earned $3,600 of revenues. Incurred $2,500 in expenses. Paid dividends of $500. Lexington Company engaged in the following transactions during Year 2: (Assume all transactions are cash transactions) Acquired an additional $1,000 cash from the issue of common stock. Repaid $1,650 of its debt to the bank....
ABC Company entered into the following transactions during May, its first month of operations: May 1:...
ABC Company entered into the following transactions during May, its first month of operations: May 1: ABC Company sold common stock to owners in the amount of $200,000. May 1: ABC Company paid $36,000 cash for office rent for May, June, and July. May 3: ABC Company purchased a parcel of land costing $60,000 by paying $25,000 in cash and agreeing to pay the remainder within sixty days. May 9: ABC Company provided $32,000 of services to a customer. The...
During 2022, its first year of operations as a delivery service, Novak Corp. entered into the...
During 2022, its first year of operations as a delivery service, Novak Corp. entered into the following transactions. 1. Issued shares of common stock to investors in exchange for $122,000 in cash. 2. Borrowed $48,000 by issuing bonds. 3. Purchased delivery trucks for $52,000 cash. 4. Received $16,000 from customers for services performed. 5. Purchased supplies for $4,700 on account. 6. Paid rent of $5,800. 7. Performed services on account for $11,800. 8. Paid salaries of $26,700. 9. Paid a...