Question

May 1 Borrowed $300,000 from a bank. 2 Purchased inventory on credit from a supplier A/K,...

May

1

Borrowed $300,000 from a bank.

2

Purchased inventory on credit from a supplier A/K, n/20, $5,000.

4

Paid insurance for the next 12 months $6,000.

8

Paid the supplier A/K the full amount for inventory purchased on 2 May.

9

Owner withdrew $2,000 for personal use.vvv
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
he following information is available about the entity’s business transactions in May 2019. May 1 Borrowed...
he following information is available about the entity’s business transactions in May 2019. May 1 Borrowed $300,000 from a bank. 2 Purchased inventory on credit from a supplier A/K, n/20, $5,000. 4 Paid insurance for the next 12 months $6,000. 8 Paid the supplier A/K the full amount for inventory purchased on 2 May. 9 Owner withdrew $2,000 for personal use.
The following information is available about the entity’s business transactions in May 2019. May 1 Borrowed...
The following information is available about the entity’s business transactions in May 2019. May 1 Borrowed $300,000 from a bank. 2 Purchased inventory on credit from a supplier A/K, n/20, $5,000. 4 Paid insurance for the next 12 months $6,000. 8 Paid the supplier A/K the full amount for inventory purchased on 2 May. 9 Owner withdrew $2,000 for personal use. Required: Prepare general journal entries to record the transactions. Ignore GST.
On May 1, the owner purchased 100 rings on account at 6000$ each. Credit terms were...
On May 1, the owner purchased 100 rings on account at 6000$ each. Credit terms were 2/10, net 30. On May 2, the owner returned one ring On May 3, the owner sold 3 of the rings on account at 8000 each to one customer. the credit terms were 2/10, net 30. On May 9, the owner paid the debt due to May 1 On May 15, the customer from May 3 paid for the rings Prepare the journal entries...
(1.) The firm borrowed $4,000 from the bank; a short-term note was signed. (2.) Merchandise inventory...
(1.) The firm borrowed $4,000 from the bank; a short-term note was signed. (2.) Merchandise inventory costing $1,500 was purchased; cash of $400 was paid and the balance is due in 30 days. (3.) Employee wages of $2,000 were accrued at the end of the month. (4.) Merchandise that cost $700 was sold for $900 in cash. (5.) This month's rent of $1,400 was paid. (6.) Revenues from services during month totaled $13,000. Of this amount, $4,000 was received in...
Hunter Company purchased inventory with an invoice price of $4,000 and credit terms of 2/10,n/30. Before...
Hunter Company purchased inventory with an invoice price of $4,000 and credit terms of 2/10,n/30. Before settling their account, Hunter received credit from their supplier for inventory returned $200. What is the amount Hunter Company would pay for this inventory if they settle their account within the discount period?
Sani, a graduate from Universiti Putra Malaysia, started the Merchandise Company with RM50,000 cash on January...
Sani, a graduate from Universiti Putra Malaysia, started the Merchandise Company with RM50,000 cash on January 2019. Below are the one month transactions of his company. 1/1 Bought goods from A & Co. for RM10,000 cash. 2/1 Bought Goods for Cash 5,000 3/1 Bought Goods from B & Co. for cash 6,000 4/1 Purchased Goods from C & Co. on credit 8,000 4/1 Brought in RM60,000 Cash to business 5/1 Sold goods worth 8,000 to P 5/1 Bought furniture from...
At the end of September 2021, total owner’s equity for Beaulieu Group Company was $8,105. During...
At the end of September 2021, total owner’s equity for Beaulieu Group Company was $8,105. During October, the following transactions occurred: 1. Provided services to a client and received $1,840 cash. 2. Paid $1,020 for October’s rent. 3. Purchased $480 of supplies on account. 4. Provided services to a client and billed the client $2,255. 5. Collected $1,195 from the client billed in transaction 4. 6. Received $7,960 cash from a client for services to be provided in November. 7....
During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence...
During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows: Jan. 6 Purchased goods for $1,300 from Green with terms 3/12, n/45. 6 Purchased goods from Munoz for $950 with terms 3/12, n/45. 14 Paid Green in full. Feb. 2 Paid Munoz in full. 28 Purchased goods for $400 from Reynolds with terms n/45. Required: Assume that Axe uses a perpetual inventory system, the company had no inventory on...
Kassidy Alba started The Alba Consulting Group, a new business that began operations on May 1,...
Kassidy Alba started The Alba Consulting Group, a new business that began operations on May 1, 2014. The Alba Consulting Group completed the following transactions during the month of May: May 1 K. Alba invested $80,000 cash in the business 1 Rented a furnished office and paid $4,000 cash for four month’s rent 3 Purchased $1,890 of office equipment on credit 3 Paid $5,000 cash for the premium on a 10-month insurance policy 5 Paid $250 cash for this month’s...
Pharoah Company had the following transactions: 1. borrowed $6,572 from the bank by signing a note...
Pharoah Company had the following transactions: 1. borrowed $6,572 from the bank by signing a note 2. paid $3,286 cash for a computer 3. purchased $591 of supplies on account (a) create a debit analysis and credit analysis columns and indicate what accountd afe increased and decreased by each transaction. (b) journalize each transaction.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT