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Part 1: Record the following transactions for Classic Canine Cuts for the month of December in...

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Accounting

Part 1: Record the following transactions for Classic CanineCuts for the month of December in the General Journal.

Transaction Date Description
1 12/1 Issued 100,000 shares of common stock for $100,000.
2 12/2
A retail space is rented. Paid for one year of rent in advancetotaling $24,000. (rent is $2,000 per month)
3 12/4 Purchased equipment for the business totaling $36,000.
4 12/5 Purchased $1,500 of supplies on account.
5 12/7 Provided services to customers for cash totaling$5,000.
6 12/9
Purchased an ad in the local newspaper to run during December for$400.
7 12/12
Customers purchased $1,000 of gift certificates for services to beprovided in the future (pre-paid for future services).
8 12/15
Paid employee salaries for the first half of December totaling$1,200.
9 12/17 Paid $1,000 for the supplies that were purchased onDecember 5th.
10 12/20 Provided $2,500 of services to customers on account.
11 12/25 Paid a cash dividend of $800 to the shareholders.
12 12/30 Received $1,500 on account for services provided on12/20.

Part 2: Post all of the transactions for the month of December fromthe General Journal to the General Ledger

General Journal – Adjusting Entries Part 4

Ref # Date Account Debit Credit
A 1
  
  
A 2
  
  
A 3
  
  
A. 4
  
  
A. 5
  
  

Answer & Explanation Solved by verified expert
4.4 Ratings (889 Votes)
Part 1 Recording the transactions in the General Journal Date Account Title Dr Cr Dec 1 Cash 100000 Common Stock 100000 To issue common stock Dec 2 Prepaid Rent 24000 Cash 24000 being rent paid in advance Dec 4 Equipment 36000 Cash 36000 Being equipment pruchased Dec 5 Supplies 1500 Account Payable 1500 Being supplies purchased Dec 7 Cash 5000 Service Revenue 5000 Being Service provided Dec 9    See Answer
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