Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. what are the correct journal entries and adjusting

What are the correct journal entries and adjusting entries for the below transaction? I'm having trouble...

80.2K

Verified Solution

Question

Accounting

What are the correct journal entries and adjusting entries forthe below transaction? I'm having trouble identifying the journaland adjusting entries in 'bank situations'. The textbook doesn'tcome with answers.

01-January-2016

Open business bank account with transfer of personal funds

$210,000

02-January-2016

EFT for rental of office space. Immediate occupancy. 60 monthsat $3500 per month.

$210,000

11-January-2016

Office equipment purchased for cash to get discount from theretail price of $56,000.

$50,000

11-January-2016

The office equipment will be replaced in 5 years at an expectedcost of $67,000.

$67,000

13-January-2016

Bank loan approved and credited to account. Payable in 2021

$310,000

28-June-2016

Credit sales. EFT payment to be received in 90 days.

$65,500

04-July-2016

Employee timesheets submitted for work performed. Payment (EFT)to be made in 7 days.

$5,200

29-July-2016

Cash sales.

$33,500

12-December-2016

Credit sales. EFT payment to be received in 90 days.

$42,500

28-December-2016

Employee timesheets submitted for work performed. Payment (EFT)to be made in 7 days.

$5,720

Assume that credit sales \"to be received in 90 days\" arereceived in exactly 90 days and that EFT wage payments are made inexactly 7 days.

Answer & Explanation Solved by verified expert
4.1 Ratings (645 Votes)
    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

an energy drink manufacturer has developed four new drink flavors and would like to conduct a...

Statistics
Q

Compute for the total linear measurement of the steel works given the measured quantity in tonnes...

Civil Engineering
Q

Hazelnut Corp. manufactures lawn ornaments. It currently has two product lines, the basic and the luxury....

Accounting
Q

The elements of a short story includeA. plot, biography, newspaper articles, and characters.B. plot, setting,...

Biology
Q

1 How Sc A scientist wants to know the age of a redwood tree that...

Biology
Q

Succeeding in biotech entrepreneurship and innovation requires a solid life sciences foundati Build a strong...

Biology
Q

In cat coating hair length is determined by a single gene with two alleles L...

Biology
Q

Q 1 The mass density of a spherical galaxy varies K over a large distance...

Physics
Q

Exactly 62% of the teachers in your school are under 47 years old. In addition,...

Basic Math
Q

The Luxor Hotel in Las Vegas is a square base pyramid that is 646 feet...

Algebra
Q

correct answer please Which of the following costs are...

Accounting
Q

Cost of debt kenny Enterprises has just issued a bond with a par value of...

Finance