(Solution) 11/27/2015 Problem 23A Print By: Brandon Jackson AB114: Accounting I 1505A03 / 114 Unit 3 Assignment *Problem 23A Santa Ana Services Was Formed On... | Snapessays.com


(Solution) 11/27/2015 Problem 23A Print by: Brandon Jackson AB114: Accounting I 1505A03 / 114 Unit 3 Assignment *Problem 23A Santa Ana Services was formed on...


I need help with the attached file. I am confused on how to come up with all the figures11/27/2015

 

Problem 2­3A

 

http://edugen.wiley.com/edugen/shared/assignment/test/qprint.uni

 

1/5

 

Print by: Brandon Jackson

 

AB114: Accounting I ­ 1505A­03 / 114 Unit 3 Assignment

 

*Problem 2­3A

 

Santa Ana Services was formed on May 1, 2014. The following transactions took place during the

 

first month.

 

Transactions on May 1:

 

1. Don Humes invested $39,300 cash in the company, as its sole owner.

 

2.

 

Hired two employees to work in the warehouse. They will each be paid a salary of $2,940

 

per month.

 

3.

 

Signed a 2­year rental agreement on a warehouse? paid $23,000 cash in advance for the

 

first year.

 

4.

 

Purchased furniture and equipment costing $29,280. A cash payment of $10,100 was made

 

immediately? the remainder will be paid in 6 months.

 

5. Paid $1,600 cash for a one­year insurance policy on the furniture and equipment.

 

6. Purchased basic office supplies for $500 cash.

 

7. Purchased more office supplies for $1,220 on account.

 

8. Total revenues earned were $19,180—$7,380 cash and $11,800 on account.

 

9. Paid $410 to suppliers for accounts payable due.

 

10. Received $3,380 from customers in payment of accounts receivable.

 

11. Received utility bills in the amount of $380, to be paid next month.

 

12. Paid the monthly salaries of the two employees, totalling $5,880.

 

Your answer is partially correct. Try again.

 

Prepare journal entries to record each of the events listed.

 

(Record entries in the order

 

displayed in the problem statement. If no entry is required, select "No entry" for the

 

account titles and enter 0 for the amounts. Credit account titles are automatically

 

indented when amount is entered. Do not indent manually.)

 

No. Account Titles and Explanation

 

Debit

 

Credit

 

1.

 

2.

 

3.

 

4.

 

Cash

 

39300

 

Owner's Capital

 

39300

 

No Entry

 

No Entry

 

Prepaid Rent

 

23000

 

Cash

 

23000

 


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This question was answered on: May 23, 2022

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