Received cash of $43,000 from the issue of common stock. Performed $62,000 of services on account. Incurred $9,300 of other operating expenses on account. Paid $35,000 cash for salaries expense. Collected $41,500 of accounts receivable. Paid a $4,400 dividend to the stockholders. Performed $10,900 of services for cash. Paid $6,900 of the accounts payable. Required a. Record the preceding transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. Post the entries to T-accounts and determine the ending balance in each account.

Question

Gilberto Boyle

Business

9 January, 10:17

Received cash of $43,000 from the issue of common stock. Performed $62,000 of services on account. Incurred $9,300 of other operating expenses on account. Paid $35,000 cash for salaries expense. Collected $41,500 of accounts receivable. Paid a $4,400 dividend to the stockholders. Performed $10,900 of services for cash. Paid $6,900 of the accounts payable. Required a. Record the preceding transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. Post the entries to T-accounts and determine the ending balance in each account.

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Luciana · Answer 1

Ending Balance

Cash $ 48,600

Accounts Receivable 20,500

Expenses = Salaries + Operating = 35,000 + 9,300 = 44,300

Accounts Payable = $ 2,400

Sr. No Particulars Debit Credit

1 Cash $ 43000

Common Stock $ 43000

Received cash of $43,000 from the issue of common stock.

2 Accounts Receivable $ 62000

Service Revenue $ 62,000

Performed $62,000 of services on account.

3 Operating Expenses $ 9,300

Accounts Payable $ 9300

Incurred $9,300 of other operating expenses on account.

4 Salaries Expense $ 35000

Cash $ 35000

Paid $35,000 cash for salaries expense.

5 Cash $ 41,500

Accounts Receivable $ 41,500

Collected $41,500 of accounts receivable.

6. Dividend $ 4400

Cash $ 4400

Paid a $4,400 dividend to the stockholders.

7. Cash $ 10,900

Services Revenue $ 10,900

Performed $10,900 of services for cash.

8. Accounts Payable $ 6,900

Cash $ 6900

Paid $6,900 of the accounts payable.

Cash Acct ReceivableDebit Credit Debit Credit

Common

Stock $ 43,000 Salaries 35,000 Service

Revenue $ 62,000

A/R $ 41,500 Dividend 4,400 Cash 41,500

Service 10,900 A / P 6,900 Bal 20,500

Bal 48,600 $ 62000 $62000

94,900 94,900

Service Revenue Salaries Exp Debit Credit Debit Credit

A/R 62,000 Cash $ 35,000

Cash $ 41,500 Bal $35000

Bal $ 20,500 $ 35000 $35000

$ 62,000 $ 62,000

Accounts Payable Oper Exp Debit Credit Debit Credit

Operating A/P 9,300

Expense 9300

Cash 6,900 Bal 9,300

Bal 2,400 $ 9,300 $ 9,300

$ 9,300 $ 9,300

Common Stock Dividend Debit Credit Debit Credit

Cash 4,400

Cash 43000

Bal 4,400

Bal 43 000 $ 4,400 $ 4,400

$ 4,3000 $ 4,3000