Accounting
You Started a business called NenaCo. and have had the following transactions to get "up and running".1/ 1 You setup a corporation and you invested all your savings amounting to $30,000 in the company to get it started. 1/ 2 Now that you have thought it over, you figure your original investment might not be enough. So the company obtains additional financing by borrowing another $20,000 from a local bank for two years at 12% interest.1/ 3 Entered into a two-year lease for a shop to conduct operations. The rent is $2,000 per month and the company is required to pay the first (January) and last months rent upon signing the lease. In addition a security deposit of $500 is required. 1/ 4 As it would be nice to have something to put in our store, the company decides to buy furniture and fixtures for $15,000. 1/ 5 A security alarm is installed in the store. The cost of the alarm is $1,200; the guy who installed the alarm gives you a bill. You decide to pay the bill next month. 1/ 6 As things seem to be moving along, you figure out the business needs something to sell. So, the company purchases $20,000 worth of merchandise. The supplier lowering the purc
1/ 10 The company decides to hire a new secretary for $1,000 per month. Your next job is to make all the balances right at the end of the month so we can produce the final copy of the ending balance sheet. 1/ 25 Sales staff salaries of $6,000 are paid. 1/ 31 Your contract with KROQ signed on the 12 went into effect early and 10% of the advertisements have been run even though no payment has been made. 1/ 24 Additional sales of $35,000 are made. 1/ 22 Cash from half the remaining sales of the 18Th is collected. The merchandise is purchased on account. 1/ 11 Payment is made on half the merchandise purchase of the 6th. A full month of depreciation should be recognized in the month the equipment is purchased. As a byproduct, we will also be making the income statement correct by using proper revenue and expense recognition techniques. Right now we are going to work with that ending sheet. 1/ 16 As it would be nice to be able to keep track of what we sell, the company purchases a cash register for $6,000 on account. The company has one installed for $2,500 cash.
Common topics in this essay:
JOURNAL ENTRIES,
ADDITIONAL INFORMATION,
Office Salaries,
Required Create,
1/ 31,
1st 1/,
balance sheet,
financial statements,
cash 1/,
company decides,
account 1/,
paid 1/,
month 1/,
company purchases,
BUSINESS JOURNAL,
display rack purchased,
sell company purchases,
ignore previous entries,
company received notice,
business journal entries,
|
Acceptance Essays
