notepayable for the remainder. Paid $2,300 for rent for April. Purchased $1,500 of supplies on account. Recorded $9,800 of fees earned on account. Received $7,500 in cash for fees earned. Paid $1,200 to creditors on account. Paid wages of $3,425. Received $7,900 from customers on account. Recorded dividends of $1,875. (a) Cash 18,000 ANSWER: Common Stock 18,000 Equipment 27,000 Cash 10,000 Notes Payable 17,000 Rent Expense 2,300 Cash 2,300 Supplies 1,500 Accounts Payable 1,500 Accounts Receivable 9,800 Fees Earned 9,800 Cash 7,500 Fees Earned 7,500 Accounts Payable 1,200 Cash 1,200 Wages Expense 3,425 Cash 3,425 Cash 7,900 Accounts Receivable 7,900 (j) Dividends 1,875 1,875 Cash Challenging DIFFICULTY: Bloom's: Applying FNMN.WARD.16.02-02 - LO: 02-02 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording ACCREDITING STANDARDS: TransactionsACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic On January 12, JumpStart Co. purchased $870 in office supplies. Journalize this transaction as if JumpStart paid cash. (1) Journalize this transaction as if JumpStart placed it on account.
notepayable for the remainder. Paid $2,300 for rent for April. Purchased $1,500 of supplies on account. Recorded $9,800 of fees earned on account. Received $7,500 in cash for fees earned. Paid $1,200 to creditors on account. Paid wages of $3,425. Received $7,900 from customers on account. Recorded dividends of $1,875. ANSWER: (a) Cash 18,000 Common Stock 18,000 Equipment 27,000 Cash 10,000 Notes Payable 17,000 Rent Expense 2,300 Cash 2,300 Supplies 1,500 Accounts Payable 1,500 Accounts Receivable 9,800 Fees Earned 9,800 Cash 7,500 Fees Earned 7,500 Accounts Payable 1,200 Cash 1,200 Wages Expense 3,425 Cash 3,425 Cash 7,900 Accounts Receivable 7,900 (j) Dividends Cash 1,875 1,875 DIFFICULTY: Challenging Bloom's: Applying LEARNING OBJECTIVES: FNMN.WARD.16.02-02 - LO: 02-02 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording TransactionsACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic On January 12, JumpStart Co. purchased $870 in office supplies. Journalize this transaction as if JumpStart paid cash. (1) Journalize this transaction as if JumpStart placed it on account.
Financial-Managerial-Accounting-13th-Edition-Test-Bank-Warren-Reeve-Duchac.docx