Solved

Karen's Flower Shop Began Business as a Corporation in 2015

Question 146

Essay

Karen's Flower Shop began business as a corporation in 2015. Several transactions which occurred early in 2015 ar
below. Record each transaction in proper form, excluding written explanations, in the general journal provided.
A January 23, 2015: Stockholders invested cash of $70,000 in the business and received 7,000 shares common stock as evidence of their ownership interest.
B February 1, 2015: Rent of $1,600 was paid for the month of February.
C February 7, 2015: Equipment with a cost of $3,000 was purchased on credit; payment is due within 30 days.
D February 14, 2015: Bills totaling $5,400 were presented to customers for flower arrangements created and delivered; $2,900 was received in cash immediately; the balance of $2,500 is due within 10 days.
E February 18, 2015: Full payment was made for the equipment purchased on February 7.
F February 22, 2015: Payment of $1,900 was received from customers with balances due from February 14.
G February 28, 2015: Employee salaries of $3,300 were paid.
General Journal
Karen's Flower Shop began business as a corporation in 2015. Several transactions which occurred early in 2015 ar below. Record each transaction in proper form, excluding written explanations, in the general journal provided. A January 23, 2015: Stockholders invested cash of $70,000 in the business and received 7,000 shares common stock as evidence of their ownership interest. B February 1, 2015: Rent of $1,600 was paid for the month of February. C February 7, 2015: Equipment with a cost of $3,000 was purchased on credit; payment is due within 30 days. D February 14, 2015: Bills totaling $5,400 were presented to customers for flower arrangements created and delivered; $2,900 was received in cash immediately; the balance of $2,500 is due within 10 days. E February 18, 2015: Full payment was made for the equipment purchased on February 7. F February 22, 2015: Payment of $1,900 was received from customers with balances due from February 14. G February 28, 2015: Employee salaries of $3,300 were paid. General Journal       Karen's Flower Shop began business as a corporation in 2015. Several transactions which occurred early in 2015 ar below. Record each transaction in proper form, excluding written explanations, in the general journal provided. A January 23, 2015: Stockholders invested cash of $70,000 in the business and received 7,000 shares common stock as evidence of their ownership interest. B February 1, 2015: Rent of $1,600 was paid for the month of February. C February 7, 2015: Equipment with a cost of $3,000 was purchased on credit; payment is due within 30 days. D February 14, 2015: Bills totaling $5,400 were presented to customers for flower arrangements created and delivered; $2,900 was received in cash immediately; the balance of $2,500 is due within 10 days. E February 18, 2015: Full payment was made for the equipment purchased on February 7. F February 22, 2015: Payment of $1,900 was received from customers with balances due from February 14. G February 28, 2015: Employee salaries of $3,300 were paid. General Journal       Karen's Flower Shop began business as a corporation in 2015. Several transactions which occurred early in 2015 ar below. Record each transaction in proper form, excluding written explanations, in the general journal provided. A January 23, 2015: Stockholders invested cash of $70,000 in the business and received 7,000 shares common stock as evidence of their ownership interest. B February 1, 2015: Rent of $1,600 was paid for the month of February. C February 7, 2015: Equipment with a cost of $3,000 was purchased on credit; payment is due within 30 days. D February 14, 2015: Bills totaling $5,400 were presented to customers for flower arrangements created and delivered; $2,900 was received in cash immediately; the balance of $2,500 is due within 10 days. E February 18, 2015: Full payment was made for the equipment purchased on February 7. F February 22, 2015: Payment of $1,900 was received from customers with balances due from February 14. G February 28, 2015: Employee salaries of $3,300 were paid. General Journal

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents