Business, 21.09.2020 17:01 roneesmith2016

Selected transactions for Sheffield, an interior decorator corporation, in its first month of business, are as follows. 1. Issued stock to investors for $14,800 in cash.
2. Purchased used car for $10,400 cash for use in business.
3. Purchased supplies on account for $200.
4. Billed customers $4,250 for services performed.
5. Paid $200 cash for advertising at the start of the business.
6. Received $1,480 cash from customers billed in transaction (4).
7. Paid creditor $230 cash on account.
8. Paid dividends of $310 cash to stockholders.

Required:
Journalize the transactions.

Answers: 3

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Answers

Answer from: pinkpearl2022

1. Issued stock to investors for $14,800 in cash.

Account Debit Credit

Cash $14,800

Common Stock $14,800

2. Purchased used car for $10,400 cash for use in business.

Account Debit Credit

Cash $14,400

Vehicle $14,400

3. Purchased supplies on account for $200.

Account Debit Credit

Supplies $200

Accounts Payable $200

4. Billed customers $4,250 for services performed.

Account Debit Credit

Service Revenue $4,250

Accounts Receivable $4,250

5. Paid $200 cash for advertising at the start of the business.

Account Debit Credit

Advertising Expense $200

Cash $200

6. Received $1,480 cash from customers billed in transaction (4).

Account Debit Credit

Cash $1,480

Accounts Receivable $1,480

7. Paid creditor $230 cash on account.

Account Debit Credit

Cash $230

Accounts Payable $230

8. Paid dividends of $310 cash to stockholders.

Account Debit Credit

Dividends Payable $310

Cash $310

Answer from: Quest

answer may be d i think

Answer from: Quest

They are enjoying the advantage of independence while running their own small business. they can go where they want when they want to, because they control the restaurant's hours. they can also make time for life emergencies, and set the hours to be when they do the best cooking.

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