Rec ord the abov e s elec ted trans ac tions in

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: able was is s ued for the balanc e. Oct. 12 Is s ued a c hec k for $9,000 in full pay ment of an ac c ount pay able to Zeller Laboratories . Oct. 19 Purc has ed s urgic al s upplies for $2,600. Pay ment is not due until Nov ember 28. Oct. 25 Collec ted a $24,000 ac c ount rec eiv able from Health One Ins uranc e Company . Oct. 30 Dec lared and paid a $300,000 c as h div idend to s toc k holders . Rec ord the abov e s elec ted trans ac tions in general journal form for Sun Orthopedic Clinic , Inc . (Om it the "$" sign in your response.) Date General J ournal Oc t. 1 Cas h Capital s toc k 4 Diagnos tic equipment Cas h Notes pay able 12 Ac c ounts pay able Cas h 19 Surgic al s upplies Ac c ounts pay able e z to.mhe c loud.mc gr a w- hill.c om/hm_a c c ounting.tpx? todo= pr intvie w Debit 200,000 75,000 9,000 2,600 Credit 200,000 25,000 50,000 9,000 2,600 7/14 11/18/13 Assignme nt Pr int Vie w 25 Cas h Ac c ounts rec eiv able 30 Div idends Cas h 24,000 300,000 24,000 300,000 6. awar d: 25 out of 25.00 points The Mc Millan Corporation inc orporated on September 2, 2011. The c ompany engaged in the following trans ac tions during its firs t month of operations : Sept. 2 Is s ued c apital s toc k in ex c hange for $900,000 c as h. Sept. 4 Purc has ed land and a building for $350,000. The v alue of the land was $50,000, and the v alue of the building was $300,000. The c ompany paid $200,000 c as h and is s ued a note pay able for the balanc e. Sept. 12 Purc has ed offic e s upplies for $600 on ac c ount. The s upplies will las t for s ev eral months . Sept. 19 Billed c lients $75,000 on ac c ount. Sept. 29 Rec orded and paid s alary ex pens e of $24,000. Sept. 30 Rec eiv ed $30,000 from c lients billed on September 19. A partial lis t of the ac c ount titles us ed by the c ompany inc ludes : Cas h Ac c ounts Rec eiv able Offic e Supplies Land Building Notes Pay able Ac c ounts Pay able Capital Stoc k Client Rev enue Salary Ex pens e a. Prepare journal entries for the abov e trans ac tion...
View Full Document

This document was uploaded on 03/03/2014 for the course MGMT ACCOU 2300 at Rensselaer Polytechnic Institute.

Ask a homework question - tutors are online