View the step-by-step solution to:

Hi Can you please help me with these 3 questions?


Can you please help me with these 3 questions?

1.   Journalize the following business transactions in general journal form. Identify each transaction by number. You may omit explanations of the transactions.

   1.    Received $50,000 from stockholders.

   2.    Purchased equipment for $75,000, paying $15,000 in cash and giving a note payable for the remainder.

   3.    Paid $3,000 rent for the month.

   4.    Recorded $12,500 of services provided on account.

  1.     Prepare adjusting entries for the following transactions. Omit explanations.

1.        Depreciation on equipment is $1,340 for the accounting period.

2.        Interest owed on a loan but not paid or recorded is $275.

3.        There was no beginning balance of supplies and $550 of office supplies were purchased during the period. At the end of the period $100 of supplies were on hand.

4.        Prepaid rent had a $1,000 normal balance prior to adjustment. By year end $700 had expired.

5.        Accrued salaries at the end of the period amounted to $900.

1.      Match the statements below with the appropriate terms by entering the appropriate letter code in the spaces provided.


     A. Prepaid Expenses

     B.  Unearned Revenues

     C.  Accrued Revenues

     D. Accrued Expenses


____   1.   A revenue not yet recognized; collected in advance.

____   2.   An expense incurred; not yet paid or recorded.

____   3.   A revenue recognized; not yet collected or recorded.

____   4.   An expense not yet incurred; paid in advance.

Top Answer

Here is the answer. Thanks in advance... View the full answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.


Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online