Could you please help me to do Both t accounts and journal for each date 01.01.1
ID: 2332003 • Letter: C
Question
Could you please help me to do Both t accounts and journal for each date 01.01.17 Two students created the company "ABC" and issue 10 000 shares with a face value of 1 $ for 1 share. 02.01.17 the office is rented, the rent for two months is 800 $. 03.01.17 the financial department ordered materials for artworks - $ 1800, office supplies - $ 800. 04.01.17 equipment for artwork is purchased and payment is made - $ 4200. 05.01.17 office equipment is purchased - $ 3000, at the same time, $ 1,500 is paid (the remaining amount in the next month) . 06.01.17 materials for artworks worth $ 1800 and office supplies worth $ 800 are bought on credit. 08.01.17 a life insurance policy is purchased for the year, the effect of which begins on 01.01.18, the amount of payment is 480 $. Could you please help me to do Both t accounts and journal for each date 01.01.17 Two students created the company "ABC" and issue 10 000 shares with a face value of 1 $ for 1 share. 02.01.17 the office is rented, the rent for two months is 800 $. 03.01.17 the financial department ordered materials for artworks - $ 1800, office supplies - $ 800. 04.01.17 equipment for artwork is purchased and payment is made - $ 4200. 05.01.17 office equipment is purchased - $ 3000, at the same time, $ 1,500 is paid (the remaining amount in the next month) . 06.01.17 materials for artworks worth $ 1800 and office supplies worth $ 800 are bought on credit. 08.01.17 a life insurance policy is purchased for the year, the effect of which begins on 01.01.18, the amount of payment is 480 $. Could you please help me to do Both t accounts and journal for each date 02.01.17 the office is rented, the rent for two months is 800 $. 03.01.17 the financial department ordered materials for artworks - $ 1800, office supplies - $ 800. 04.01.17 equipment for artwork is purchased and payment is made - $ 4200. 05.01.17 office equipment is purchased - $ 3000, at the same time, $ 1,500 is paid (the remaining amount in the next month) . 06.01.17 materials for artworks worth $ 1800 and office supplies worth $ 800 are bought on credit. 08.01.17 a life insurance policy is purchased for the year, the effect of which begins on 01.01.18, the amount of payment is 480 $.Explanation / Answer
Answers
Date
Accounts title
Debit
Credit
01-Jan-17
Cash
$ 10,000.00
Common Stock
$ 10,000.00
(Stock issued - 10000 shares x $1)
02-Jan-17
Prepaid Rent
$ 800.00
Cash
$ 800.00
(rent paid for two months)
03-Jan-17
NO entry for ORDER
04-Jan-17
Equipment
$ 4,200.00
Cash
$ 4,200.00
(Equipment purchased for cash)
05-Jan-17
Equipment
$ 3,000.00
Cash
$ 1,500.00
Accounts Payable
$ 1,500.00
(Equipment acquired, half amount paid in cash, half due)
06-Jan-17
Material
$ 1,800.00
Office Supplies
$ 800.00
Accounts Payable
$ 2,600.00
(material and supplies brought on account)
08-Jan-17
Prepaid Insurance
$ 480.00
Cash
$ 480.00
(amount for insurance paid for 1 year in advance)
Cash
01-Jan-17
$ 10,000.00
02-Jan-17
$ 800.00
04-Jan-17
$ 4,200.00
05-Jan-17
$ 1,500.00
08-Jan-17
$ 480.00
End Balance
$ 3,020.00
TOTAL
$ 10,000.00
TOTAL
$ 10,000.00
Common Stock
End Balance
$ 10,000.00
01-Jan-17
$ 10,000.00
Total
$ 10,000.00
Total
$ 10,000.00
Prepaid Rent
02-Jan-17
$ 800.00
End Balance
$ 800.00
Total
$ 800.00
Total
$ 800.00
Equipment
04-Jan-17
$ 4,200.00
End Balance
$ 7,200.00
05-Jan-17
$ 3,000.00
Total
$ 7,200.00
Total
$ 7,200.00
Accounts Payable
End Balance
$ 4,100.00
05-Jan-17
$ 1,500.00
06-Jan-17
$ 2,600.00
Total
$ 4,100.00
Total
$ 4,100.00
Prepaid Insurance
08-Jan-17
$ 480.00
End Balance
$ 480.00
Total
$ 480.00
Total
$ 480.00
Date
Accounts title
Debit
Credit
01-Jan-17
Cash
$ 10,000.00
Common Stock
$ 10,000.00
(Stock issued - 10000 shares x $1)
02-Jan-17
Prepaid Rent
$ 800.00
Cash
$ 800.00
(rent paid for two months)
03-Jan-17
NO entry for ORDER
04-Jan-17
Equipment
$ 4,200.00
Cash
$ 4,200.00
(Equipment purchased for cash)
05-Jan-17
Equipment
$ 3,000.00
Cash
$ 1,500.00
Accounts Payable
$ 1,500.00
(Equipment acquired, half amount paid in cash, half due)
06-Jan-17
Material
$ 1,800.00
Office Supplies
$ 800.00
Accounts Payable
$ 2,600.00
(material and supplies brought on account)
08-Jan-17
Prepaid Insurance
$ 480.00
Cash
$ 480.00
(amount for insurance paid for 1 year in advance)
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