Jackson Corporation (the Company) prepares financial statements monthly. The Com
ID: 2785461 • Letter: J
Question
Jackson Corporation (the Company) prepares financial statements monthly. The Company started business in September 2017. Proceed through the following 10 items/steps, answering each completely and accordingly Listed below are transactions that occurred in September 2017. Using the general journal provided, record the appropriate general journal entry for each transaction September I Jackson Corporation issued 500 shares of capital stock for $20 per share. o 2 Jackson Corporation borrowed $10,000 from the bank signing a 3-month toice note at 12% annual interest. $6,000 of supplies were purchases on account. 3 4 Office furniture was purchased for $10,000 cash. The furniture is expected 15 17 20 to have a 10-year life, with no residual value. Wages for the first half of September were paid in the amount of $2,000. The Company billed customers $1,500 for services performed. $3,000 was received for services to be provided in September and 23 27 30 October. $5,000 was received for services performed in September. The Company collected $1,000 on account. Dividends were declared and paid in the amount of $3,000 2. Post each of the journal entries to the appropriate ledger accountsExplanation / Answer
CASH A/C LEDGER
Capital Stock Account
Note Payable A/c
Office Furniture A/c
Unearned Revenue A/c
To Revenue A/c
Account Payable A/c
Dividend A/c
Supplier A/c
Wages Expense A/c
Wages Payable A/c
Account Receivable A/c
Debit side Credit side DATE PARTICULAR L.F. AMOUNT DATE PARTICULAR L.F. AMOUNT Sep 4 To Office Furniture 104 10,000 Sep 1 By Capital Stock 401 10,000 Sep 30 To Dividend 101 3,000 Sep 2 By Notes Payable 205 10,000 Sep 30 To Balance C/F 16,000 Sep 20 By Unearned Revenue 202 3,000 Sep 23 By Revenue 501 5,000 Sep 27 By Accounts Payable 201 1,000 29,000 29,000Related Questions
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