Lv care is owned and operated by debbie gonalez the sole

Assignment Help Accounting Basics

Reference no: EM13597470

Luv Care is owned and operated by Debbie Gonalez, the sole stockholder.During May 2011 Luv Care enterend into the following transactions.
a. Debbie invested 20,000$ in Luv Care in exchange for Cap Stock
b. paid 7,200 on May 1 for an insurance premium on a 1 year policy
c. purchased supplies on account 1,200
d.received fees of 32,000 during may
e.paid expenses as follows: 8,000 wages, rent 2,500, utilities, 1,000 and misc. 850
f. paid dividends, 3000

Then the next one is: record AJE at the end of may to record the insurance expense and supplies expense. there were 650 of supplies on hands as may 31. identify the AJE for insurance and supplies.

Can you explain how you figure out the AJEs please?

Reference no: EM13597470

Questions Cloud

Suppose that a 1-day 975 var is estimated as 13 million : suppose that a 1-day 97.5 var is estimated as 13 million from 2.000 observations. the observations on the 1-day changes

Kensingtons capital balance is 33860 after admitting : kensingtons capital balance is 33860 after admitting atchley to the partnership by investment. if kensingtons ownership

If the required rate of return is 10 percent and robb : the robb computer corporation is trying to choose between the following two mutually exclusive design projects year

F contributes cash of 7500 and land worth 52500 basis of : f contributes cash of 7500 and land worth 52500 basis of 16500 to an entity for a 75 ownership interest in the entity

Lv care is owned and operated by debbie gonalez the sole : luv care is owned and operated by debbie gonalez the sole stockholder.during may 2011 luv care enterend into the

Last year the house of orange had sales of 826650 net : last year the house of orange had sales of 826650 net operating income of 81000 and operating assets of 84000 at the

Prepare the production departments flexible budget : prepare the production departments flexible budget performance report for march including both the activity and

Given the internet and the wide dispersal of information : given the internet and the wide dispersal of information that exists today should auditors also be held liable for

The overall revenue and spending variance ie the variance : vandall corporation manufactures and sells a single product. the company uses units as the measure of activity in its

User Account

All Pages