Prepare journal entries for the transactions incurred

Assignment Help Accounting Basics
Reference no: EM132597423

Selected activity of Mason Consulting Services follow.

DATE          TRANSACTIONS

2019

Sept.1  Zack Mason invested $43,000 in cash to start the firm.

4        Purchased office equipment for $4,800 on credit from Den, Inc.; received Invoice 9823, payable in 30 days.

16     Purchased an automobile that will be used to visit clients; issued Check 1001 for $12,800 in full payment.

20    Purchased supplies for $350; paid immediately with Check 1002.

23     Returned damaged supplies for a cash refund of $85.

30    Issued Check 1003 for $2,500 to Den, Inc., as payment on account for Invoice 9823.

30       Withdrew $1,300 in cash for personal expenses.

30       Issued Check 1004 for $850 to pay the rent for September.

30     Performed services for $3,100 in cash.

30     Paid $350 for monthly telephone bill, Check 1005.

Question 1: Prepare journal entries for the transactions incurred during September of 2019.

Reference no: EM132597423

Questions Cloud

Which could not be classified as revenue expense : Which could not be classified as revenue expense? Goods purchase for resale by cash./ Purchase of a fixed asset, by check./ Wages paid by cash
Case of the overly assertive employee : Read the Ethical Dilemma: The Case of the Overly Assertive Employee on page 500.
Leadership and decision making : We have witnessed many Federal Emergency Management Agency (FEMA) directors, each with their unique style of leadership,
Three major economic systems that nations utilize : What are the three major economic systems that nations utilize, and what is the role of each?
Prepare journal entries for the transactions incurred : Prepare journal entries for the transactions incurred during September of 2019. Purchased office equipment for $4,800 on credit from Den, Inc.; received Invoice
Success of an organization : Have you ever been to a certain grocery store and then went to the same store at another location and disliked the layout?
Operational Amplifiers Assignment : Operational Amplifiers Assignment Help and Solution - Review and contrast actual characteristics of an operational amplifier with the ideal
What is the necessity of data ownership : What is the necessity of data ownership? Do patients own their health information? The response must be typed, double spaced, times new roman.
How prepare the consolidated cash flow statement : How Prepare the consolidated cash flow statement. The accountant of Kara Enterprises has just finished preparing the consolidated balance sheet

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd