What form should phil record

Assignment Help Accounting Basics
Reference no: EM13512329

Phil Eubanks engaged in the following activities in establishing his photography studio, Picture This!:

1. Opened a bank account in the name of Picture This! and deposited $8,000 of his own money into this account in exchange for common stock.

2. Purchased photography supplies at a total cost of $950. The business paid $400 in cash, and the balance is on account.

3. Obtained estimates on the cost of photography equipment from three different manufacturers.

In what form (type of record) should Phil record these three activities? Prepare the entries to record the transactions.

Reference no: EM13512329

Questions Cloud

How fast does a wave crest travel past the fisherman : A water wave traveling in a straight line on a lake is described by the equation y(x,t)=(3.75cm)cos(0.450cm^-1 x+5.40s^-1t), How fast does a wave crest travel past the fisherman
Enable the company to meet targets for revenue : The company"s marketing manager, Chris Ahrentzen, suggests running a promotion selling $50 gift cards for $45. He believes that this would be very popular and would enable the company to meet its targets for revenue and net income. What do you thi..
What entry is required by the partnership : Shivers, with the consent of Zhao, sells one-third of his interest to Theresa Pepin. What entry is required by the partnership if the sales price is.
How fast are the waves traveling : A fisherman notices that his boat is moving up and down periodically, If the total vertical distance traveled by the boat were 0.450 m, but the other data remained the same, how fast are the waves traveling
What form should phil record : What form should Phil record these three activities? Prepare the entries to record the transactions - Obtained estimates on the cost of photography equipment from three different manufacturers.
Find the angle in degrees west of north : A commuter airplane starts from an airport and takes the route shown in the figure below. The plane first flies to city A located 175 km away in a direction 30.0° north of east. Find the angle in degrees west of north
Provide the journal entry for wells contribution : The patent had a book value of $35,000. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $280,000.
Calculate the height from which the ball was thrown : A ball is tossed from an upper-story window of a building. The ball is given an initial velocity of 9.00 m/s at an angle of 20.0° below the horizontal. Find the height from which the ball was thrown
Explain a patient recieves all her nutrition from fluid : A patient recieves all her nutrition from fluid given through the vena cava. every 12 hours, 750mL of a solution that is 4%(m/v) amino acids (protein) and 25% (m/v) glucose (carbohydrate) is given along with 500 mL of a 10%t (m/v) lipid (fat)

Reviews

Write a Review

Accounting Basics Questions & Answers

  Manufacturing overhead applied_?

A Corporation uses a predetermined overhead rate of $23.90 per direct labor hour. This predetermined rate was based on a cost formula that estmated $286,8000 of total manufacturing overhead for an estimated activity level of 12,000 direct labo..

  Several of the judges point out what is significantly miss

Several of the judges point out what is significantly missing from the way Esanda pleaded its case. It is these missing elements which, the judges are saying, point to the lack of a duty of care owed by the auditors to Esanda. What are these missing ..

  Determining bond discount amortization

On June 1, 2009, Everly Bottle Company sold $400,000 in long-term bonds for $351,040. The bonds will mature in 10 years and have a stated interest rate of 8% and a yield rate of 10%.

  Determine agi after considering the capital gains and

48 capital gains and losses. consider the four independent situations below for an unmarried individual and analyze e

  Research a specific company in one of the business sectors

describe two business sectors you might want to work in if you were an accountant and explain why in 150 to 200 words.

  Determine whether bethlehem''s explanation seem reasonable

If you had been an analyst evaluating Bethlehem's 2001 third-quarter 10-Q, explain whether or not you would have downgraded Bethlehem's stock.

  Distribution and accumulation amounts

Under the terms of the trust instrument, the trustee has discretion to distribute or accumulate income on behalf of Willie, Sylvia, and Doris in equal shares. The trustee also can invade corpus for the benefit of any of the beneficiaries to the ex..

  Calculate the amount of freight

Calculate the amount of freight-in reported byJackson Company during 2007. Do not use decimals in your answer.

  Loss-gain contingencies

Generally accepted accounting principles (GAAP) require loss contingencies to be accrued in the period the contingency becomes known. However, GAAP specifically disallows booking gain contingencies until the gain is realized.

  Determining controllable variance

The actual variable factory overhead is $32,000. In the current period, 2500 units are produced at a standard time of 2 labor hours per unit. These units require 5,500 actual labor hours. What is the controllable variance?

  How much of an increase in bad loans

Banks have receivables that are the result of investing activities rather than sale or trade. We call these signed documents notes receivable.

  Which of the following is the result of the inseparable

which of the following is the result of an inseparable relationship between business and society?a. all business

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