{"id":27915,"date":"2021-02-03T12:14:24","date_gmt":"2021-02-03T12:14:24","guid":{"rendered":"http:\/\/onlineclassesguru.com\/?p=27915"},"modified":"2021-02-03T12:14:24","modified_gmt":"2021-02-03T12:14:24","slug":"prepare-in-proper-form-journal-entries-for-the-following-transactions-omit-explanations-october2-owner-made-a-cash-investment-into-the-company-50008-bought-supplies-on-account-100-10-paid-salari","status":"publish","type":"post","link":"https:\/\/onlineclassesguru.com\/index.php\/2021\/02\/03\/prepare-in-proper-form-journal-entries-for-the-following-transactions-omit-explanations-october2-owner-made-a-cash-investment-into-the-company-50008-bought-supplies-on-account-100-10-paid-salari\/","title":{"rendered":"Prepare in proper form journal entries for the following transactions. Omit explanations.October2  Owner made a cash investment into the company $5,0008  Bought supplies on account $100.10 Paid salaries, $70015 Paid for supplies purchased on October 821 Received company telephone bill, to be paid later, $30Part B (5 points each for a possible total of 50 points)Record the following selected transactions for January in a two-column journal, identifying each entry by letter"},"content":{"rendered":"<style type=\"text\/css\"><\/style><p>ASSIGNMENT 08A01 Introduction to AccountingDirections: Be sure to save an electronic copy of your answer before submitting it for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English, spelling and grammar. Sources must be cited in APA format. Your response should be four (4) double-spaced pages; refer to the \u201cAssignment Format\u201d page located on the Course Home page for specific format requirements.Part A (20 points)Prepare in proper form journal entries for the following transactions. Omit explanations.October2\u00a0 Owner made a cash investment into the company $5,0008\u00a0 Bought supplies on account $100.10 Paid salaries, $70015 Paid for supplies purchased on October 821 Received company telephone bill, to be paid later, $30Part B (5 points each for a possible total of 50 points)Record the following selected transactions for January in a two-column journal, identifying each entry by letter:(a) Earned $7,000 fees; customer will pay later.(b) Purchased equipment for $45,000, paying $20,000 in cash and the remainder on credit(c) Paid $3,000 for rent for January.(d) Purchased $2,500 of supplies on account.(e) A. Allen $1,000 investment in the company.(f) Received $7,000 in cash for fees earned previously.(g) Paid $1,200 to creditors on account.(h) Paid wages of $6,250.(i) Received $7,150 from customers on account.(j) A. Allen withdrawal of $1,750.\u00a0Part C (1) (10 points) From the following items in the income statement columns of the worksheet of Friend\u2019s Tutoring at December 31, prepare the closing entries without explanation, assuming that a $1,000 withdrawal was made during the period.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Income StatementAccount\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Debit\u00a0\u00a0\u00a0 CreditTutoring Fees\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,450Wages Expense\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 700Rent Expense\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 600Supplies Expense\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 450Insurance Expense\u00a0\u00a0\u00a0\u00a0\u00a0 250\u00a0\u00a0 _____\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,000\u00a0\u00a0\u00a0 3,450Net Income\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,450\u00a0\u00a0 _____\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $3,450\u00a0\u00a0 $3,450(2) (5 points each for a possible total of 20 points) A summary of selected ledger accounts appear below for S. Ball for the current calendar year.Answer the following questions.a. What was the total amount of withdrawals for the year?b. What was the net income?c. What was the total revenue?d. What were the total expenses?<\/p>\n<p><center><a href=\"http:\/\/onlineclassesguru.com\/orders\/ordernow\"><img decoding=\"async\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcTyj99p60XCLyLk1htB7-1neRt8-2QdnenNlQ&usqp=CAU\"target=\"_http:\/\/onlineclassesguru.com\/orders\/ordernow\"\/><\/center><p>","protected":false},"excerpt":{"rendered":"<p>ASSIGNMENT 08A01 Introduction to AccountingDirections: Be sure to save an electronic copy of your answer before submitting it for grading. Unless otherwise stated, answer in complete sentences, and be sure to use correct English, spelling and grammar. Sources must be cited in APA format. Your response should be four (4) double-spaced pages; refer to the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-27915","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Prepare in proper form journal entries for the following transactions. Omit explanations.October2 Owner made a cash investment into the company $5,0008 Bought supplies on account $100.10 Paid salaries, $70015 Paid for supplies purchased on October 821 Received company telephone bill, to be paid later, $30Part B (5 points each for a possible total of 50 points)Record the following selected transactions for January in a two-column journal, identifying each entry by letter - onlineclassesguru<\/title>\n<meta name=\"description\" content=\"Prepare in proper form journal entries for the following transactions. Omit explanations.October2 Owner made a cash investment into the company $5,0008 Bought supplies on account $100.10 Paid salaries, $70015 Paid for supplies purchased on October 821 Received company telephone bill, to be paid later, $30Part B (5 points each for a possible total of 50 points)Record the following selected transactions for January in a two-column journal, identifying each entry by letter\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/onlineclassesguru.com\/index.php\/2021\/02\/03\/prepare-in-proper-form-journal-entries-for-the-following-transactions-omit-explanations-october2-owner-made-a-cash-investment-into-the-company-50008-bought-supplies-on-account-100-10-paid-salari\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Prepare in proper form journal entries for the following transactions. Omit explanations.October2 Owner made a cash investment into the company $5,0008 Bought supplies on account $100.10 Paid salaries, $70015 Paid for supplies purchased on October 821 Received company telephone bill, to be paid later, $30Part B (5 points each for a possible total of 50 points)Record the following selected transactions for January in a two-column journal, identifying each entry by letter - onlineclassesguru\" \/>\n<meta property=\"og:description\" content=\"Prepare in proper form journal entries for the following transactions. Omit explanations.October2 Owner made a cash investment into the company $5,0008 Bought supplies on account $100.10 Paid salaries, $70015 Paid for supplies purchased on October 821 Received company telephone bill, to be paid later, $30Part B (5 points each for a possible total of 50 points)Record the following selected transactions for January in a two-column journal, identifying each entry by letter\" \/>\n<meta property=\"og:url\" content=\"http:\/\/onlineclassesguru.com\/index.php\/2021\/02\/03\/prepare-in-proper-form-journal-entries-for-the-following-transactions-omit-explanations-october2-owner-made-a-cash-investment-into-the-company-50008-bought-supplies-on-account-100-10-paid-salari\/\" \/>\n<meta property=\"og:site_name\" content=\"onlineclassesguru\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-03T12:14:24+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin_admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/onlineclassesguru.com\/#website\",\"url\":\"https:\/\/onlineclassesguru.com\/\",\"name\":\"onlineclassesguru\",\"description\":\"Cheap Professional coursework and reaction papers help\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/onlineclassesguru.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\/\/onlineclassesguru.com\/index.php\/2021\/02\/03\/prepare-in-proper-form-journal-entries-for-the-following-transactions-omit-explanations-october2-owner-made-a-cash-investment-into-the-company-50008-bought-supplies-on-account-100-10-paid-salari\/#webpage\",\"url\":\"http:\/\/onlineclassesguru.com\/index.php\/2021\/02\/03\/prepare-in-proper-form-journal-entries-for-the-following-transactions-omit-explanations-october2-owner-made-a-cash-investment-into-the-company-50008-bought-supplies-on-account-100-10-paid-salari\/\",\"name\":\"Prepare in proper form journal entries for the following transactions. Omit explanations.October2 Owner made a cash investment into the company $5,0008 Bought supplies on account $100.10 Paid salaries, $70015 Paid for supplies purchased on October 821 Received company telephone bill, to be paid later, $30Part B (5 points each for a possible total of 50 points)Record the following selected transactions for January in a two-column journal, identifying each entry by letter - onlineclassesguru\",\"isPartOf\":{\"@id\":\"https:\/\/onlineclassesguru.com\/#website\"},\"datePublished\":\"2021-02-03T12:14:24+00:00\",\"dateModified\":\"2021-02-03T12:14:24+00:00\",\"author\":{\"@id\":\"https:\/\/onlineclassesguru.com\/#\/schema\/person\/1831fa4d28e47b468621cf27932f5742\"},\"description\":\"Prepare in proper form journal entries for the following transactions. 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Omit explanations.October2 Owner made a cash investment into the company $5,0008 Bought supplies on account $100.10 Paid salaries, $70015 Paid for supplies purchased on October 821 Received company telephone bill, to be paid later, $30Part B (5 points each for a possible total of 50 points)Record the following selected transactions for January in a two-column journal, identifying each entry by letter - onlineclassesguru","description":"Prepare in proper form journal entries for the following transactions. Omit explanations.October2 Owner made a cash investment into the company $5,0008 Bought supplies on account $100.10 Paid salaries, $70015 Paid for supplies purchased on October 821 Received company telephone bill, to be paid later, $30Part B (5 points each for a possible total of 50 points)Record the following selected transactions for January in a two-column journal, identifying each entry by letter","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"http:\/\/onlineclassesguru.com\/index.php\/2021\/02\/03\/prepare-in-proper-form-journal-entries-for-the-following-transactions-omit-explanations-october2-owner-made-a-cash-investment-into-the-company-50008-bought-supplies-on-account-100-10-paid-salari\/","og_locale":"en_US","og_type":"article","og_title":"Prepare in proper form journal entries for the following transactions. 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