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nirvana33 [79]
3 years ago
14

Transactions for the Monty Company, which provides welding services, for the month of June are presented below. June 1 Monthly i

nvests $3, 910 cash in exchange for shares of common stock in a small welding business. 2 Purchases equipment on account for 340. 3 $760 cash is paid to landlord for June rent. 12 Bills P. Leonard $410 after completing welding work done on account. Journalize the transactions.
Business
1 answer:
Leona [35]3 years ago
6 0

Answer:

<u>Transactions:</u>

1. June 1 Monthly invests $3, 910 cash in exchange for shares of common stock in a small welding business.

2. June 2 Purchases equipment on account for 340.

3. June 3 $760 cash is paid to landlord for June rent.

4. June 12 Bills P. Leonard $410 after completing welding work done on account.

<u>Journal Entries:</u>

1.

June 1              Dr.      Cr.

Investment   $3,910

Cash                          $3,910

2.

June 2              Dr.      Cr.

Equipment     $340

Account Payable       $340

3.

June 3                Dr.        Cr.

Rent Expense   $3,760

Cash                               $3,760

4.

June 12                                Dr.        Cr.

P. Leonard (Receivable)     $410

Welding Service Revenue              $410

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Schwartz's model suggests that: Select one: A. We are always aware of our values and how they influence us B. Values are formed
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The correct answer is letter "D": Values may conflict with each other.

Explanation:

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Record the journal entry for Sales and for Cash Over and Short for each of the following separate situations. The cash register’
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Answer:

Explanation:

The journal entries are shown below:

1. Cash A/c Dr$598

     To Sales $560

     To Cash over and short $38

(Being the cash sales are recorded and the remaining balance is credited to the cash over and short account)

2. Cash A/c Dr $1,112

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Answer:

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Explanation:

<u>Journal Entries</u>

Debt: Legal services (4,100 hours × $100 per hour)  = $410,000

Credit: Common stock (101,000 shares × $1 par)  = $101,000

Credit: Paid-in capital - excess of par (Remainder)  = $309,000

To record the 101,000 shares compensated by 4,100 legal hours with $1 par value)

In the above transaction common stock issued in excess of par for legal services as compensation instead cash. Hence "legal services" have been debited as issuing company benefited for legal services. "Common stock" and "paid in capital in excess of par" has been credited as this issuing company issuing common stock.

Paid in capital excess of par is $$309,000

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3 years ago
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