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Natasha2012 [34]
3 years ago
11

Transactions for Ivanhoe Company for the month of June are presented below. June 1 Issues common stock to investors in exchange

for $5,830 cash. 2 Buys equipment on account for $1,550. 3 Pays $560 to landlord for June rent. 12 Sends Wil Wheaton a bill for $510 after completing welding work. Journalize the transactions.
Business
1 answer:
beks73 [17]3 years ago
6 0

Answer:

The Journal entries are as follows:

(a) On June 1,

Cash A/c Dr. $5,830

      To common stock  $5,830

(To record the issue of common stock for cash)

(b) On June 2,

Equipment A/c Dr. $1,550

       To accounts payable   $1,550

(To record the purchase of equipment on account)

(c) On June 3,

Rent expense A/c Dr. $560

      To cash                           $560

(To record the rent expense)

(d) On June 12,

Accounts receivable A/c Dr. $510

            To Welding service revenue $510

(To record the welding service revenue)

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valina [46]

Answer:

Explanation:

The journal entries are shown below:

1. Purchase A/c Dr $8,500

       To Accounts payable A/c $8,500

(Being purchase of inventory is made on credit)

2. Freight-in A/c Dr $45

         To Cash A/c $45

(Being freight charges is paid for cash)

3. Purchase A/c Dr $11,985

       To Accounts payable A/c $11,985

(Being purchase of inventory is made on credit)

4. Account payable A/c Dr $20,485     ($8,500 + $11985)

         To Cash A/c $20,280.15

         To Purchase discount A/c 204.85   ($20,485 × 1 %)

(Being the payment is recorded)

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The answer to this item is therefore the firs choice.
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