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Inessa05 [86]
3 years ago
5

Transactions for Sheridan Company for the month of May are presented below. Prepare journal entries for each of these transactio

ns.
May 1 Stockholders invests $4,350 cash in exchange for common stock in a small welding corporation.
3 Buys equipment on account for $1,055. 13Pays $394 to landlord for May rent.
21 Bills Noble Corp. $530 for welding work done. (Use Service Revenue account.)
Business
1 answer:
babymother [125]3 years ago
6 0

Answer:

May 1

Cash $4,350 (debit)

Common Stock $4,350(credit)

May 3

Equipment $1,055 (debit)

Accounts Payable $1,055 (credit)

May 13

Rent Expense $394  (debit)

Cash $394  (credit)

May 21

Accounts Receivable : Noble Corp $530 (debit)

Service Revenue $530 (credit)

Explanation:

Note that, When stockholders invest cash in exchange of common stock, we recognize the increase in assets of cash and also the increase in equity item common stocks.

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Answer:

$2

Explanation:

Given that

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Cost on wool if 11 sweater are made in a month = $17

Since it involves no other cost

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2 years ago
Landscapers must be
svetoff [14.1K]

Answer:

B

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A property is leased for $24,000 per year although market rents are currently $27,500 per year and are expected to increase by 2
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