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JulsSmile [24]
3 years ago
6

Use below information to prepare general journal entries for Belle Co.'s 1 through 7 transactions.

Business
1 answer:
antoniya [11.8K]3 years ago
4 0

Answer:

Belle Co.

General Journal Entries

1. Debit Cash $6,000

Debit Equipment $7,600

Debit Web Servers $12,000

Credit Common Stock $25,600

To record the assets exchanged for common stock by D. Belle.

2. Debit Prepaid Insurance $4,800

Credit Cash $4,800

To record the prepayment of insurance coverage.

3. Debit Supplies $900

Credit Accounts Payable $900

To record the purchase of supplies on account.

4. Debit Selling Expenses $800

Credit Cash $800

To record the payment of selling expenses for cash.

5. Debit Cash $4,500

Credit Service Revenue $4,500

To record the receipt of cash for services rendered.

6. Debit Accounts Payable $900

Credit Cash $900

To record the payment on account.

7. Debit Equipment $3,400

Credit Cash $3,400

To record the payment for the purchase of equipment.

Explanation:

a) Data and Transaction Analysis:

1. Cash $6,000 Equipment $7,600 Web Servers $12,000 Common Stock $25,600

2. Prepaid Insurance $4,800 Cash $4,800

3. Supplies $900 Accounts Payable $900

4. Selling Expenses $800 Cash $800

5. Cash $4,500 Service Revenue $4,500

6. Accounts Payable $900 Cash $900

7. Equipment $3,400 Cash $3,400

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On July 1, 2010, Ellison Company granted Sam Wine, an employee, an option to buy 400 shares of Ellison Co. stock for $30 per sha
gregori [183]

Answer:

Ellison Company should recognize compensation expense on its books in the amount of $600

Explanation:

Solution

The transaction in the books of Ellison Company during the period of July 1st 2010 to December 31st 2010

On July 1st the share value was $30 *400 =  12000

On October 1st 2010 sold at $ 36 * 400 =  14400

The gain on this transaction was = $2,400          

31st July 2010, less compensation expenses =$ 1,800    

The fair vale to be recorded as a gain = $ 600

3 0
3 years ago
An investor owns 200 shares of a stock that has split 2 for 1. The investor will get the additional 200 shares by_______.
Scrat [10]

Answer:

Explanation:

Given information

Number of shares owned = 200 shares

Split ratio = 2 for 1

Number of additional shares = 200 shares

The additional shares would get when the investor received the new certificate which specifies the additional shares plus the old certificate is also with the investor which decreased the par value of each share.  

It is a cheaper method as compare to cancel the shares plus issuing them

6 0
3 years ago
Jones and Smith live in the same apartment building. Jones loves to play his opera recordings so loudly that Smith can hear them
vovikov84 [41]

Answer:

The correct answer is letter "A": Should be.

Explanation:

From the efficiency perspective, we shall consider the relationship between the benefits and the costs. If we subtract the cost from the benefits and the result is positive, we could say that it is convenient to continue with the activities of the operations being carried out.

In that case, Jones's benefits are (100) but his cost is Smith's damages (60). Then:

100 - 60 = (+)40;

which implies Jones <em>should be</em> allowed to play his opera music.

6 0
3 years ago
Aviation Systems sells its products with a three-year manufacturing warranty. The company’s sales revenue is $600,000. Based on
Wewaii [24]

Answer:

$30,000

Explanation:

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We simply multiplied the sales revenue with the estimated percentage given in the question so that the accurate amount can come.

All other information which is given is not relevant. Hence, ignored it

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3 years ago
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6 0
3 years ago
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