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Accounting Homework September 16 2014

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ACCOUNTING HOMEWORK September 16 2014

Toolbox Practice Problem 1
Elaine Consulting incorporated on February 1, 2015. The company engaged in the following transactions during its first month of operations.
Feb. 1 Issued capital stock in exchange for $800,000 cash
Feb. 5 Borrowed $100,000 from the bank by issuing a note payable.
Feb. 8 Purchased land, building, and office equipment for $750,000. The value of the land was $150,000, the value of the building was $540,000, and the value of the office equipment was $60,000. The company paid $200,000 cash and issued a note payable for the balance.
Feb. 11 Purchased office supplies for $800 on account. The supplies will last for several months.
Feb. 14 Paid the local newspaper $500 for a full-page advertisement. The ad will appear in print on February 18.
Feb. 20 Several of the inkjet printer cartridges that were purchased on February 11 were defective. The cartridges were returned and the office supply store reduced the company’s outstanding A/P balance by $200.
Feb. 22 Performed consulting services for $14,000 cash.
Feb. 24 Billed clients $16,000.
Feb. 25 Paid salaries of $12,000
Feb 28 Paid the entire outstanding balance owed for office supplies purchased on February 11.

REUIRED 1. Prepare journal entries for the above transactions. 2. Post each entry to the appropriate ledger accounts (use the T-account format). 3. [Prepare a trial balance—we will do this during class]

Toolbox Practice Problem 2
Hult Lawn Care Service began operations in July 2015. The Company engaged in the following transactions during its first month of operations.
July 18 Issued 500 share of capital stock to Bob Hult for $1,500.
July 22 Purchased office supplies on account for $100.
July 23 Purchased mowing equipment for $2,000, paying $400 cash and issuing a 60-day note payable for the remaining balance.
July 24…...

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