Journalize the following events/transactions that Lobnitz entered into during the month.
Received $150,000 from issuing 10,000 shares of $1 par value Lobnitz common stock. (When recording this entry, credit TWO distinct ownersâ equity accounts.)
Borrowed $100,000.
Purchased $30,000 of office furniture (property, plant, and equipment) on a credit basis.
Performed $300,000 of services for customers on a credit basis.
Incurred, but did not yet pay, $25,000 of wages expense for the month.
Collected $175,000 of accounts receivable.
Collected $36,000 from customers for work to be performed during the following month.
Recorded $5,000 of depreciation expense.
Journalize the following events/transactions that Lobnitz entered into during the month.
Received $150,000 from issuing 10,000 shares of $1 par value Lobnitz common stock. (When recording this entry, credit TWO distinct ownersâ equity accounts.)
Borrowed $100,000.
Purchased $30,000 of office furniture (property, plant, and equipment) on a credit basis.
Performed $300,000 of services for customers on a credit basis.
Incurred, but did not yet pay, $25,000 of wages expense for the month.
Collected $175,000 of accounts receivable.
Collected $36,000 from customers for work to be performed during the following month.
Recorded $5,000 of depreciation expense.
Related questions
The Marchetti Soup Company entered into the following transactionsduring the month of June: (a) purchased inventory on account for$185,000 (assume Marchetti uses a perpetual inventory system); (b)paid $48,000 in salaries to employees for work performed during themonth; (c) sold merchandise that cost $136,000 to credit customersfor $240,000; (d) collected $220,000 in cash from credit customers;and (e) paid suppliers of inventory $165,000. |
Post the above transactions in the T-accounts given below. Assumethat the opening balances in each of the accounts is zero exceptfor cash, accounts receivable, and accounts payable that hadopening balances of $69,000, $51,000, and $30,000,respectively. |
cash, inventory, sales revenue, salaries expense, accountsrecievable, accounts payable, and costs of goods sold
