BMGT220 Week 1 homework solutions

BMGT220 Week 1 homework solutions

BMGT220 Week 1 homework solutions
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Problem 1
Record the following journal entries below. The first two are done for you as examples.

Date Event
1/2/2010 Amanda Smith invested $20,000 cash in capital stock of newly formed corporation
1/4/2010 Purchased equipment on account for $15,000. Note that when you see on account it means the customer will pay later.
1/12/2010 Received $30,000 from customers for services rendered.
1/15/2010 Received a bill for construction supplies used in the amount of $4,000.
1/18/2010 Provided $6,400 of services on account.
1/20/2010 Paid employees $4,600 for wages earned.
1/22/2010 Collected the amount due for work provided on January 18.
1/23/2010 Paid the amount due on equipment purchased on January 4.
1/25/2010 Purchased (and used immediately) construction supplies for cash in the amount of $1,200.
1/31/2010 The company paid Amanda Smith a $3,000 dividend

Record the following journal entries below. Hint - some transactions do not require a journal entry

Date Event
6/2/2011 Jose Alverado invested $50,000 cash in the capital stock of a new corporation
6/3/2011 Paid rent for June in amount of $2,000.
6/6/2011 Hired an assitant to be paid $6,000 per month.
6/7/2011 Signed contract with Alpha Company to provide services for $15,000.
6/8/2011 Purchased on account and immediately used $1,500 of office supplies.
6/9/2011 Received $5,000 from Alpha Company for services performed to date.
6/15/2011 Paid $2,400 travel expense associated with consultation work.
6/16/2011 Provided services on account to Bravo Company for $6,000.
6/17/2011 Paid $3,000 salary to assistant.
6/23/2011 Billed Charlie Company $8,000 for consulting work performed.
6/25/2011 Paid Jose Alverado $2,000 dividend.
6/26/2011 Collected the amount due from Charlie Company for June 23 work.

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