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ACCT 504 Case Study The Complete Accounting Cycle

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Question;During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping,completed the following transactions:March 1Began business by making a deposit in a company bank account of $72,000, in exchangefor 7,200 shares of $10 par value common stock.March 1Paid the current month's rent, $4,500.March 1Paid the premium on a one-year insurance policy, $3,300.March 7Purchased supplies on account from Parkview Company, $900.March 10 Paid employee salaries, $2,200.March 14 Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance wasplaced on account. Payments will be $375.00 per month for twenty months. The first payment is due 4/1.Note: Use Accounts Payable for the Balance Due.March 15 Received cash for landscaping revenue for the first half of March, $4,896.March 19 Made payment on account to Parkview Company, $450.March 31 Received cash for landscaping revenue for the last half of March, $5,304.March 31 Declared and paid cash dividend of $1,000.Prepare journal entries to record the March transactions in the General Journal below.DateGeneral JournalDescription(Account Name) DebitCredit

 

Paper#42086 | Written in 18-Jul-2015

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