PROJECT (1) FINANCE AN N/A MANAGEMENT ACCOUNTING WITH ANSWERS 100% CORRECT STUDY GUIDE, DOWNLOAD TO SCORE A

PROJECT (1) FINANCE AN N/A MANAGEMENT ACCOUNTING WITH
ANSWERS 100% CORRECT STUDY GUIDE, DOWNLOAD TO
SCORE A

Groro Co. bills a client $62,000 for services provided and agrees to accept
the following three items in full payment: (1) $10,000 cash, (2) computer
equipment worth $80,000, and (3) to assume responsibility for a
$28,000 note payable related to the computer equipment. The entry Groro
makes to record this transaction includes which one or more of the
following? (Select all that apply.)




2.
Following are transactions of a new company called Pose-for-Pics.


Aug.
1 Madison Harris, the owner, invested $6,500 cash and $33,500 of
photography equipment in the company in exchange for common stock.
2
The company paid $2,100 cash for an insurance policy covering the next 24 months.
5
The company purchased office supplies for $880 cash.
20
The company received $3,331 cash in photography fees earned.

,PROJECT (1) FINANCE AN N/A MANAGEMENT ACCOUNTING WITH
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31
The company paid $675 cash for August utilities.




Prepare general journal entries for the above transactions.
Date
General
Journal
Debi
t
Cred
it
Aug.
1
Cas
h
6,500




Photography
equipment
33,500




Common stock

,PROJECT (1) FINANCE AN N/A MANAGEMENT ACCOUNTING WITH
ANSWERS 100% CORRECT STUDY GUIDE, DOWNLOAD TO
SCORE A

40,000




Aug. 2
Prepaid
insurance 2,100




Cash


2,100




Aug.
Office 5
supplies
880




Cash


880

, PROJECT (1) FINANCE AN N/A MANAGEMENT ACCOUNTING WITH
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Aug. 20
Cas
h 3,331




Photography fees earned


3,331




Aug.
Utilities 31
expense
675




Cash


675




3.
The transactions of Spade Company: