Journal Entries
Not what you're looking for?
Transactions for the Pate Company for the month of October are presented below. Journalize each transaction and identify each transaction by number. You may omit journal explanations.
1. Stockholders invested additional $40,000 cash in the business.
2. Purchased land costing $28,000 for cash.
3. Purchased equipment costing $10,000 for $4,000 cash and the remainder on credit.
4. Purchased supplies on account for $800.
5. Paid $1,000 for a one-year insurance policy.
6. Received $4,000 for services previously performed on account.
7. Paid wages to employees for $2,500.
Purchase this Solution
Solution Summary
The solution explains the journal entries for the given transactions
Solution Preview
The journal entries will be
1. Stockholders invested additional $40,000 cash in the business.
When the stockholders invest more money, it goes towards equity and the cash is increased
Cash Dr...............40,000
Common Stock Cr.......40,000
2. Purchased land costing $28,000 for cash.
Land Dr..............28,000
Cash Cr..................28,000
3. ...
Purchase this Solution
Free BrainMass Quizzes
IPOs
This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Basics of corporate finance
These questions will test you on your knowledge of finance.
Introduction to Finance
This quiz test introductory finance topics.
Organizational Behavior (OB)
The organizational behavior (OB) quiz will help you better understand organizational behavior through the lens of managers including workforce diversity.