60.1K

Verified Solution

Link Copied!

During its first month of operation, Ashley Corporation, which is a furniture Factory completed the following transactions. B Requi emeIIL #1. H 01-Mar deposited cash in the business bank account of $72,000, in exchange for 7,200 shares of $10 par value common stock. 01-Mar Paid monthly rent, $4,500 01-Mar Paid the premium on a 1-year insurance policy, $3,300. 07-Mar Purchased supplies on account from West Fraser Timber Co, $900. 10-Mar Paid employee salaries, $2,200 14-Mar Purchased equipment from Loyola Company, $9,000. Paid $3,500 cash and the balance was placed on account Payments will be $375.00 per month for 20 months. The first payment is due 04/1 March 15 Received cash for Furniture Sales Revenue for the first half of March, $4,896. March 19 Made payment on account to West aser Timber Co, $450. March 31 Received cash for Furniture Sales Revenue for the last half of March, $5,304 5 March 31 Declared and paid cash dividend of $1,000 J 3 9 Prepare journal entries to record the March transactions in the General Journal below.

uring its first month of operation, Ashley Corporation, which is a furniture Factory ompleted the following transactions. 01-Mar deposited cash in the business bank account of $72,000, in exchange for 7,200 shares of $10 par value common stock 01-Mar Paid monthly rent, $4,500 01-Mar Paid the premium on a 1-year insurance policy, $3,300 07-Mar Purchased supplies on account from West Fraser Timber Co, $900 10-Mar Paid employee salaries, $2,200 14-Mar Purchased equipment from Loyola Company, $9,000 Paid $3,500 cash and the balance was placed on account Payments will be $37500 per month for 20 months. The first payment is due 04/1 March 15 Recerved cash for Furniture Sales Revenue for the first half of March, $4,896 March 19 Made payment on account to West Fraser Timber Co, \$450. March 31 Recerved cash for Furniture Sales 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. During its first month of operation, Ashley Corporation, which is a furniture Factory completed the following transactions. 01-Mar deposited cash in the business bank account of $72,000, in exchange for 7,200 shares of $10 par value common stock. 01-Mar Paid monthly rent, $4,500. 01-Mar Paid the premium on a 1-year insurance policy, $3,300 07-Mar Purchased supplies on account from West Fraser Timber Co, $900 10-Mar Paid employee salaries, $2,200 14-Mar Purchased equipment from Loyola Company, $9,000 Paid $3,500 cash and the balance was placed on account. Payments will be $375.00 per month for 20 months. The first payment is due 04/1 March 15 Recerved cash for Furniture Sales Revenue for the first half of March, $4,896 March 19 Made payment on account to West Fraser Timber Co, $450 March 31 Received cash for Furniture Sales 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

Answer & Explanation Solved by verified expert

See Answer