60.1K

Verified Solution

Link Copied!

HW Problem 2.1-A) Record in the general journal, B) post to the general ledger, and then C) prepare a trial balance. 11/4 Quincy Jones invested $90,000 into Music Corp (MC) in exchange for common stock. 11/5 MC paid Realty Corp. $6,000 for 6 months' rent in advance (check #93). 11/6 MC performed $20,000 of services for Ghost Records on account (invoice #21.) 11/7 MC purchased $40,000 of recording equipment on account from Sony Corp. (invoice #6J92313). 11/8 MC received $50,000 in advance from EMC Record Co. for services to be performed next year. 11/12 MC provided services to Capitol Record Co. and received $18,000 (invoice #22). 11/13 MC issued check # 94 to purchase $2,000 of supplies from Music Barn. 11/14 MC received $20,000 from Ghost Records for services performed 11/6. 11/15 MC paid $9,000 of wages to backup artists (checks # 95-96). 11/22 MC placed an advertisement in Rolling Stone magazine and received invoice #512350 for $4,500. 11/23 MC issued check #97 to Sony Corp to pay for recording equipment purchased 11/7. 11/24 MC received invoice #60921 for $5,500 from Guard Co. for security received in November.

HW Problem 2.1 -A) Record in the general journal, B) post to the general ledger, and then C) prepare a trial balance. 11/4 Quincy Jones invested $90,000 into Music Corp (MC) in exchange for common stock. II/5 MC paid Realty Corp. $6,000 for 6 month' rent in advance (check 193 ). I1/6 MC performed $20,000 of services for Ghost Records on account (invoice \$21.) 11/7 MC purchased $40,000 of recording equipment on account from Sony Corp. (invoice \$6J92313). 11/8 MC received $50,000 in advance from EMC Record Co. for services to be performed next year. 11/12 MC provided services to Capitol Record Co. and received $18,000 (invoice $22 ). 11/13MC issued check \# 94 to purchase $2,000 of supplies from Music Barn. II/14 MC received $20,000 from Ghost Records for services performed 11/6. 11/15 MC paid \$9,000 of wages to backup artists (checks \#95-96). 11/22 MC placed an advertisement in Rolling Stone magazine and received invoice $512350 for $4,500. 1/23MC issued check $97 to Sony Corp to pay for recording equipment purchased 11/7. 1/24MC received invoice $60921 for $5,500 from Guard Co. for security received in November

Answer & Explanation Solved by verified expert

See Answer