Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. (notice: date) telecon, inc., experienced the fol

(Notice: Date) Telecon, Inc., experienced the following transactions during May 2021. May 1 The...

80.2K

Verified Solution

Question

Accounting

image

(Notice: Date)

Telecon, Inc., experienced the following transactions during May 2021. May 1 The company issues ordinary shares in exchange for 25,000 cash. 2 Purchased 400 of supplies on credit. 2 Purchased equipment for 10,000, paying 3,000 in cash and signed a 30-day, 7,000, note payable. 4. Real estate commissions billed to clients amount to 4,000. 6 Paid 700 in cash for the current month's rent. 9 Paid 200 cash on account for supplies purchased on May 2. 11 Received a bill for 600 for advertising for the current month. 19 Paid 2,200 cash for salaries. 22 The company paid dividends of 1,200. 25 Received a check for 3,000 from a client in payment on account for commissions billed on a a May 4. Instructions Prepare the appropriate journal entries to record these transactions (omit explanations)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Physics
1.2K views

The wavelength of maximum energy released during an atomic explosion was 2 93 x 10...

Civil Engineering
1.2K views

An interchange ramp is being designed to reach its high point after climbing for 2000 feet...

Advance Math
1.2K views

We’ll say a polynomial f(x) ? R[x] is prime if the ideal (f(x)) ? R[x] is...

Accounting
1.2K views

Times-Interest-Earned Ration Calculated the times-interest-earned ratio for Smith & Sons Inc for 2015 and 2016 and comment on the...

Basic Math
1.2K views

Given the triangle 39 Area 25 Question Help Video Submit Question 29 find the area...

Algebra
1.2K views

Modern car company has come out with a new car model Market analysts predict that...

Accounting
1.2K views

Exercise M-3 (Part Level Submission) Leno Company makes swimsuits and sells these suits directly to...

Accounting
1.2K views

Accounting
1.2K views

Can a company report negative net cash flows from operating activities for the year but...

Accounting
1.2K views

Del Gato Clinic's cash account shows an $14,943 debit balance and its bank statement shows...

Accounting
1.2K views

Mulkilteo Company obtained a charter from the state in January of this year. The charter...

Accounting
1.2K views

Anson Company had the following machinery acquisitions during the year: 1. Acquired a machine with...