Need aid next to the following accounting interview? (I am not sure what this examine is asking)?
MY QUESTION IS: How to do this piece? (use A-L = OE to establish Jack's initial capital). This the wishes an gap broad Journal entry).
The following transactions occur during July, 2007.
On July 2, Jack contracted to contribute a little assets and liability to give a hand him set off his fishing classes business.
Cash at wall $7000
Accounts Receivable. $1000
Boats $25000.
Fishing rods. $8000
Motor Vehicle. $12000
(Note: use A-L = OE to establish Jack's initial capital). This the requests an hole standard Journal entry).
Answers:
This interview is asking you to determine Jack's initial owner's equity at the start of his business. Assets smaller quantity liabilites = Owner's equity. He brought surrounded by assets but he didn't bring in any liability. The assets he brought within are adjectives those you planned. So the passage publication entry would be:
Dr Cash at wall $7000
Dr Accounts Receivable. $1000
Dr Boats $25000.
Dr Fishing rods. $8000
Dr Motor Vehicle. $12000
Cr Owner's property (Jack) $53,000
Assets $53,000 - Liabilities $0 = Owner's equity $53,000
Add up adjectives the debit and memo that they equal the credit.
the log entry will be
Bank A/c Dr. 7000
Acc Receiv A/c Dr. 1000
Boats A/c Dr. 25000
Fishing rodsA/cDr. 8000
Mot Vehicle A/c Dr. 12000
To Jacks Capital A/c 62000
Assets - Liabilities will dispense other equities i.e profits and reserves.. but surrounded by this problem they dont supply any details abt liability.. so the record will be resembling above lone
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The following transactions occur during July, 2007.
On July 2, Jack contracted to contribute a little assets and liability to give a hand him set off his fishing classes business.
Cash at wall $7000
Accounts Receivable. $1000
Boats $25000.
Fishing rods. $8000
Motor Vehicle. $12000
(Note: use A-L = OE to establish Jack's initial capital). This the requests an hole standard Journal entry).
Answers:
This interview is asking you to determine Jack's initial owner's equity at the start of his business. Assets smaller quantity liabilites = Owner's equity. He brought surrounded by assets but he didn't bring in any liability. The assets he brought within are adjectives those you planned. So the passage publication entry would be:
Dr Cash at wall $7000
Dr Accounts Receivable. $1000
Dr Boats $25000.
Dr Fishing rods. $8000
Dr Motor Vehicle. $12000
Cr Owner's property (Jack) $53,000
Assets $53,000 - Liabilities $0 = Owner's equity $53,000
Add up adjectives the debit and memo that they equal the credit.
the log entry will be
Bank A/c Dr. 7000
Acc Receiv A/c Dr. 1000
Boats A/c Dr. 25000
Fishing rodsA/cDr. 8000
Mot Vehicle A/c Dr. 12000
To Jacks Capital A/c 62000
Assets - Liabilities will dispense other equities i.e profits and reserves.. but surrounded by this problem they dont supply any details abt liability.. so the record will be resembling above lone