Need assist beside the following accounting press?(Serious answers please)?
MY QUESTION IS: How to do these parts? (use A-L = OE to establish Jack's initial capital). This the desires an slit standard Journal entry). AND on july 2 Jack contributed a boat and motor vehicle to the business near different values. Explain how Jack arrived at these values(200 words).
The following transactions occur during July, 2007.
On July 2, Jack fixed to contribute several 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
Accounts payable $2500
Loan $15000
(Note: use A-L = OE to establish Jack's initial capital). This the wishes an debut standard Journal entry).
Answers:
Opening standard log entry:
Dr Cash at mound $7000
Dr Accounts Receivable. $1000
Dr Boats $25000.
Dr Fishing rods. $8000
Dr Motor Vehicle. $12000
Cr Accounts payable $2500
Cr Loan $15000
Cr Owner's assets $35,500
(to transcript the assets, liability and initial owner's capital)
As to how Jack arrived at those values, it could be the depreciated lattice book meaning of the assets or it could be what he would hold needed to take-home pay if he bought similar assets surrounded by similar condition very soon.
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The following transactions occur during July, 2007.
On July 2, Jack fixed to contribute several 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
Accounts payable $2500
Loan $15000
(Note: use A-L = OE to establish Jack's initial capital). This the wishes an debut standard Journal entry).
Answers:
Opening standard log entry:
Dr Cash at mound $7000
Dr Accounts Receivable. $1000
Dr Boats $25000.
Dr Fishing rods. $8000
Dr Motor Vehicle. $12000
Cr Accounts payable $2500
Cr Loan $15000
Cr Owner's assets $35,500
(to transcript the assets, liability and initial owner's capital)
As to how Jack arrived at those values, it could be the depreciated lattice book meaning of the assets or it could be what he would hold needed to take-home pay if he bought similar assets surrounded by similar condition very soon.