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Homework answers / question archive / Data for Marigold Corp

Data for Marigold Corp

Finance

Data for Marigold Corp., interior decorating, are presented as follows.

 

Jan. 2Stockholders invested $16,270 cash in the business in exchange for common stock.3Purchased used car for $8,895 cash for use in the business.9Purchased supplies on account for $542.11Billed customers $1,952 for services performed.16Paid $217 cash for advertising.20Received $846 cash from customers billed on January 11.23Paid creditor $325 cash on balance owed.28Declared and paid a $542 cash dividend.

Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 
Date Account Titles and Explanation 

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Journal Entries:    
Date Account Titles and Explanation Debit Credit
Jan-02 Cash 16,270  
  Common stock   16,270
  ( To record issuance of common stock)    
Jan-03 Car 8,895  
  Cash   8,895
  ( To record purchase of Car)    
Jan-09 Supplies 542.11  
  Accounts payable   542.11
  ( To record purchase of supplies on account)    
Jan-11 Accounts payable 1,952  
  Service revenue   1,952
  ( To record service revenue)    
Jan-16 Advertising expense 217  
  Cash   217
  ( To record payment for advertising expense)    
Jan-20 Cash 846  
  Accounts receivable   846
  ( To record amount received from customers)    
Jan-23 Accounts payable 325  
  Cash   325
  ( To record payment to creditors)    
Jan-28 Dividends 542  
  Cash   542
  ( To record payment for dividends)    

 

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