Question For the past several years, Aaron Jones has operated aconsulting business from his home on a part-time basis. As ofDecember 1, 20X1, Aaron decided to move to rented quarters andincorporate his business as Progress Consulting Inc. ProgressConsulting entered into the following transactions during December:1st Aaron Jones invested the following assets in the business:cash, $50,000; supplies, $10,000; and office equipment, $30,000.Mr. Jones received stock in an amount equal to his investment inthe corporation. 2nd Paid $9,000 for rent for December 20X1 throughFebruary 28, 20X2. 3rd Paid $12,000 for a one year premium onproperty and casualty insurance. The policy covers the […]

Question George Brown College-ACCT1037 Transaction Analysis Worksheet The following transactions of Cozy Hotel Inc. occurred during their first month of operations, May, 2013. Review the following transactions for and journalize these transactions using the General Journal form(s), (34 marks) May 1 Cozy Hotel Inc. sold 1000 common shares to investors, who in total invested $300,000 cash. May 2 The Corporation borrowed $150,000 from a bank and signed a mortgage note payable at 10% May 2 The Corporation signed a one-year lease contract on land for additional parking space starting May 3 Land was purchased for $100,000, to be used as […]

Question General journal entry for the following: Established a petty cash fund of $400. An audit of the petty cash fund determined the following:                                                 Receipts:               Postage                                  $ 24                                                                                 Office supplies                     38                                                                                 Misc. Exp.                             22                                                                 Currency and Coin                             313 Reimburse Petty Cash and record the entry from the information above.

Question     GLOBAL DESIGNERS INC                                 TRIAL BALANCE               AS AT 1/31/2016               UNADJUSTED               BAL (DR) BAL (CR)             CASH $       375,000               ACCOUNTS RECEIVABLE $         75,000               ACCRUED REVENUES $                  –                MACHINERY $       120,000             […]

Question Grass Security, which began operations in 2013, invests inlong-term available-for-sale securities. Following is a series oftransactions and events determining its long-term investmentactivity. 2013 Jan. 20 Purchased 1,000 shares of Johnson & Johnson at $ 20.50per share plus a $ 240 commission. Feb. 9 Purchased 1,200 shares of Sony at $ 46.20 per share plus a $225 commission. June 12 Purchased 1,500 shares of Mattel at $ 27.00 per share plusan $ 195 commission. Dec. 31 Per share fair values for stocks in the portfolio areJohnson & Johnson, $ 21.50; Mattel, $ 30.90; Sony, $ 38. 2014 Apr. 15 Sold […]