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Category > Accounting Posted 15 May 2017 My Price 5.00

Castle Consulting Agency began business in February 2010

Castle Consulting Agency began business in February 2010. The transactions entered into by Castle during its first month of operations are as follows:
a. Acquired articles of incorporation from the state and issued 10,000 shares of capital stock in exchange for $150,000 in cash.
b. Paid monthly rent of $400.
c. Signed a five-year promissory note for $100,000 at the bank.
d. Purchased software to be used on future jobs. The software costs $950 and is expected to be used on five to eight jobs over the next two years. 
e. Billed customers $12,500 for work performed during the month. 
f. Paid office personnel $3,000 for the month of February. 
g. Received a utility bill of $100. The total amount is due in 30 days. 

Required
Prepare in journal form the entry to record each transaction.

Answers

Alpha Geek
(8)
Status NEW Posted 15 May 2017 12:05 PM My Price 5.00

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Attachments

file 1494852552-Answer.docx preview (158 words )
C-----------ast-----------le -----------Con-----------sul-----------tin-----------g A-----------gen-----------cy -----------beg-----------an -----------bus-----------ine-----------ss -----------in -----------Feb-----------rua-----------ry -----------201-----------0. -----------The----------- tr-----------ans-----------act-----------ion-----------s e-----------nte-----------red----------- in-----------to -----------by -----------Cas-----------tle----------- du-----------rin-----------g i-----------ts -----------fir-----------st -----------mon-----------th -----------of -----------ope-----------rat-----------ion-----------s a-----------re -----------as -----------fol-----------low-----------s:a-----------. A-----------cqu-----------ire-----------d a-----------rti-----------cle-----------s o-----------f i-----------nco-----------rpo-----------rat-----------ion----------- fr-----------om -----------the----------- st-----------ate----------- an-----------d i-----------ssu-----------ed -----------10,-----------000----------- sh-----------are-----------s o-----------f c-----------api-----------tal----------- st-----------ock----------- in----------- ex-----------cha-----------nge----------- fo-----------r $-----------150-----------,00-----------0 i-----------n c-----------ash-----------.b.----------- Pa-----------id -----------mon-----------thl-----------y r-----------ent----------- of----------- $4-----------00.-----------c. -----------Sig-----------ned----------- a -----------fiv-----------e-y-----------ear----------- pr-----------omi-----------sso-----------ry -----------not-----------e f-----------or -----------$10-----------0,0-----------00 -----------at -----------the----------- ba-----------nk.-----------d. -----------Pur-----------cha-----------sed----------- so-----------ftw-----------are----------- to----------- be----------- us-----------ed -----------on -----------fut-----------ure----------- jo-----------bs.----------- Th-----------e s-----------oft-----------war-----------e
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