1 answer

I need help with this question as soon as possible. Saved Question 1 (10 points) Winslow...

Question:

I need help with this question as soon as possible.

Saved Question 1 (10 points) Winslow Corporation opened in August 2018 and completed the following transactions during August

For each of the following transactions, indicate in the space provided whether the item is a Capital item (C), an Expense ite

Purcnasea a patent with a userui iife oT ZU years Paid for routine maintenance on the equipment AV Fences were constructed ar

Saved Question 1 (10 points) Winslow Corporation opened in August 2018 and completed the following transactions during August: a. Cash of $25,000 and equipment of $36,000 was invested in the company in exchange for common shares. b. Paid office rent for $1,500 for the month. c. Purchased supplies, on account, for $11,400 from Browns Corp. that will be used over the next couple of months. d. Purchased $15,000 of merchandise inventory on credit. e. Paid salaries of $3,800 for the month. f. Performed a sale for $12,000 on credit. g. The merchandise inventory for transaction f above cost $4,800. h. Paid $12,000 on merchandise inventory previously purchased. i. Received $5,540 from customers on account. j. Declared and paid a $2,500 dividend. Analyze the transactions above and prepare the journal entries in the general journal provided below. Note: Once you click in the table below, you can drag the dotted triangle at the bottom right corner of the text editor window to make it bigger. If you accidentally delete the below table, you can add a new one using the rich-text editor, or try to make your answer as clear as possible using paragraphs and spaces.
For each of the following transactions, indicate in the space provided whether the item is a Capital item (C), an Expense item (E), or an Intangible item (I) and indicate the specific name of the account that you would capitalize or expense the item to. One item is identified for you. Capital, Intangible, or Expense Specific Account Title Registered and paid for a copyright for the Сopyright company Purchased a piece of equipment AV Leveled the land to prepare it for construction AV Purchased a patent with a useful life of 20 years AV
Purcnasea a patent with a userui iife oT ZU years Paid for routine maintenance on the equipment AV Fences were constructed around the property Purchase supplies to be used this month Purchased another company and paid an additional $500,000 above the statement of financial position value of the company AV

Answers

Transaction General Journal Debit Credit
a. Cash 25000
Equipment 36000
Common stock 61000
(To record investment)
b. Rent expense 1500
Cash 1500
(To record payment of office rent)
c. Supplies 11400
Accounts payable 11400
(To record supplies purchased on account)
d. Merchandise inventory 15000
Accounts payable 15000
(To record merchandise inventory purchased on account)
e. Salaries expense 3800
Cash 3800
(To record salaries paid)
f. Accounts receivable 12000
Sales revenue 12000
(To record credit sales)
g. Cost of goods sold 4800
Merchandise inventory 4800
(To record the cost of goods sold)
h. Accounts payable 12000
Cash 12000
(To record payment on account)
i. Cash 5540
Accounts receivable 5540
(To record collections on account)
j. Dividends 2500
Cash 2500
(To record dividend declared and paid)

Per HOMEWORKLIB RULES the first question has been answered. Please post the remaining questions separately. Thank you.

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