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pete parlor started business january 1,2010. on that day the company issued common stock in exchange for $45,000. prepare the journal entry for this...
1. pete parlor started business january 1,2010. on that day the company issued common stock in exchange for $45,000. prepare the journal entry for this transaction.2.pete parlor started business january 1,2010. at the beginning of january, pete pd $3,400 for supplies. prepare the journal entry for this transaction.3.pete parlor started business january 1,2010.during january pete sold watches costing the company a total of $63,000 to produce. prepare the journal entry for this transaction4.pete parlor started business january 1,2010.during january,pete sold watches to customers for $70,000 cash. prepare the journal entry for this transaction.5.pete parlor started business january 1,2010. during january, pete customers pd $24,000 for services that will not be performed untill february.prepare the journal entry for this transaction6.pete parlor started business january 1,2010. during janaury, pete purchased supplies for $15,000. at the end of the month, pete takes inventory and finds out the remaining supplies are worth $5,000. prepare the adjusting journal entry to reflect this information.7.pete parlor had a balance of $15,000 in unearned revenue on february 1st. at the end of february, the unearned revenue balance was $7,000. prepare the adjusting journal entry to reflect this information.8.pete parlor started business january 1,2010.At the start of february, pete had salaries payable outstanding of $17,000. on february 4th,pete sent out paychecks to its employees valued at $20,000. prepare the journal entry for this transaction.9.pete parlor started business january 1,20xx. during january, pete had earned revenues of $50,000. the customers pd 30 percent cash and the remaining amount on account. prepare the journal entry for this transaction10.pete parlor started business january 1,20xx. during january, pete purchased suplies for $6,000. pete pd the supplier 75 percent in cash and the remaining on account.prepare the journal entry for this transaction.11.pete parlor had a credit balance of $20,000 in its income summary account at the end of june. prepare the closing journal entry for closing the income summary account to retained earnings.
