File Home Trees 4 U Transactions-Student Template (1)-Saved insert Draw Formulas

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File Home Trees 4 U Transactions-Student Template (1)-Saved insert Draw Formulas Data Review Vievw Calibri (Body) 11 2 BUSINESS TRANSACTIONS: Record necessary entries. Date Transaction Description 3 1/1/2016 Sold 20,000 shares of $1 par common stock for $20/share 4 1/10/2016 Acquired one (1) delivery truck in exchange for 2500 shares of common stock. Negotiated Trade for $15 per share. 5 2/14/2016 Purchased $42,500, 9.5%, 20 year bond at 102 from Cupid Inc. Tobe held to maturity. 6 2/15/2016 Sold $550,000 of trees and shrubs to Peabodies, Inc. on account, 2/10/30 7 2/15/2016 Purchased a forklift valued at $137,500. Paid 10%down and signed a 12%, 90 day note for the balance 8 2/18/2016 Purchased a forest valued at $125,000. The estimate of trees that can be harvested yearly is 50,000 9 2/22/2016 Peabodies, Inc. paid entire balance owed on account 10 2/28/2016 Issued S350,000, 8%, 10 year bond at 103, interest paid semi annually. 11 3/1/2016 Purchased equipment for shearing and shaping trees for $400,000 cash 12 3/10/2016 Sold $340,000 of trees and shrubs to Garden's Galore, Inc. on account, 2/10/30 13 3/11/2016 Garden's Galore returned damaged trees, $23,000 14 3/18/2016 Garden's Galore paid entire balance owed on account 15 3/19/2016 Sold $550,000 of trees and shrubs to Ray's Lawn Services on account, 2/10/30 16 3/20/2016 Ray's Lawn Services returned product they could not use, $22,000 17 3/23/2016 Ray's Lawn Services paid entire balance owed on account 18 3/31/2016 Paid operating expenses in cash, $40,780 19 6/25/2016 Purchased 2,000 shares of common stock for the treasury at $7/share 20 6/30/2016 Paid operating expenses in cash, $40,780 21 7/21/2016 Sold $440,000 of trees and shrubs to Gail's Garden's on account, 2/10/30 Liab ties ledy: Asset Ledgers (fxd AP Subsidiary Ledgers AR Subsidiary Ledgers General Journal nts Transactions

Explanation / Answer

Adjustment general Entries

date

explanation

debit

credit

1-

jan 1 2016

cash

400000

common stock

20000

additional paid in capital

380000

2-

10-Jan

delivery truck

37500

common stock

2500

additional paid in capital

35000

3-

14-Feb

investment in bonds

42500

premium on investment in bonds

850

cash

43350

4-

15-Feb

accounts receivable

550000

revenue from sales

550000

5-

15-Feb

forklift

137500

cash

13750

notes payable

123750

6-

18-Feb

forest

125000

cash

125000

7-

22-Feb

cash

539000

discount

11000

accounts payable

550000

8-

28-Feb

cash

360500

bonds payable

350000

premium on bonds payable

10500

9-

1-Mar

equipment

400000

cash

400000

10-

10-Mar

accounts receivable

340000

revenue from sales

340000

11-

11-Mar

sales return

23000

accounts receivable

23000

12-

18-Mar

cash

310660

discount

6340

accounts receivable

317000

13-

19-Mar

accounts receivable

550000

revenue from sales

550000

14-

20-Mar

sales return

22000

accounts receivable

22000

15-

23-Mar

cash

517440

discount

10560

accounts receivable

528000

16-

31-Mar

operating expense

40780

cash

40780

17-

25-Jun

treasury stock

14000

cash

14000

18-

30-Jun

operating expense

40780

cash

40780

19-

21-Jul

accounts receivable

440000

revenue from sales

440000

Adjustment general Entries

date

explanation

debit

credit

1-

jan 1 2016

cash

400000

common stock

20000

additional paid in capital

380000

2-

10-Jan

delivery truck

37500

common stock

2500

additional paid in capital

35000

3-

14-Feb

investment in bonds

42500

premium on investment in bonds

850

cash

43350

4-

15-Feb

accounts receivable

550000

revenue from sales

550000

5-

15-Feb

forklift

137500

cash

13750

notes payable

123750

6-

18-Feb

forest

125000

cash

125000

7-

22-Feb

cash

539000

discount

11000

accounts payable

550000

8-

28-Feb

cash

360500

bonds payable

350000

premium on bonds payable

10500

9-

1-Mar

equipment

400000

cash

400000

10-

10-Mar

accounts receivable

340000

revenue from sales

340000

11-

11-Mar

sales return

23000

accounts receivable

23000

12-

18-Mar

cash

310660

discount

6340

accounts receivable

317000

13-

19-Mar

accounts receivable

550000

revenue from sales

550000

14-

20-Mar

sales return

22000

accounts receivable

22000

15-

23-Mar

cash

517440

discount

10560

accounts receivable

528000

16-

31-Mar

operating expense

40780

cash

40780

17-

25-Jun

treasury stock

14000

cash

14000

18-

30-Jun

operating expense

40780

cash

40780

19-

21-Jul

accounts receivable

440000

revenue from sales

440000

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