Windsor, Inc. was opened on August 1 by Joe Windsor. The following selected even

Question

Windsor, Inc. was opened on August 1 by Joe Windsor. The following selected events and transactions occurred during August.

August 1. invested $51,000 cash in the business in exchange for common stock.

            3. Purchased O'Brian's Tree Service for $45,200 cash. The price consist of
                land $27,000, building $15,000, and equipment $3200. ( Make one.                       
                 compound entry).

            5. Advertised the opening of the business, paying advertising expense        
                $1200.

            6   Paid cash $1480 for a one year insurance policy.
   
            10 Purchased equipment for $2300 from Wildhorse company, payable
                 in 30 days.
             18 Received fees for services of $1800 in cash.
             25 Declared and paid a $700 cash dividend.
             30 Paid wages of $1300.
             30. Paid Wildhorse company in full.
             31. Received $500 of fees in cash.

Windsor uses the following accounts: cash, prepaid insurance, land, building, equipment, accounts payable, common stock, dividends, service revenue, advertising expense, and salaries and wages expense.

Journalist the August transaction. ( if no entry is required, select "no entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem).

Date.       Account. titles and explanation.              Debit.        Credit
Aug 1        (has 2 place for entries)

Aug 3.      (has 4 places for entries)

Aug 5.      (has 2 places for entries)

Aug 6.       (has 2 places for entries)

Aug 10.     (2 places)

Aug 18.     (2 places)

Aug 25.     (2 places)

Aug 30.      (2 places)

Aug 30.      (2 places)

Aug 31.      (2 places)

thank you!!!!

Explanation / Answer

Date Account titles and explanation Debit Credit August 1 Cash 51000 To common stock 51000 3 land $27,000 building $15,000 equipment $3200 To Cash $45,200 5 advertising expense $1200 To cash $1200 6 prepaid insurance $1480    To cash $1480 10 equipment $2300 To accounts payable $2300 18 Cash $1800 To service revenue $1800 25 dividends $700 To cash $700 30 salaries and wages expense $1300 To cash $1300 30 accounts payable $2300 To cash $2300 31 cash $500 To service revenue $500

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