Question

Question 1: The following events apply to Al Qabas International for 2017: 1- Received cash of $60,000 from the issue of common stock. 2- Performed $35,000 worth of service and received $25,000 cash and the remaining on account. 3- Salaries expense of $6,000, the $3,000 paid as cash and the remaining will be paid after 4 months. 4- Purchased supplies for $6,000 on account 5- Collected $5,000 of accounts receivable related to event (2). 6- Paid $3,500 of the accounts payable. 7- Recognized interest revenue $5,400. 8- Had $2,500 of supplies on hand at the end of the period. Required: a. Record the above transactions in Journal Entry form.

          Question 1: The following events apply to Al Qabas
International for 2017:
1- Received cash of $60,000 from the issue of common stock.
2- Performed $35,000 worth of service and received $25,000
cash and the remaining on account.
3- Salaries expense of $6,000, the $3,000 paid as cash and the
remaining will be paid after 4 months.
4- Purchased supplies for $6,000 on account
5- Collected $5,000 of accounts receivable related to event
(2).
6- Paid $3,500 of the accounts payable.
7- Recognized interest revenue $5,400.
8- Had $2,500 of supplies on hand at the end of the period.
Required:
a. Record the above transactions in Journal Entry form.

Question 1: The following events apply to Al Qabas
International for 2017:
1- Received cash of 60,000 from the issue of common stock.
2- Performed35,000 worth of service and received 25,000
cash and the remaining on account.
3- Salaries expense of6,000, the 3,000 paid as cash and the
remaining will be paid after 4 months.
4- Purchased supplies for6,000 on account
5- Collected 5,000 of accounts receivable related to event
(2).
6- Paid3,500 of the accounts payable.
7- Recognized interest revenue 5,400.
8- Had2,500 of supplies on hand at the end of the period.
Required:
a. Record the above transactions in Journal Entry form.

Added by Esther R.

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