Journalize the following business transactions in the general journal form for Chosen Company. Accounting Transactions Transactions Investors purchased 1,000 shares of common stock at $5/share from Chosen Company. 2. Purchased $3,000 of inventory on account. Purchased equipment for $10,000, paying $3,000 in cash and the rest on account. 4. Paid $3,000 on account for inventory purchased from transaction 2. No. 1. 3. Assets Cash Accounts Receivable Inventory Supplies Prepaid Insurance Equipment Building Land Accumulated Depreciation Chart of Accounts Liabilities Accounts Payable Unearned Revenue Taxes Payable Notes Payable Stockholders' Equity Common Stock Retained Earnings Service Revenue Sales Revenue Advertising Expense Utilities Expense Wages and Salaries Expense Insurance Expense Supplies Expense

Journalize the following business transactions in the general journal form for Chosen Company. Accounting Transactions Transactions Investors purchased 1,000 shares of common stock at $5/share from Chosen Company. 2. Purchased $3,000 of inventory on account. Purchased equipment for $10,000, paying $3,000 in cash and the rest on account. 4. Paid $3,000 on account for inventory purchased from transaction 2. No. 1. 3. Assets Cash Accounts Receivable Inventory Supplies Prepaid Insurance Equipment Building Land Accumulated Depreciation Chart of Accounts Liabilities Accounts Payable Unearned Revenue Taxes Payable Notes Payable Stockholders' Equity Common Stock Retained Earnings Service Revenue Sales Revenue Advertising Expense Utilities Expense Wages and Salaries Expense Insurance Expense Supplies Expense

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter15: Investments And Fair Value Accounting

Section: Chapter Questions

Problem 3PA: Forte Inc. produces and sells theater set designs and costumes. The company began operations on...

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You are engaged to audit the financial statements of Sailor Co. The balance sheet below is provided to you:Sailor Co.Balance SheetDecember 31, 2021ASSETS LIABILITIES AND CAPITALCash 290,000.00 Accounts payable 190,000.00 Accounts receivable 139,000.00 Notes payable 83,500.00 Notes receivable 200,000.00 Ordinary share capital 300,000.00 Inventory 357,000.00 Retained earnings 412,500.00 Total 986,000.00 Total 986,000.00 The records of Sailor Co. were reviewed. The following errors were discovered. These errors were not corrected until the current year under audit.a. On July 1, 2019, Sailor paid P150,000 for a 5-year insurance policy. The amount was debited to Insurance Expense when paid.b. Sailor Co. failed to record unearned rent revenue of P16,000 and P9,000 in 2018 and 2020, respectively.c. Sailor Co. also failed to recognize accrued expenses of P23,000, P18,000 and P7,000 for 2018, 2019 and 2020, respectively.d. On December 31, 2019, Sailor Co. bought equipment worth P150,000 and…