Please create journal entries for the following transactions for Wilson Inc.

Please create journal entries for the following transactions for Wilson Inc.

Please create journal entries for the following transactions for Wilson Inc.

l. On January 1, 2012, company sells 500,000 additional shares of stock for cash. The sale price is
$2.00 per share. The par value is $.01 (one cent) per share.
2. On January 1,2012, the company signs a lease and pays one year of rent in advance. One year of rent
is $120,000.
3. On January 2,2012, company buys Office Equipment for $120,000, paying $50,000 in cash and the
balance in a note payable.
4. On January 3, 2012, company bills Brown, Inc. for $30,000 (Canadian dollars) offees (the revenue
account is Consulting Fees Earned). On January 3, 2011, the exchange rate is $1 Canadian dollar
buys $.95 U.S. dollars.
5. On January 31, 2012, company allocates $25,000 of direct labor costs to work in process.
6. On January 31, 2012, company makes the appropriate adjusting journal entry for the rent.
7. On January 3, 2012, Brown, Inc. pays the company $30,000 Canadian dollars which the company
converts to U.S. dollars. The exchange rate is $1 Canadian dollar buys $1 U.S. Dollar.

Journal entries
October 25, 2015 admin    
5. Lutz Manufacturing Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses a process cost accounting system.

(a) Purchased raw materials for $50,000 on account.
(b) Raw materials requisitioned for production were:
Direct materials
Mixing department $20,000
Finishing department 14,000
(c) Incurred labor costs of $64,000.
(d) Factory labor used:
Mixing department $39,000
Finishing department 25,000
(e) Manufacturing overhead is applied to the product based on machine hours used in each department:
Mixing department”400 machine hours at $30 per machine hour.
Finishing department”500 machine hours at $20 per machine hour.
(f) Units costing $56,000 were completed in the Mixing Department and were transferred to the Finishing Department.
(g) Units costing $60,000 were completed in the Finishing Department and were transferred to finished goods.
(h) Finished goods costing $30,000 were sold on account for $45,000.

Instructions
Prepare the journal entries to record the preceding transactions for Lutz Manufacturing Company.
 

 
Indicate what accounts are debited or credited and indicate the type of transaction as: 1) an external transaction, 2) internal transaction recorded as an
adjusting journal entry, or 3) closing entry. The company uses a perpetual inventory system. All prepayments are initially recorded in permanent accounts.

1) Wages have been earned but are unpaid at the end of an accounting period.

2) Closed the income summary account, assuming there was a net income for the period.

3) Paid property taxes that have already been accrued.

4) Declared cash dividends on common stock.

5) Paid rent for the next three months.
 

 
Signed a three-year, $33,000 service contract to start February 1, 2013

Journal entries and statements are for year ending 2012.

I am not sure what accounts to debit or credit
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Journal entries
October 25, 2015 admin    

During its first year of operations, Cupola Fan Corporation issued 30,000 of $1 par Class B shares for $385,000 on June 30, 2013. Share issue costs were
$1,500. One year from the issue date (July 1, 2014), the corporation retired 10% of the shares for $39,500.

Required:
1.    Prepare the journal entry to record the issuance of the shares. (If no entry is required for a particular event, select “No journal
entry required” in the first account field.)
    
2.    Prepare the journal entry to record the declaration of a $2 per share dividend on December 1, 2013. (If no entry is
required for a particular event, select “No journal entry required” in the first account field.)
    
3.     Prepare the journal entry to record the payment of the dividend on December 31, 2013. (If no entry is
required for a particular event, select “No journal entry required” in the first account field.)
    
4.    Prepare the journal entry to record the retirement of the shares. (If no entry is
required for a particular event, select “No journal entry required” in the first account
field.)
    

ACCOUNTING HELP PLEASE

Journal Entries
 

Transaction Entries: Creative Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger
are needed to record the transactions for June: Cash, Accounts receivable, supplies, office equipment, accounts payable, common stock, dividends, service fees
earned, rent expense, utilizes expense, and salaries expense. Use journal entries to record the following transactions for June in the general Journal.

June

1 ‘ Lisa Ryan invested $12,000 cash to begin the business; she received common stock for her investment.

2 ‘ Paid rent for June, $950.

3 ‘ Purchased office equipment on account, $6,400.

6 ‘ Purchased art materials and other supplies costing $3,800; paid $1,800 down within the remainder due within 30 days.

11 ‘ Billed clients for services, $4,700.

17 ‘ Collected $3,250 from clients on account.

19 ‘ Paid $3,000 on account to office equipment company (see June 3 transaction)

25 ‘ Lisa Ryan received a $2,000 dividend.

30 ‘ Paid utility bill for June, $250.

30 ‘ Paid salaries for June, $2,500.

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journal entries
 

on june 1, 2011, kirby, inc. issued $3,000,000, 6% bonds for $2,938,200, which includes accrued interest. Interest is payable semiannually on February 1 and
August 1 with the bonds maturing on February 1, 2021. The bonds are callable at 102.