Misericordia University Accounting Journal Entry Essay
Description
The Amazing Allakazam retired as one of the top 14,250 magicians in the world (he was actually ranked number 14,239th) two years ago. He has been very bored with retirement and decides to start a business to occupy his time and supplement his income providing human bodies (deceased of course) to medical schools. Please record general journal entries in proper form for the following transactions for Abracadabra Cadavers, Inc.(no dates, descriptions, or posting references need be provided):[ Choose accounts from the following or make up your own :- cash, service revenue, accounts payable, accounts receivable, common stock, retained earnings, notes payable, professional licensing expense, commissions earned, salaries expense, office supplies, utilities expense, vehicles, land, building, unearned revenue, insurance expense. Some account names may not be used.)
- Mr. Allakazam contributes $25,000 to the corporation in exchange for stock.
- Abracadabra Cadavers, Inc. pays $1,000 to register with the government for professional licensing fee.
- Abracadabra Cadavers, Inc. purchases a vehicle to use in the business. The vehicle costs $40,000 and was financed by signing a note payable.
- Abracadabra Cadavers, Inc. receives $7,500 from Payne-Liss Medical College (a not very well-known medical school located in CanadaàNorthwest Territories founded by Drs. Mordecai Liss and Lester Payne ) for locating and delivering two (2) corpses to the school.
- Payne-Liss Medical College orders another three (3) cadavers and pays Abracadabra $10,000 at the time of the order. The order will be filled/delivered next month.
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