Question

Bramble Corp. has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to investors in exchange for $10,700 4 Pays insurance in advance for 3 months, $1,630 16 Receives $850 from clients for services rendered. 27 Pays the secretary $550 salary. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work

Answer 1

Date	Account Tittles and Explanations	Debit ($)	Credit ($)
Aug 1	Cash A/c	10,700
	To Common Stock A/c		10,700
	[Entry to record the Issue of common stock for $10,700]
Aug 4	Prepaid Insurance A/c	1,630
	To Cash A/c		1,630
	[Entry to record the payment of Insurance in advance of $1,630]
Aug 16	Cash A/c	850
	To Service Revenue A/c		850
	[Entry to record the receipt of $850 for the services rendered]
Aug 27	Salaries Expense A/c	550
	To Cash A/c		550
	[Entry to record the payment of Salary to Secretary of $550]