Question

Instructions Following are the selected transactions for April: (a) Received $18,000 from sale of common stock (b) Purchased equipment for $27.000, paying $10,000 in cash and giving a note payable for the remainder. (c) Paid $2,300 for rent for April. (d) Purchased $1,500 of supplies on account. (e) Recorded $9.800 of fees earned on account. (o Received $7,500 in cash for fees earned (9) Paid $1,200 to creditors on account. ch) Paid wages of $3,425. C) Received $7.900 from customers on account. ) Recorded dividends of $1,875

Answer 1

Journal Entries
Date	Particulars	Debit	Credit
a	Cash Dr	$18,000.00
	Common stock		$18,000.00
	(To record proceed from common stock)
b	Equipment Dr	$27,000.00
	Cash		$10,000.00
	Notes Payable		$17,000.00
	(To record purchase of equipment)
c	Rent expense Dr	$2,300.00
	Cash		$2,300.00
	(To record rent payment)
d	Supplies Dr	$1,500.00
	Accounts payable		$1,500.00
	(To record purchase of supplies)
e	Accounts receivables Dr	$9,800.00
	Fees Earned		$9,800.00
	(To record fees earned)
f	Cash Dr	$7,500.00
	Fees Earned		$7,500.00
	(To record fees earned)
g	Accounts payable Dr	$1,200.00
	Cash		$1,200.00
	(To record payment to creditors)
h	Wages expense Dr	$3,425.00
	Cash		$3,425.00
	(To record wages payment)
i	Cash Dr	$7,900.00
	Accounts receivables		$7,900.00
	(To record collection from customer)
j	Dividends Dr	$1,875.00
	Cash		$1,875.00
	(To record dividend payment)