Question

19. Peter Jones organized a corporation to provide transportation services. The company. 16., began operations immediately. Transactions during the month of March were as 40,000 shares of capital stock to Peter Jones in exchange for ade a $12,000 cash down payment and issued a note Problem 1 (17 points) In March 2019, Peter Jones organized a corpora called Jones Inc., began operations immediately. Tran follows. Mar. 2 The corporation issued 40,000 shares of capital stock to Peter $60,000 cash. Mar. 4 Purchased a truck for $35,000. Made a $12,000 cash down payment and payable for the remaining balance. Mar. 5 Paid $1,750 to rent office space for the month. Mar. 19 Paid $880 for maintenance and repair services on the company truck. Mar. 28 Billed customers $22,300 for services performed. Mar. 29 Paid $17,630 in salaries earned by employees during the month. Mar. 30 Received an $760 bill for fuel used in March. The entire amount is due by April 15. Mar. 31 Declared a $900 dividend that will be paid on April 30. The account titles used by Music Inc. are as follows: Accounts Receivable Cash Rent expense Fuel Expense Service Revenue Capital Stock Accounts Payable Maintenance Expense Truck Dividends Payable Dividends Notes Payable Salaries Expense
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Answer 1

Problem 1.

2-Mar	Cash	Dr	$ 60,000.00
	Capital Stock	Cr		$ 60,000.00
	(Being 40000 shares issued at total cash payment of $ 60,000)
4-Mar	Truck	Dr	$ 35,000.00
	Cash	Cr		$ 12,000.00
	Notes Payable	Cr		$ 23,000.00
	(Being cash paid $12,000 and for balance notes are issued for balance)
5-Mar	Rent Expenses	Dr	$    1,750.00
	Cash	Cr		$    1,750.00
	(Being Rent Expenses)
19-Mar	Maintenance Expenses	Dr	$        880.00
	Cash	Cr		$        880.00
	(Being Maintenance Expenses paid)
28-Mar	Accounts Receivables	Dr	$ 22,300.00
	Services Revenue	Cr		$ 22,300.00
	(Being customer billing for the period)
29-Mar	Salaries Expenses	Dr	$ 17,630.00
	Cash	Cr		$ 17,630.00
	(Being Salaries Expenses for the period)
30-Mar	Fuel Expenses	Dr	$        760.00
	Accounts Payable	Cr		$        760.00
	(being fuel expenses for the usage in March)
31-Mar	Dividends	Dr	$        900.00
	Dividends Payable	Cr		$        900.00
	(being Dividend declared )