Question

Record the following transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) (a) Started business by issuing 10,000 shares of common stock for $26,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. (c) Rented a building for three years at $540 per month and paid six months' rent in advance. (d) Purchased equipment for $5,900 cash. (e) Purchased $1,700 of supplies on account. (f) Provided services to customers for $7,500 cash, (g) Paid employees' salaries, $5,000. (h) Paid for supplies purchased in item (e). (1) Paid $830 for current advertising in a local newspaper (1) Paid utility bill of $1,400 for the current month. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 9 10 Hired Rebecca as an administrative assistant, promising to pay her $2,300 every two weeks. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal

Answer 1

Transaction Credit General Journal Cash common stock Debit $ 26,000 $ 26,000 No Journal entry required $ 3,240 Prepaid Rent(540*6) cash $ 3,240 $ 5,900 Equipment cash $ 5,900 $ 1,700 supplies accounts payable $ 1,700 cash $ 7,500 service revenue $ 7,500

$ 5,000 salaries cash $ 5,000 $ 1,700 accounts payable cash $ 1,700 $ 830 advertising cash $ 830 $ 1,400 utility bill cash $ 1,400

NOTE (b) Hired recbeca as assistant and promise to pay.

As there is no financial transaction on the above statement, there will be no journal entry recorded for this.