Question

11 1) CORPORATION RECEIVED CASH AND ISSUED COMMON STOCK IN THE 12 AMOUNT OF $500,000 14 2) CASH IN THE AMOUNT OF $40,000 WAS------------------ What are the journal entries for these business transactions?5 . 208.000.00 B3 $ 50,000.00 $ 1,300,000.00 20.000.00 Page Page 3 PREPAID BLPENSES Credit 22.000.00 Credit Eeuis Debit 200,0

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Answer #1
Transaction/ Event Account Titles Debit Credit
$ $
1. Cash 500,000
Common Stock 500,000
2. Cash 40,000
Unearned Revenue 40,000
3. Unearned Revenue ???
Service Revenue ???
4. a. Accounts Receivable 220,000
Sales Revenue 220,000
4. b. Cost of Goods Sold 110,000
Inventory 110,000
5.a. Cash 100,000
Sales Revenue 100,000
5.b. Cost of Goods Sold 50,000
Inventory 50,000
6. Prepaid Rent 5,000
Cash 5,000
7. Rent Expense 5,000
Cash 5,000
8. Utilities Expense 10,000
Cash 10,000
9. Salary Expense 50,000
Cash 50,000
10. Salary Expense 20,000
Salaries Payable 20,000
11. Depreciation Expense 0
Accumulated Depreciation 0
12. Cash 575,000
Accounts Receivable 575,000

Contd. :

13. Insurance Expense ???
Prepaid Insurance ???
14. Interest Expense ( 50,000 + 150,000 ) x 10 % x 1/12 1,667
Interest Payable 1,667
15. Inventory 500,000
Accounts Payable 500,000
16. Accounts Payable 350,000
Cash 350,000
17. Interest Receivable 1,333
Interest Revenue 1,333
18. Dividends 3,000
Cash 3,000
19. Equipment 500,000
Notes Payable 500,000
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