Question

Saveu Help Save The financial statements are automatically generated based on the journal entries recorded. Jan. 1 Jeffrey Wilson, owner, invested $121,750 cash in the company in exchange for common stock. he company purchased office supplies for $1,950 cash. Jan. 3 The company purchased $16,050 of office equipment on credit. Jan. 4 The company received $16,900 cash as fees for services provided to a customer. Jan. 5 The company paid $16,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 The company billed a customer $3,400 as fees for services provided. Jan. 7 The company paid $1,925 cash for the monthly rent. Jan. 8 The company collected $1,650 cash as partial payment for the account receivable created on January 6. Jan. 9 The company paid $10,700 cash in dividends to the owner (sole shareholder). Requirement General Journal General Ledger Cedge Trial Balance Trial Balance Income Statement Statement St Retained Earnings Balance Sheet Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of the Wilson Company, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger and the Trial Balance as soon as you click "Record Entry".

Answer 1

	Journal entry:
	Date	Account titles and explanation					Debit	Credit
	Jan 1.	Cash					121750
		Common stock						121750
		(Cash invested)
	Jan 2.	Office supplies					1950
		Cash						1950
		(Purchased office supplies for cash)
	Jan 3.	Office equipment					16050
		Accounts payable						16050
		(Purchased office equipment on credit)
	Jan 4.	Cash					16900
		Service revenue						16900
		(Cash received for services provided)
	Jan 5.	Accounts payable					16050
		Cash						16050
		(Cash paid for the equipment purchased)
	Jan 6.	Accounts receivable					3400
		Service revenue						3400
		(Billed customers for services provided)
	Jan 7.	Rent expense					1925
		Cash						1925
		(Rent paid)
	Jan 8.	Cash					1650
		Accounts receivable						1650
		(Cash received from customers)
	Jan 9.	Dividends					10700
		Cash						10700
		(Dividend paid)