Question

(a) Started business by Issuing 10,000 shares of common stock for $27,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,200 every two weeks. (c) Rented a building for three years at $510 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 $7,100 cash. (g) Pald employees' salarles, $5,600. (h) Pald for supplies purchased In Item (e). (1) Pald $850 for current advertising in a local newspaper (1) Pald utility bill of $1,500 for the current month. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 10 Started business by issuing 10,000 shares of common stock for $27,000. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Answer 1

Credit Calculation Journal entries Date Account Cash Common Stock Debit $ 27,000 $ 27,000 b No entry $ 3,060 =510*6 Prepaid Rent Cash $ 3,060 $ 5,900 Equipment Cash $ 5,900 $ 1,700 Supplies Accounts Payable $ 1,700 $ 7,100 Cash Service Revenue $ 7,100 $ 5,600 Salaries expense Cash $ 5,600 h $ 1,700 Accounts Payable Cash $ 1,700 $ 850 Advertising expense Cash $ 850 $ 1,500 Utility expense Cash $ 1,500