Homework Answers
Solution:
| No | Transaction | General Journal | Debit | Credit |
| 1 | 1 | Cash | $ 15,000 | |
| Common Stock | $ 15,000 | |||
| (Being common stock issued) | ||||
| 2 | 2 | No Journal Entry Required | $ - | |
| $ - | ||||
| 3 | 3 | Supplies | $ 300 | |
| Accounts payable | $ 300 | |||
| ( Being supplies purchased) | ||||
| 4 | 4 | Prepaid rent | 600 | |
| Cash | $ 600.00 | |||
| ( Being prepaid rent paid) | ||||
| 5 | 5 | Equipment | 2200 | |
| Cash | $ 2,200 | |||
| (Being equipment purchased) |
Notes:
1) Transaction 2 answer is " No Journal Entry Required " because the entry given in the question is correct and there is any need to change or modify the entry.
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