Question

Current Attempt in Progress Ayayai Corp. has the following transactions during August of the current year. Aug 1 Issues shares of common stock to investors in exchange for $10,150. Pays insurance in advance for 3 months, $1,730. Receives $880 from clients for services rendered. Pays the secretary $530 salary. 4 16 27 Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer

Answer 1

Answer
Journal entry
Date	Account Titles and Explanations	Debit	Credit
Aug-01	Cash	$       10,150
	To, Common stock		$    1,01,500
	(To record issue common stock)
Aug-04	Prepaid insurance	$         1,730
	To, Cash		$         1,730
	(To record prepaid insurance)
Aug-16	Cash	$            880
	To, Service revenue		$            880
	(To record service revenue)
Aug-27	Salary expense	$            530
	To, Cash		$            530
	(To record salary paid)