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Question 1 of 12 > -/5 Novak Corp provides security Services Selected transactions for Novak Corp are presented below. Oct. 1 2 4 7 10 12 Issued common stock in exchange for $62.000 cash from investors. Hired part-time security consultant. Salary will be $1.900 per month. First day of work will be October 15 Paid 1 month of rent for building for $1.900. Purchased equipment for $16.900, pay $3.800 cash and the balance on cout Paid $1.400 for advertising Received bill for equipment repair cost of $300 Provided security services for event for $3,000 on account Purchased aplies for $300 on account Pald balance de trom October 7purchase of equipment Received and gold til bill for $139 Received payment from customer for October 12 services performed Pald employee salaries and wages of 4.300 16 21 24 27 31 Joure the transactions entry is required to try for the title and enter for the amounts d account romatically indented when amount stered Donatindent mecard ouma entries in the order presented in the Date Account Titles and Explanation Debit Credi

Answer 1

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Journal Entries in the book of Novark Corp Date Accounts Ref. Debit Credit Oct 1 $ 62,000 Cash Common Stock Issued common stock for cash $ 62,000 2 No entry now but a closing entry will be made on last day of the month 4 $ 1,900 Rent Cash Paid one month rent for building $ 1,900 7 $ 16,900 Equipment Cash Accounts Payable Purchased equipment, paid with cash and balance to be paid in a future date $ $ 3,800 13.100 $ 1,400 8 Advertising expense Cash Advertisement expense paid $ 1,400 $ 390 10 Repair and Maintenance Accounts Payable Amount due on repair and maintenance $ 390 $ 3,000 12 Accounts Receivable Security service income Provided security service on account $ 3,000 $ 390 16 Supplies Accounts Payable Purchased Supplies $ 390 $ 13, 100 21 Accounts Payable Cash Paid due on purchase of equipment $ 13,100 $ 139 24 Utlities Cash Paid on purchase of utilities $ 139 $ 3,000 27 Cash Accounts Receivable Received amount due on security se vice provided $ 3,000 $ 13,103 24 Accounts Payable Cash Paid due on purchase of equipment $ 13,103 $ 4,800 31 Salaries and Wages Cash Paid salaries and wages $ 4,800 $ 950 31 Security Consultant Salary Salaries Payable Accrue of Security consultant fee $ 950 Notes Security consultant salary is computed by dividing $1900 by 2 since only half of the month he worked

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