Question

2. Prepare journal entries to record each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Placed an order for office supplies costing $2,000. Supplier intends to deliver later in the month. Note: Enter debits before credits. Event General Journal Debit Credit a. Record entry Clear entry View general journal

Answer 1

Answer-

Transaction	General Journal	Debit	Credit
a	No entry required
b	Equipment	$       30,000
	Cash		$       10,000
	Notes Payable		$       20,000
	(Purchased equipment making payment in cash and promissory note)
c	Cash	$         5,000
	Notes Payable		$         5,000
	(Taken one year bank loan)
d	No entry required
e	Cash	$       10,000
	Contributed Capital		$       10,000
	(Received investment in exchange of common shares)
f	Supplies	$         2,000
	Accounts Payable		$         2,000
	(Received supplies)

	Assets		=	Liabilities		+	Stockholder's Equity
a
b	Equipment	+ 30,000		Notes Payable	+ 20,000
	Cash	- 10,000
c	Cash	+ 5,000		Notes Payable	+ 5,000
d
e	Cash	+ 10,000					Contributed Capital	+ 10,000
f	Supplies	+ 2,000		Accounts Payable	+ 2,000
		37,000			27,000			10,000

Total Assets after the above transactions = $220,000 + $37,000 = $257,000

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