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2. Prepare the required journal entries in good format below the following box of information. If no entry is required, make
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Answer #1
EVENT DATE ACCOUNT TITLE AND EXPLANATION DEBIT CREDIT
1 Jan 1 Cash $ 1,000
Common stock $ 1,000
[To record Issuance of shares]
2 Jan 1 Rent expense $ 500
Cash $ 500
[To record payment of rent]
3 Jan 5 No Entry
4 Jan 31 Accounts receivable $ 30,000
Service revenue $ 30,000
[To record billed customers for services]
5 Jan 31 Cash $ 30,000
Account receivable $ 30,000
[Received cash from customers]
6 Feb 1 Rent expense $ 500
Cash $ 500
[To record payment of rent]
7 Feb 28 Accounts receivable $ 35,000
Service revenue $ 35,000
[To record billed customers for services]
8 Feb 28 Cash $ 25,000
Account receivable $ 25,000
[Received cash from customers]
9 March 1 Rent expense $ 500
Cash $ 500
[To record payment of rent]
10 March 1 Cash $ 10,000
Account receivable $ 10,000
[Received cash from customers]
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