what are the journal entires for the following events based off the following ac

Question

what are the journal entires for the following events based off the following accounts?

The accounts that can be used incude:

Cash

Notes Payable

Interest Payable

Supplies

Unearned Revenue

Common Stock

Accounts Payable

Dividends

Accounts Recievable

Utilites Payable

Retained Earnings

Prepaid Advertising

Equipment

Income trax Payable

Income Summary

Accum. Depreciation- Equipment

Salaries and wages Payable

Depreciation Expense

Interest Expense

Service Revenue

Depreciation Expense

Insurance Expense

Rent Expense

Utilities Expense

Advertising Expense

Income Tax Expense

Supplies Expense

Issued common stock in exchange for $4,000 cash. Borrowed $5,000 by issuing a 2-year, 10% note payable to SunTrust Bank. Paid $900 for January rent. Purchased supplies on account for $450 from Traveler's Supply Company. Purchased equipment for $7,200 cash from DSI Computer Company. The equipment has a 3 year life and a $1,200 salvage value. Purchased additional equipment from Bebo's Office Supply Co., paying cash of $1,350 and putting $1,500 on account. The equipment has a 5 year life and $450 salvage value. Paid $125 for advertisements to run in the current month and $375 for ads to run in February-April. Paid the January insurance premium of $225. Performed services for $2,625 cash. Received cash advance of $5,125 for services to be performed on a 5- month contract beginning in January. Performed services and billed customers $1,500. Made a $600 payment on account to Traveler's Office Supply Company . Collected $1,300 from customers on account. Declared and paid dividends of $1,000 cash

Explanation / Answer

Particulars Debit Credit Cash $ 4,000.00 Common Stock $ 4,000.00 (issued common stock) Cash $ 5,000.00 Notes Payable $ 5,000.00 (money borrowed through notes payable) Rent $     900.00 Cash $     900.00 (Rent paid recorded) Purchase $     450.00 Accounts Payable $     450.00 (purchased supplies) Equipment $ 7,200.00 Cash $ 7,200.00 (Purchased equipment) Equipment $ 2,850.00 Cash $ 1,350.00 Accounts Payable $ 1,500.00 (purchased equipment) Rent $     125.00 Prepaid Rent $     375.00 Cash $     500.00 (rent expenses paid) Insurance Expenses $     225.00 Cash $     225.00 (paid insurance epxeness) Cash $ 2,625.00 Revenue from services $ 2,625.00 (Cash received from revenue) Cash $ 5,125.00 Uneared revenue $ 5,125.00 Accounts Receivable $ 1,500.00 Revenue from services $ 1,500.00 Accounts Payable $     600.00 Cash $     600.00 Cash $ 1,300.00 Accouns Receivable $ 1,300.00 Dividend $ 1,000.00 Cash $ 1,000.00 (declared and paid cash) Depreciation $     206.67 (166.67+40) Acc. Depreciation $     206.67 (depreciation for the month of Jan recorded)

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