C | D Not Secureleztomeducation.cormmm.tpx E2-10 Analyzing Accounting Equation E

Question

C | D Not Secureleztomeducation.cormmm.tpx E2-10 Analyzing Accounting Equation Effects Recording journal Entries, and Summarizing Financial Statement Impact LO 22.L023,L0 24) Rewico Conmunications operetes no rado santions troughout the west The 1o red during September a. Piaced an order for office supplies costing $3,300, Suppiler intends to deliver later in the month hat cost $38,000 paid $15.c00 cash and signed a promissory hote to pay n one month c. Negotiated and signed a one-year bank loan, and then deposited $7,000 cash in the comoany's checkirg account d. Hired a new finance manager on the last dey of the month e. Received an Investment of $10,000 cash from the company's owners in exchange for lssuing f. Supples (ordered in (ell were received, along with a bil for $3,300 References Section Break E2-10 Analyzing Accounting Equation Effects Recording Journal Enbries, and Summarizing Financial Statement Impact LO 2-2. LO 2-3, L0 2 3. 05 points E2-10 Part2 2. Prepare journal entries to record each transaction. (f no entry is required for a transactionlevent select "No Journal Entry Required" in the first account field) Journal entry worksheet

Explanation / Answer

Journal Entry Date Particulars Dr. Amt. Cr. Amt. a. No Journal Entry Required b. Equipment    38,000.00    Cash    15,000.00    Notes Payable    23,000.00 (To record the purchase of equipment) c. Cash      7,000.00    Notes Payable      7,000.00 (To record the amount borrowed from bank) d. No Journal Entry Required e. Cash    10,000.00    Common Stock    10,000.00 (To record the issue of common stock) f. Supplies      3,300.00    Accounts Payable      3,300.00 (To record the purchase of supplies)

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