One Wiser Corp. had the following transactions during the first month of busines

Question

One Wiser Corp. had the following transactions during the first month of business.

August 2 Invested $12,600 cash and $2,430 of equipment in the business in exchange for common shares. 7 Purchased supplies on account for $660. (Debit asset account.) 12 Performed services for clients, collecting $1,300 in cash and billing the clients $650 for the remainder. 15

Paid August rent, $700. 19
Counted supplies and determined that only $220 of the supplies purchased on August 7 were still on hand.


What are the journal enteries for each transaction

Explanation / Answer

2.cash Dr. 12600

Equipment Dr. 2430

common stock cr. 15030

7. Supplies Dr. 660

Accounts payablecr. 660

12. Cash Dr. 1300

accounts receivable Dr. 650

Client Cr. 1950

15. Rent Dr. 700

cash cr. 700

19. no entry.

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