Record the following transactions. (If no entry is required for a transaction/ev

Question

Record the following transactions. (If no entry is required for a transaction/event, select"No journ (a) Started business by issuing 10,000 shares of common stock for $27,000. (b) Hired Rebecca as an administrative assistant, promising to pay her $2,100 every two weeks (c) Rented a building for three years at $600 per month and paid six months' rent in advance (d) Purchased equipment for $5,300 cash. (e) Purchased $1,600 of supplies on account. (T) Provided services to customers for $7,100 cash. (g) Paid employees' salaries, $5,000 (h) Paid for supplies purchased in item (e). () Paid $880 for current advertising in a local newspaper () Paid utility bill of $1,800 for the current month. View transaction list Journal entry worksheet 7 9 10 Started business by issuing 10,000 shares of common stock for $27,000. Note: Enter debits before credits Transaction General Journal Debit Credit 0

Explanation / Answer

Journal entries for the ten transactions are below

Transaction General Journal Debit Credit a) Cash $27000 Common Stock $27000 b) No Entry c) Prepaid rent($600*6) $3600 Cash $3600 d) Equipment $5300 cash $5300 e) Supplies $1600 Accounts Payable $1600 f) Cash $7100 Service Revenue $7100 g) Salaries expense $5000 Cash $5000 h) Accounts Payable $1600 Cash $1600 i) Advertising Expense $880 cash $880 j) Utilities Expense $1800 Cash $1800

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