5:20 v ull WileyPLUS1.pdf 7/5/2018 Additional Brief Exercise 160 Additional Brie

Question

5:20 v ull WileyPLUS1.pdf 7/5/2018 Additional Brief Exercise 160 Additional Brief Exercise 160 Journalize the following business transactions in general journal form. Identify each transaction by number 1 Andrew Bird invested $35,000 cash in exchange for stock. 2. Hired an employee to be paid $400 per week, starting tomorrow 3. Paid two years' rent in advance, $7,440. 4. Paid the worker's weekly wage. 5. Recorded revenue earned and received for the week, $1,900. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5.

Explanation / Answer

Journa entries:

Wages amount is not given so I assumed it $500.

S.no. Particulars Debit Credit 1 Cash 35000 Common Stock 35000 (Being cash is invested in exchange for stock) 2 No entry 0 0 3 Prepaid Rent 7440 Cash 7440 (Being rent is paid in advance) 4 Salaries & Wages expenses 500 Cash 500 (Being wage is paid) 5 Cash 1900 Service Revenue 1900 (Being revenue is received)

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