Record the following entries: 1. Owner contributes cash of 15,000 and a building

Question

Record the following entries: 1. Owner contributes cash of 15,000 and a building worth250,000 to the business      on 12/01 2. Owner contributes land worth 150,000 and a Garage worth220,000 to the businesss on 12/01.        There is a related 100,000 mortgagethat goes along with the garage that the business will takeover     from the owner. 3. Sales on account for the day are 15,000 4. Received cash from Customer on accouint 2,000 5. Paid 2,500 for the comput. Record the following entries: 1. Owner contributes cash of 15,000 and a building worth250,000 to the business      on 12/01 2. Owner contributes land worth 150,000 and a Garage worth220,000 to the businesss on 12/01.        There is a related 100,000 mortgagethat goes along with the garage that the business will takeover     from the owner. 3. Sales on account for the day are 15,000 4. Received cash from Customer on accouint 2,000 5. Paid 2,500 for the comput.

Explanation / Answer

Please rate the answers ! 1.     12/01          Cash              15,000                   Building         250,000                       Capital            265,000 2. 12/01       Land       150,000    Garage 220,000           Capital       270,000     Mortgage payable 100,000   3. 12/01 Accounts receivable     15,000 Sales revenue    15,000 4.    Cash       2,000 Accounts receivable 2,000 5.   Accounts payable 2,500       Cash       2,500

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